The bank can easily integrate FedNow and other new digital payment solutions thanks to Finastra’s payments infrastructure.

Mechanics Cooperative Bank, a Massachusetts-based banking institution with more than $645 million in assets, has chosen Finastra Payments To Go to offer additional business payments services and improve the client experience, according to a recent announcement from Finastra. The multi-rail payments hub enables Mechanics Cooperative Bank to take advantage of the cloud’s advantages by giving it the tools necessary to swiftly join the FedNow rail when it goes online and deliver Real-Time Payments services (RTP) through the Clearing House (TCH).

“For a number of years, Finastra has served as our primary technology partner, assisting us in providing the financial solutions that our clients count on. We considered Finastra and Payments To Go to be the clear choice to assist us in implementing an adaptable and cloud-based payments hub when the time came to upgrade our payments services “Mechanics Cooperative Bank President and CEO Joseph T. Baptista Jr. “With the help of this cooperation, we are able to not only meet but significantly surpass client expectations. Finastra’s participation in the FedNow pilot programme guarantees our readiness to use the service, for which we are grateful.”

Mechanics Cooperative Bank can quickly launch cutting-edge payment systems like RTP and FedNow thanks to Payments To Go. Through Finastra’s Financial Messaging Gateway, RTP TCH services provide direct connectivity to the RTP network for quick, simple, and more reasonably priced access to the payment rail. Finastra is one of the first financial institutions to go live swiftly and effectively as soon as the service launches thanks to its involvement in the FedNow pilot programme, which supports the service’s development, testing, and adoption.

According to Barry Rodrigues, EVP of Finastra’s Payments Business Unit, “Our payments solution enables financial institutions like Mechanics Cooperative Bank to deliver new payments services rapidly and efficiently while utilising the capabilities of the cloud.” “The bank will be able to tackle the many new difficulties of developing technologies while differentiating itself from its competitors using Finastra’s multi-rail payments hub as a service solution.”

Source: Prnewswire