First Pacific Bank expands its instant payments offerings with Finastra, driving growth

Rhea-AI Summary

First Pacific Bank, a Southern California-based community bank, has chosen Finastra Payments To Go to modernize its payments infrastructure. This cloud-based, SaaS payments hub solution will enable the bank to:

• Deliver FedNow send and receive services 24/7
• Support ISO 20022 compliance
• Enable projected growth

Deployed on Microsoft Azure cloud, Payments To Go offers seamless connectivity to other software providers, fintechs, and financial institutions. This selection will allow First Pacific Bank to expand its commercial business and offer customers additional payment options for better cash flow and financial management. Finastra, as one of the first software providers certified for the FedNow Service and ISO 20022 compliance, is well-positioned to support over 200 US customers in launching FedNow Service.

Positive

• First Pacific Bank (FPBC) modernizes its payments infrastructure with Finastra Payments To Go
• The new system enables 24/7 FedNow send and receive services
• Supports ISO 20022 compliance and facilitates projected growth
• Enhances customer offerings with additional payment options
• Provides seamless connectivity to other financial software and institutions

Negative

• None.

With Finastra Payments To Go, the bank enhances its payments infrastructure and unlocks new opportunities 

LAKE MARY, Fla., Sept. 23, 2024 /PRNewswire/ -- Finastra today 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 modernize 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. 

As part of Finastra's commitment to Open Finance, Payments To Go offers seamless 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," said Sharokin Badal, SVP, Director of Deposit and Treasury Services at First Pacific Bank. "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 and innovative 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."

To learn more about Payments To Go, visit Finastra at Sibos 2024 on stand G30.

About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of Open Finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com.

About First Pacific Bank
First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. With a history that spans 17 years, the Bank offers a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.

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SOURCE Finastra

FAQ

What payment solution has First Pacific Bank (FPBC) selected to modernize its infrastructure?

First Pacific Bank has selected Finastra Payments To Go, a cloud-based, SaaS payments hub solution, to modernize its payments infrastructure.

How will Finastra Payments To Go benefit First Pacific Bank (FPBC) customers?

Finastra Payments To Go will enable First Pacific Bank to offer additional payment options to its customers, allowing for better cash flow and financial management. It will also support 24/7 FedNow send and receive services.

What compliance standards does Finastra Payments To Go support for First Pacific Bank (FPBC)?

Finastra Payments To Go supports ISO 20022 compliance for First Pacific Bank, which is important for staying competitive and compliant in the evolving instant payments space.

How many US customers can launch FedNow Service through Finastra's solutions?

According to the press release, more than 200 customers across the US can launch FedNow Service through Finastra's solutions.