Quaint Oak Bank, known for its relationship-focused financial services, has entered into a strategic collaboration with Finzly, a leader in modern payment systems. The partnership aims to revolutionize Quaint Oak’s payment infrastructure and expand its embedded banking services.
The primary objective behind this alliance is Quaint Oak’s aspiration to modernize its payment services and venture into international and embedded banking sectors. By leveraging Finzly’s advanced payments platform and API connectivity, Quaint Oak aims to provide a superior payment experience, streamline operations, and explore new business opportunities in the evolving financial landscape.
Quaint Oak, renowned for its customer-centric approach, offers tailored banking solutions catering to the unique needs of its clients, with a specific focus on commercial banking. The bank intends to use technology to enhance its service offerings, particularly in payment processing and embedded finance.
Finzly specializes in providing modern, cloud-native payment platforms that simplify and accelerate transaction processing for financial institutions. The collaboration will empower Quaint Oak with Finzly’s multicurrency deposit accounts and Payments Galaxy™, facilitating streamlined ACH, domestic, and international wire transactions.
This partnership aligns with Quaint Oak’s “sidecar core” strategy, utilizing Finzly Connect APIs to integrate fintech partners and respondent institutions into its payment’s infrastructure. The move is expected to significantly enhance Quaint Oak’s operational efficiency and competitive edge in the embedded payments sector, projected to grow into a $183 billion industry by 2027.
William Gonzalez, EVP, and COO of Quaint Oak Bank, emphasized the significance of the partnership, stating, “We found a true partner in Finzly to help us innovate on our terms. Finzly’s platform surpasses other market offerings, enabling us to address our innovation priorities in payment modernization and embedded banking seamlessly through a single platform.”
Booshan Rengachari, Founder and CEO of Finzly, expressed excitement about providing Quaint Oak Bank with a comprehensive platform, stating, “We are thrilled to provide Quaint Oak Bank with a comprehensive platform that supports their innovation goals. Their forward-thinking approach to payments will undoubtedly position them well for the future.”
This collaboration signifies a strategic move for both institutions, combining Quaint Oak’s customer-centric approach with Finzly’s modern payment solutions to drive innovation and competitiveness in the financial services landscape.
Read more;
PayComplete Appoints Fintech Veteran Simon James as CEO, Gears Up for Global Expansion
