First Pacific Bank has expanded its instant payments capabilities by partnering with Finastra, a financial technology provider.
This collaboration aims to enhance the bank’s payments infrastructure and facilitate its growth. Finastra announced that First Pacific Bank, a community bank based in Southern California that provides tailored financial solutions for both individuals and businesses, has chosen its Payments To Go platform to modernise its payment systems.
The cloud-based software as a service (SaaS) solution will enable the bank to provide FedNow send and receive services around the clock, support compliance with ISO 20022 standards, and drive its anticipated expansion.
Finastra’s Payments To Go aligns with the company’s commitment to Open Finance, offering seamless integration with other software providers, fintech companies, and financial institutions. This functionality grants banks the agility required to implement modern payment solutions swiftly and efficiently.
First Pacific Bank senior vice president and deposit and treasury services director Sharokin Badal said: “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.
“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.”
Payments To Go operates on the Microsoft Azure cloud platform, providing First Pacific Bank with the necessary agility to introduce innovative payment systems, including the FedNow Service.
As one of the first software providers to achieve certification for the FedNow Service and ISO 20022 compliance, Finastra is positioned to empower financial institutions to offer instant payment services at all times, with over 200 customers across the US set to launch the FedNow Service through its solutions.
Finastra chief product officer Radha Suvarna said: “Our payments as a service solution provides First Pacific Bank with a modern infrastructure that enables scalability and an enhanced customer experience.
“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.”
