First Pacific Bank Partners with Finastra to Transform Payments
First Pacific Bank Teams Up with Finastra for Payment Solutions
First Pacific Bank has embarked on an exciting new journey to elevate its payment systems through a partnership with Finastra. The collaboration aims to enhance the bank's payments infrastructure and open up new opportunities for financial services.
Introducing Finastra Payments To Go
The innovative solution known as Finastra Payments To Go is designed to modernize payment functionalities for First Pacific Bank. This cloud-based platform will enable the bank to manage transactions more effectively while providing real-time services including FedNow for 24/7 transactions. Additionally, the solution supports ISO 20022 compliance, which is essential in today's digital banking ecosystem.
Meeting Modern Banking Needs
As the financial landscape is undergoing rapid changes, the need for a robust payments platform has become more critical than ever. Sharokin Badal, SVP, Director of Deposit and Treasury Services at First Pacific Bank, emphasized the importance of adopting Payments To Go. He expressed confidence that this partnership would empower customers with better payment options, leading to improved cash flow and financial management.
Agility and Compliance in Payment Services
The deployment of Finastra's Payments To Go on the Microsoft Azure cloud brings the agility that community banks like First Pacific Bank require to introduce new payment solutions swiftly and efficiently. Finastra's expertise, being among the first in the industry to successfully complete certification for FedNow and ISO 20022 compliance, gives First Pacific Bank a competitive edge in providing round-the-clock payment services.
Empowering Community Banks
Finastra is not just providing a service; it's creating an infrastructure that enables community banks to thrive in a fast-evolving financial environment. Radha Suvarna, Finastra's Chief Product Officer for Payments, remarked on the critical need for banks to stay compliant while also preparing for future innovations in payment technology. This partnership is designed to ensure that First Pacific Bank is well-equipped to adapt and meet the demands of its customer base.
Enhancing Customer Experience
The collaboration between First Pacific Bank and Finastra signifies a significant leap forward in improving customer experience. By aligning with global standards and integrating new payment rails, First Pacific Bank is taking decisive steps to enhance the services it offers to individuals and businesses alike.
Conclusion
This partnership marks a pivotal moment for First Pacific Bank as it ventures into the future of financial services with an innovative approach to payments. The bank invites customers and stakeholders to stay tuned for new developments as it rolls out enhanced payment offerings.
Frequently Asked Questions
What is Finastra Payments To Go?
Finastra Payments To Go is a cloud-based payments hub that helps banks manage transaction services like FedNow in real-time.
How does this partnership benefit First Pacific Bank?
The partnership equips First Pacific Bank with the tools needed to enhance its payment offerings, ensuring better financial management for its customers.
What is ISO 20022 compliance?
ISO 20022 compliance refers to a global messaging standard for financial services, allowing secure and efficient information exchanges.
Why is agility important in payment solutions?
Agility in payment solutions allows banks to quickly adapt to market changes and customer needs, providing competitive offerings.
How can customers learn more about the bank's offerings?
Customers can visit the First Pacific Bank website or contact the bank directly for more information about their enhanced payment solutions.
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