Latest news with #Finzly
Finextra
5 days ago
- Business
- Finextra
Finzly preps support for stablecoin and tokenized deposits
Finzly, a leader in modern, API-first payment infrastructure, announced its preparation to support stablecoin and tokenized deposits —adding to its platform that already supports Fedwire, RTP, FedNow, ACH, SWIFT, and cross-border rails. 0 The demand for stablecoin and tokenized deposits is building exponentially with a new era of programmable money - automated payments executed against predefined rules and conditions - now a reality. According to polling from a Finzly hosted webinar on July 24, 2025, attended by 723 payment leaders from the financial services industry: Nearly half (48%) of respondents are currently exploring uses cases involving programmable money. Furthermore, 44% of poll respondents are concerned with falling behind if their institution doesn't offer stablecoin functionality or tokenized deposits within the next 18 months. With the passage of the GENIUS Act providing additional clarity and certainty for US financial institutions, banks are looking to stay relevant in the programmable money era. Finzly is emerging as the ideal partner offering a composable, ISO 20022-native platform with smart routing, real-time APIs, and a programmable rules engine that mirrors the flexibility of digital assets like stablecoins. What are the use cases and benefits of stablecoins and tokenized deposits for financial institutions? Generate new revenue streams by slashing transaction fees for corporate clients while offering instantaneous settlement infrastructure Enable faster and more cost-effective cross-border payments, particularly for emerging markets where remittance costs are reduced by an average of 4.5% globally when utilizing stablecoins according to CoinLaw. Deliver enhanced treasury and cash management services through programmable money and automated compliance systems, creating new operational efficiencies 'The momentum behind stablecoins is undeniable, and we're seeing remarkable interest from US banks who recognize this isn't just a trend,' said Booshan Rengachari, Founder and CEO of Finzly. 'Financial institutions that prepare now with the right infrastructure will be positioned to capitalize on what could be a $2 trillion market by 2028, while those that wait risk being left behind in an increasingly digital financial ecosystem.' Stablecoin Market Size McKinsey & Company reports stablecoin circulation has doubled to $250 billion from $120 billion over the past 18 months, with forecasts to reach $400 billion by year-end and $2 trillion by 2028. Data reported by CoinLaw shows the average daily transaction volume for stablecoins surged to $7 billion, an increase of 8% from 2023, and are now accepted in over 70 countries, facilitating cross-border payments and remittances. In fact, the US Treasury reported that stablecoins were involved in 50% of cross-border digital transactions in 2024. How Banks Implement Stablecoin Payments with Future-Ready Infrastructure With its built-in multi-currency FX engine, Finzly's platform is designed to support conversion between fiat and digital currency pairs, such as USD to USDC, enabling smoother multi-currency flows. Virtual accounts on the platform can function as wallet-like constructs, offering banks and fintechs a way to reflect and manage balances tied to stablecoin activity, while preserving visibility, control, and compliance alignment. 'Banks are recognizing that stablecoins represent more than just another payment rail—they're a gateway to programmable money, automated financial services and agentic commerce,' said Dean Nolan, head of payment strategy at Finzly. 'We already lead with today's core rails. Our API-first architecture and programmable rules engine will be able to make it easier for banks to implement stablecoin payments thoughtfully aligned with their compliance, operational, and customer experience goals.' Finzly's infrastructure allows banks to adopt new rails like stablecoins on their own terms, with full control over policy, compliance, and business logic. The platform also makes it easy to integrate with ecosystem partners from custodians to blockchain networks supporting a secure, compliant path to stablecoin adoption.
Yahoo
05-08-2025
- Business
- Yahoo
First-ever Finzly CFO seeks to create culture of ‘connectivity'
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Today's finance chiefs are steadily assuming a rising host of responsibilities outside of finance — an evolution that is also shining a spotlight on the critical, interconnected role of the finance function. For newly-minted Finzly CFO Adam Carson, 'finance is not a passive or backseat function at all,' he told CFO Dive, but rather, 'a driving partnership with the business.' The first-ever finance chief for the Charlotte, North Carolina-based company, Carson's appointment earlier this month comes as Finzly seeks to further expand its operations and market reach, according to a July 17 press release announcing the move. Alongside Carson, Finzly also appointed Robert Coakley as head of partnerships, according to the release. The company provides payments infrastructure to financial institutions and supports payment rails including ACH, Fedwire, SWIFT and instant payments. In his first few months as finance chief, Carson is focusing on ensuring the finance function is well-positioned to help Finzly's strategic goals of expansion. For any finance chief coming into a new situation — whether the company's first CFO or otherwise — the focus is on determining if the business is set up effectively for where it needs to go in the future, 'and you want to assess that around the people, the technology and the partnerships and processes that you have in place,' he said in an interview. 'What you're looking for is ultimately, alignment on how you get from where you are today to where you think the business strategically needs to be in the future, and how does finance contribute to that growth rate?' Carson said. A culture of connectivity A veteran of the software industry, Carson was attracted to the top financial seat at Finzly due to the combination of its previous success — the business' clients include financial entities such as Arvest, Banc of California, and Everbank — and its future growth potential. His background and the ambitions of Finzly's founder and CEO, Booshan Rengachari, also 'lined up well in terms of where the company was going,' he said of taking the seat. Carson's past roles in the software space include stints at Intuit, Barracuda Networks and Cyence, and he most recently served as CFO for private equity-backed software-as-a-service firm Movista, according to his LinkedIn profile. As VP, finance and investor relations for Barracuda, Carson helped to facilitate the cybersecurity provider's initial public offering in 2013, before the company was sold to Thoma Bravo for $1.6 billion in 2017, according to reports at the time from Reuters and Dark Reading. In assuming the CFO seat for Finzly, Carson's priority is to help the business continue to 'evolve, grow and scale,' he said, noting the company's processes and customer focus are 'rock solid.' There are, however, 'a few things I want to enhance' surrounding the company's ability to deliver insights at speed and scale, Carson said. That means taking a close look at how the company's teams communicate — and ensuring they have the details they need from finance to effectively achieve their goals. As finance chief, 'I get to work with every single person in the company, directly or indirectly, because what they do, day in, day out, how they're delivering for our customers and the decisions that they're making, ultimately reflect on the financials,' he said. 