First Pacific Bank, a Southern California-based community bank, has selected Finastra Payments To Go to modernize its payments infrastructure.
The cloud-based, software-as-a-service payments hub solution will help the bank deliver FedNow send and receive services 24/7, support ISO 20022 compliance, and enable its projected growth, company leaders said.
Finastra’s 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.
“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,” Sharokin Badal, senior vice president, director of deposit and treasury services at First Pacific Bank, said in a release. “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 provided 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, with more than 200 customers across the US able to launch FedNow Service through its solutions.
“Our payments-as-a-service solution provides First Pacific Bank with a modern infrastructure that enables scalability and an enhanced customer experience,” said Radha Suvarna, chief product officer, payments at Finastra. “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.”
“Readiness for both ISO 20022 messaging standards for Fedwire and the FedNow Service are critically important for community-based financial institutions to stay competitive and compliant as the instant payments space continues to evolve,” said Erika Baumann, director commercial banking and payments at Datos Insights. “By aligning with global standards and embracing new payment rails, community banks are well positioned to improve their offerings.”