Finzly Launches Account Galaxy: Embedded Banking Solution

Finzly, the pioneering provider of modern money movement systems to financial institutions, today announced the launch of Account Galaxy™, a groundbreaking solution that provides the tools and technology needed by banks of all sizes to participate in the emerging embedded banking segment.

While embedded banking has the potential to transform banking as we know it today, participation has mostly been among the nation’s top banks because of the advanced technologies needed. Account Galaxy changes this, empowering 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 provided to business and consumers. Providing tools to empower 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

By offering a ‘sidecar core’ approach, banks can provide Banking-as-a-Service and offer non-banks and fintechs virtual accounts that can be created and managed in real-time. Integrated real-time transaction monitoring at a virtual account level greatly reduces compliance risk. Together, these capabilities enhance the speed, agility, and value of new business opportunities through fintech partnerships.

Account Galaxy also enables banks to deeply embed banking services into corporate Enterprise Resource Planning (ERP), accounts receivables, and payables, which will provide seamless and more automated connections. These types of connections will level the playing field for mid-size and small banks to better compete with large banks for corporate and SMB banking business.

Three Important Enabling Technologies

Three technologies used in Account Galaxy create these opportunities.

• Finzly Connect: Account Galaxy supports virtual account creation and management with Finzly Connect’s open APIs, enabling seamless embedding of banking services for customer accounts, deposits, payments, and FX.  The pre-integrated connectivity to leading corporate systems reduces integration time, cost, and risk for banks.
• Virtual Accounts: Serving as a “sidecar core,” virtual accounts coexist harmoniously with existing cores, instantly creating a high volume of new accounts without overwhelming existing systems.
• ISO 20022 Native Platform: Account Galaxy incorporates Finzly’s ISO 20022 native platform, enhancing transaction data visibility and system interaction. This platform caters to ISO 20022-native corporate platforms, facilitating seamless data transfer into virtual accounts via APIs, files, and other interfaces.

Finzly is already assisting banks with their embedded banking evolution. Using Finzly Connect APIs, Quaint Oak Bank will enable the embedded banking model for fintech partners and respondent institutions to connect their payment infrastructure. It also supports the growing field of embedded payments.

William Gonzalez, EVP and COO of Quaint Oak Bank, emphasized the significance of their partnership with Finzly, stating, “Participating in the emerging embedded banking business is an important part of our growth strategy. Finzly’s platform and tools are accelerating our speed-to-market entry and enabling us to compete better.”

“Account Galaxy is a game-changing solution that empowers banks of all sizes to participate in the fast-growing embedded banking business.” said Booshan Rengachari, Finzly founder and CEO.  “With Account Galaxy banks can cost-effectively enable the integration of banking services into corporate systems and non-bank platforms, unlocking new opportunities for growth and innovation.”

Finzly is sponsoring a webinar about embedded banking with Breaking Banks host Brett King on April 17th at 11:00 AM Eastern time. Brett, along with Booshan Rangachari will discuss today’s opportunities and the future of embedded banking. Register for free here.