'I want to create a culture where that cohesion and connectivity is really embedded in everything that we do, because that's already how people are operating, and I just want to help them with the financial information so that they can see it even more transparently,' Carson said. Preparing for the long haul Carson is joining the bank payments infrastructure provider as it plans for further expansion — the business's strategic priorities remain largely on striving to become 'one of the critical platforms for banks going forward,' he said. Among other recent steps, Finzly helped to aid its client banks with the shift to the new ISO 20022 standard — an international protocol for exchanging electronic messages between financial institutions — put in place by the Federal Reserve ahead of its July 14 deadline, according to a company press release. In past years, the company has also reported rapid growth, noting a 400% surge in payment platform volume and a doubling of revenue from 2022 to 2023, according to a company release. In 2023, the company also raised $10 million in a Series A led by TZP Group, Banking Dive reported at the time. The company's liquidity isn't necessarily something Carson is worried about at the moment, he said, noting funding and liquidity are always dependent on company strategy. Presently, the finance chief plans to ensure the company is continuing to successfully deliver its offerings to its customers, which means achieving the careful balance that is the constant challenge for those in the CFO role: setting up the company to meet long-term goals while, 'at the same exact time you're working to minimize execution risk on those things,' he said. 'When you balance those two, what you have to do is, you have to become incredibly clear on, 'why are we doing something, what is in it for us over the long haul, and also, how are we going to be able to better serve our employees and our customers?'' Carson said. Recommended Reading CACI promotes Lockheed Martin alum to CFO Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-07-2025
- Business
- Yahoo
Fedwire makes ISO leap
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. The Fedwire Funds Service, which moves trillions of dollars around the world daily, completed its first full day on a new international standard Monday without any major reported snafus. The Federal Reserve payments system, which handles about $4.7 trillion in payments daily, began shifting late Sunday to the new ISO 20022 standard. While a spokesperson for the Fed declined to comment, banks and consultants reported a relatively smooth transition. 'It was (a) seamless upgrade for us,' Finzly CEO Booshan Rengachari said in a LinkedIn message. 'Largely, I heard most of the banks swam through,' said Rengachari, whose firm advised financial institutions on upgrading for the new messaging format. While most major banks upgraded their systems with internal resources to adapt to the new standard, many smaller banks relied on outside vendors to help them get ready for the change. There was similar feedback from the Independent Community Bankers of America, which represents U.S. community and regional banks. Those smaller financial institutions got a boost from their recent experiences in adopting the Fed's real-time payments system FedNow since its launch two years ago. Banks have also gradually adopted that new service. 'Based on our discussions with the Federal Reserve and our own member feedback, the Fedwire Funds Service transition to ISO 20022 appears to have gone smoothly, with no issues reported as of Monday evening,' ICBA Senior Vice President Lance Noggle said by email. 'This isn't the first time community banks have encountered ISO 20022 — it's also the format used by FedNow — so many were already familiar with the standard and well-prepared for the shift.' The new ISO format is designed to let banks pass more data with each transaction and to enhance other capabilities, such as their fraud-fighting capacity. In addition, the new standard allows for better communication between bank systems worldwide, with particular benefits for cross-border transactions. The Geneva-based International Organization for Standardization gave the world the ISO 20022 standard over two decades ago to encourage financial institutions around the world to embrace a more modern messaging system. Some 70 countries have already adopted the standard that provides operational efficiencies, more data-sharing and less outdated batch-processing. The Federal Reserve began Fedwire's migration to the new ISO standard over the weekend, with the central bank's former Fedwire Application Interface Manual (FAIM) version operating for the last time on Friday. 'After the Fedwire Funds Service closes at 7 p.m. ET, the current format will no longer work and any FAIM-formatted messages you send will not be accepted and will be deleted during the migration weekend,' the Fed had said in one of many website posts that helped prepare the nation's banks for the change. U.S. banks have had years to prepare for the central bank's shifting of Fedwire to the new standard, with the Fed issuing its first request for feedback on the new standard in 2018. At that time, it proposed that the transition occur in three phases between 2020 and 2023. Eventually, the central bank had to delay that timing to 2025, and this year it postponed a prior March implementation date, likely because some U.S. banks weren't prepared for the migration. The new ISO format is designed to let banks pass more data with each transaction and to enhance other capabilities, such as their fraud-fighting capacity. In addition, the new standard allows for better communication between bank systems worldwide, with particular benefits for cross-border transactions. Rengachari, whose firm is based in Charlotte, North Carolina, noted that for some banks there may be some overlap between the old and new systems for a while, creating inefficiencies. 'Some banks are now dealing with two systems – one with old format and another that translates it, and it has created complexity for them,' he said. The new ISO standard allows for links to other payments systems run by different organizations, such as the Belgium-based international cooperative Swift. That organization, which is a messaging system for global payments, has allowed users a more gradual conversion to the ISO standard, but is also moving toward a November 22 deadline to complete that transition. Recommended Reading Fed's ISO 'big bang' hits
