Finzly, the pioneering provider of modern money movement systems for financial institutions, today announced the launch of Account Galaxy™, a groundbreaking solution that gives banks of all sizes the tools and technology they need to participate in the emerging embedded banking segment.
While embedded banking has the potential to transform banking as we know it today, participation has been limited due to the advanced technologies required. Account Galaxy is changing this and enabling banks of all sizes to participate in this transformation.
Commenting on the news, Enrico Camerinelli, strategic advisor at Datos Insights, said: “Embedded banking will have a significant impact on how banking services are delivered to businesses and consumers. Providing tools that enable banks of all sizes to participate in this emerging industry will lead to greater innovation and ultimately better services for all.”
Two important use cases
In order to offer modern banking-as-a-service functionality, banks need advanced payment processing and flexible accounting functions. Account Galaxy delivers this cost-effectively through a “sidecar core” that enables non-bank and fintech virtual accounts where transactions can be monitored in real-time, resulting in lower compliance risk and greater speed. Account Galaxy also enables mid-sized and small banks to better compete for corporate and small business customers by embedding services into enterprise resource planning (ERP), accounts receivable and accounts payable, providing seamless and automated connections.
Three important features
Three technologies used in Account Galaxy create these possibilities.
• API-enabled accounts via Finzly Connect: Account Galaxy supports the creation and management of virtual accounts using Finzly Connect’s pre-integrated open APIs, enabling seamless embedding of banking services for customer accounts, deposits, payments and foreign exchange.
• Virtual accounts supported by a virtual ledger: Virtual accounts coexist harmoniously with existing cores, instantly creating large numbers of new accounts without overwhelming existing systems.
• Native ISO 20022 Platform: Account Galaxy integrates Finzly’s native ISO 20022 platform, which improves transaction data visibility and system interaction and enables seamless data transfer from enterprise platforms to virtual accounts via APIs.
Finzly is already supporting banks in the further development of their embedded banking. Using Finzly Connect APIs, Quaint Oak Bank will enable the embedded banking model for fintech partners and responding institutions to connect their payment infrastructure. It also supports the growing embedded payments space.
Participation in the emerging embedded banking business is an important part of our growth strategy. Finzly’s platform and tools accelerate our entry into the market and enable us to compete better.
William Gonzalez, EVP and COO of Quaint Oak Bank
Account Galaxy is a groundbreaking solution that enables banks of all sizes to participate in the rapidly growing embedded banking business. Account Galaxy enables banks to cost-effectively integrate banking services into enterprise systems and non-bank platforms, unlocking new opportunities for growth and innovation.
Booshan Rengachari, Founder and CEO of Finzly