Finzly Joins Banking-as-a-Service Association to Enable Banks to Offer BaaS for Payments

Finzly Joins Banking-as-a-Service Association to Enable Banks to Offer BaaS for Payments

JULY 14, 2022

CHARLOTTE, N.C. (PRWEB) – Finzly announced that it has joined the newly launched Banking-as-a-Service (BaaS) Association. The association was formed by Bankers Helping Bankers (BHB), a social platform for collaboration and education on Bankng-as-a-Service.

Fueled by rapid expansion in fintech funding and a constant supply of new startups, there aren’t enough BaaS sponsor banks to meet the growing demand for banking services from hundreds of fintechs. There is a constant demand from fintechs to process customer payments on sponsor banks with modern payment infrastructure. BaaS is a highly specialized niche and one that is seeing a tremendous increase in bank participants, largely due to a predictable fee income.

“Banking-as-a-Service is certainly a gamechanger for banks. Having a modern, turnkey and robust solution for payments is equally critical for banks and fintechs wanting to take advantage of BaaS. While fintechs can effortlessly scale their solution cost-effectively, banks can monetize their payment infrastructure and convert payments from a cost center to a revenue generator. We are delighted to join this fraternity of forward-thinking bankers who are willing to take advantage of this opportunity,” Booshan Rengachari, Founder and CEO of Finzly, said. “The BHB BaaS Association gives banks a perfect opportunity to learn, explore and network with industry leaders and other peer institutions.”

Banks can use Finzly’s modern, full-service platform with API middleware that processes all payment types (ACH, wires, RTP, FedNow & SWIFT), exceptions, and returns, with direct settlement and clearing connectivity with The Federal Reserve, The Clearing House, and SWIFT payment networks. In turn, fintech customers can send payments and debit requests directly to the sponsor banks via APIs and get instantaneous responses without the need for legacy batch files and manual reconciliation. Through a single API integration, fintechs wanting to embed payment experience in their products can create a seamless digital journey for their customers.

“These elite bankers are the top 1% in both profitability and innovation” Tanner Mayo, co-founder of BHB, said. “It is essential that banks getting into this space do so in a safe, sound and regulatory compliant way. This association is intended to help them embrace the opportunities of BaaS while proactively identifying and mitigating risks.”

The BaaS Association was created to:

  • Coordinate legislative and regulatory advocacy efforts to encourage the responsible delivery of BaaS by federally insured depository institutions
  • Promote best practices and standards for the delivery of BaaS products to non-banks
  • Build a community of like-minded bankers and other industry participants to share experiences, insights and learnings
  • Connect federally insured financial institutions to the technology partners who will help them facilitate successful BaaS programs

About Finzly

Finzly provides the financial infrastructure for Banks, Fintechs, and Businesses to offer and access financial services in an open, connected, real-time, and embedded ecosystem. Finzly’s operating system for banks acts as a parallel core platform and is modern, cloud-based, real-time, and API enabled. With an array of readymade banking solutions including a multi-rail payment hub (ACH, Fedwire, RTP, FedNow, and SWIFT), foreign exchange, Digital Account Opening, KYC, Risk, Compliance, and a suite of customer experience components, Finzly allows the building of programmable banks, also offering a platform to launch Banking as a Service to fintech partners. To learn more, visit

About Bankers Helping Bankers

Bankers Helping Bankers (BHB) is a bankers-only social+ platform for collaboration and education. Through data tools and dynamic user groups, BHB provides community bankers with a knowledge base focused on bank technology and emerging Fintech companies, as well as hot topics such as cryptocurrencies, banking-as-a-service, becoming a sponsor bank, and launching a direct digital brand. The BHB platform is free for bankers, reaching 75% of the banks. Join the movement to help save community banking. 

Contact Information

Rachel Hernandez
Director of Marketing, FedFis
(512) 284-4987
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