Finastra has announced that First Pacific Bank, a Southern California-based community bank that offers custom financial solutions for individuals and businesses, has selected Finastra Payments To Go to modernise its payments infrastructure.
The cloud-based, SaaS payments hub solution will help the bank to deliver FedNow send and receive services 24/7, support ISO 20022 compliance, and enable its projected growth.
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As part of Finastra’s commitment to Open Finance, Payments To Go offers connectivity to other software providers, fintechs and financial institutions, giving banks the flexibility needed to deploy modern and agile payment solutions quickly and efficiently.
Sharokin Badal, SVP, Director of Deposit and Treasury Services at First Pacific Bank, said: “Our selection of Payments To Go was driven by the need for a robust instant payments platform that supports our growth and innovation plans, particularly as we expand our commercial business. With Finastra, our customers will benefit from additional payment offerings, enabling better cash flow and financial management. The modernity and scalability of Payments To Go, along with its seamless integration with our existing vendors, make it the ideal solution.”
Deployed on Microsoft Azure cloud, Payments To Go provides the bank with the agility needed to offer new payments rails, including FedNow Service
As one of the first software providers in the industry to complete certification for the FedNow Service and ISO 20022 compliance, Finastra is well-positioned to provide financial institutions with the ability to deliver instant payment services around the clock.
Radha Suvarna, Chief Product Officer, Payments at Finastra, commented: “Our payments as a service solution provides First Pacific Bank with a modern infrastructure that enables scalability and an enhanced customer experience. We’re pleased that the bank selected us to not just prepare them for regulatory and compliance requirements, but to support the team as they meet the moment to unlock new opportunities in payments innovation.”
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