An innovator in payments processing, Finzly, Inc., has announced that Hulett Bancorp (DBA Mode Eleven) has selected Finzly’s modern payment hub technology to power its full scope offerings. Finzly’s Payment Hub allows banks to provide a single API for all payment rails to fintech partners, while customers and bankers enjoy a unified payment experience sending and receiving payments on the ACH, Fedwire, RTP and SWIFT payment networks. The Payment Hub is also prewired to clear and settle on the FedNow network and is ready to be easily turned on when it becomes available.
Mode Eleven combines the trust and reach of its nationally chartered bank subsidiary, Summit National Bank, and the power of a modern technology platform to support a wide array of financial services in the new Banking-as-a-Service paradigm. The bank’s fintech division uses a modern platform which caters to fintech partners and businesses seeking to embed credit, debit, loan, and deposit services. Using Finzly’s modern payments infrastructure, the bank can cater flexibly to the payment needs of a wide array of businesses and fintechs.
Finzly’s cloud-native, micro-services-based operating system comes with readymade banking apps out of the box, including a payment hub that is readily connected with the Federal Reserve, The Clearing House, and SWIFT, thereby offloading all payment processing from the bank’s core. Launching new payment rails is simplified and fast through Finzly’s modular plug-and-play architecture. The configurable workflow engine gives Mode Eleven full control over its payment processes, while providing it agility to innovate according to the needs of its fintech partners.
Backed by a strong leadership team that has substantial experience driving innovation in the market, Mode Eleven is building a future-proof technology stack that can enable its growth in the evolving market.
Banking-as-a-Service on a traditional banking core and tech stack necessitates middleware, often from multiple vendors, and still comes with constraints of limited API capabilities and higher costs. Using Finzly’s modern operating system sitting alongside the bank’s core, Mode Eleven can offer seamlessly integrated banking services with reduced costs and shorter time to market.
“We needed a technology partner with a modern, flexible, API-centric, end-to-end solution with capacity to support our growth into a high payment volume operation. Finzly provides us immediate access to a forward-thinking, cost-effective, future-proof global platform to help us scale,” remarked EVP, Head of Strategy, New Product and Innovation at Mode Eleven, Ned Cataldo.
“Scalable payment modernization is critical to banks – especially at a juncture when banks are adapting their business models to cater to the needs of new customer segments like fintechs, developers and businesses, in addition to their existing customers. We are excited about our partnership with Mode Eleven, as the bank gets ready to meet the innovative embedded banking needs of various fintechs, providing the agility of a programmable bank on our operating system,” commented founder and CEO, Finzly, Booshan Rengachari,.