Finastra Deepens Jefferson Bank Union With Instant Payments

Independent Texas banking institution, Jefferson Bank, has chosen Finastra to lead its instant payments services. 

The expanded deal comes as Finastra bids to serve small financial institutions with digital solutions to help meet the evolving capabilities of digital banks and large international players. 

Per the deal, Jefferson Bank has selected Finastra Payments To Go, the fintech’s cloud-based payments solution that will help Jefferson Bank deliver RTP The Clearing House (TCH) and FedNow services 24/7, and accommodate the rapidly growing volume of instant payment transactions that consumers and businesses expect from their banking provider today.

Finastra: Delivering on instant payments 

On signing its expanded partnership deal with Finastra, Jefferson Bank SVP, Deposit and Card Operations Manager, Sarah Brooker, says: “We have worked with Finastra for many years and deeply value its team’s proven experience implementing instant payments services not just in the United States, but across the globe.

“Finastra Payments To Go gives us access to the same payment processing technology used by big banks, enabling us to provide our customers with state-of-the-art payment services in addition to the experience they have come to expect from us.”

Indeed, Finastra’s platform gives Jefferson Bank the solution it needs to deliver real-time payments across the FedNow infrastructure. 

The US Federal Reserve’s new instant payments infrastructure is fast becoming the network of choice for banks and businesses to deliver RTP, speeding up clearing times and enhancing the pace at which industry can function. 

Deployed on Microsoft Azure’s cloud, Finastra Payments To Go was one of the first software platforms to complete certification for the FedNow Service at its launch in 2023, making it well-positioned to deliver round-the-clock instant payments for financial institutions. 

Per its deal to leverage Finastra Payments To Go for RTP, Jefferson Bank has agreed to eventually migrate its wire services from Finastra PayPlus Connect, to consolidate all payment services under one, comprehensive Finastra solution. 

Barry Rodrigues, EVP of Finastra’s Payments Business Unit, adds: "As consumer demand in the market continues to evolve, financial institutions of all kinds must have the solutions they need to stay competitive, especially as we’re seeing an increase in the pace of change. 

“Our payments hub provides Jefferson Bank with the tools it needs to bring all payments services together, enabling the team to embrace open finance while attracting and retaining customers. We’re pleased that the team at Jefferson Bank continues to trust Finastra as it works to futureproof its organisation.”

Finastra has made Finastra Payments To Go available for subscription on the Microsoft Azure marketplace, for convenient, one-bill invoicing. This comes as part of Finastra’s commitment to open banking, making it easy for financial institutions to get on board with FedNow and RTP TCH.

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