Finzly launches embedded banking solution

Ellie Duncan
08 Apr 2024

US-based Finzly has unveiled ‘Account Galaxy’, a new embedded banking solution with virtual account and virtual ledger capabilities, to enable banks of all sizes to “participate” in embedded banking opportunities.

According to Finzly, banks need advanced payment processing and flexible accounting capabilities to offer modern Banking-as-a-Service functionality, which can be costly and prohibitive.

It has designed ‘Account Galaxy’ to provide these capabilities “cost-effectively” in a “sidecar core”, enabling non-banks and fintechs virtual accounts where transactions can be monitored in real time.

Additionally, mid-size and small banks can use Finzly’s Account Galaxy offering to embed services into corporate enterprise resourcing planning (ERM), accounts receivables and payables.

Among the solution’s key features are that it supports virtual account creation and management with Finzly Connect’s pre-integrated open APIs, enabling “seamless embedding of banking services” for customer accounts, deposits, payments, and FX.

Account Galaxy also incorporates Finzly’s ISO 20022 native platform to improve transaction data visibility and system interaction, thereby facilitating data transfer from corporate platforms into virtual accounts via APIs.

By offering virtual accounts that are backed by a virtual ledger, Account Galaxy can create a high volume of new accounts instantly and “without overwhelming existing systems”.

“Account Galaxy is a game-changing solution that empowers banks of all sizes to participate in the fast-growing embedded banking business,” said Booshan Rengachari, founder and chief executive officer of Finzly, which provides money movement systems to financial institutions.

“With Account Galaxy, banks can cost-effectively enable the integration of banking services into corporate systems and non-bank platforms, unlocking new opportunities for growth and innovation.”

Enrico Camerinelli, strategic advisor at Datos Insights, added: “Embedded banking will have a significant impact on how banking services are provided to business and consumers.

“Providing tools to empower banks of all sizes to participate in this emerging industry will lead to greater innovation and, ultimately, better services for all.”

A report published by Juniper Research recently revealed the growth prospects for embedded finance revenue between 2024 to 2028, driven by B2B embedded financial services, as well as market maturity.