Jefferson Bank, an independent Texas bank, has selected Finastra to be the leader of its quick payments offerings.

The larger agreement is a result of Finastra's bid to provide small financial institutions with digital solutions in order to assist them keep up with the rapidly advancing capabilities of big multinational players and digital banks.

In accordance with the agreement, Jefferson Bank has chosen Finastra Payments To Go, a fintech's cloud-based payments solution, to enable Jefferson Bank to meet the ever-increasing demand from customers and businesses for instant payment transactions while also delivering FedNow and RTP The Clearing House (TCH) services around-the-clock.

Finastra: Providing prompt payment delivery

Sarah Brooker, SVP of Deposit and Card Operations at Jefferson Bank, signed an expanded partnership deal with Finastra and stated, "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."

"We can offer our customers cutting-edge payment services along with the quality of service they have become accustomed to from us because Finastra Payments To Go provides us with access to the same payment processing technology used by big banks."

In fact, Jefferson Bank now has the means to distribute real-time payments throughout the FedNow network thanks to Finastra's technology.

The new instant payments infrastructure from the US Federal Reserve is quickly taking the lead as the network of choice for businesses and banks to deliver real-time payments (RTP), accelerating clearing times and raising the industry's operational tempo.

Finastra Payments To Go, which is hosted on Microsoft Azure, was among the first software platforms to successfully finish FedNow Service certification upon its launch in 2023, placing it in a favorable position to provide financial institutions with 24/7 fast payment delivery.

Jefferson Bank has committed to gradually move its wire services from Finastra PayPlus Connect as part of its agreement to use Finastra Payments To Go for RTP. This will allow Jefferson Bank to combine all payment services into a single, all-inclusive Finastra solution.

"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," says Barry Rodrigues, EVP of Finastra's Payments Business Unit.

"Our payments hub gives Jefferson Bank the resources it needs to integrate all payment services, empowering the group to embrace open finance and draw in and keep consumers." We're happy that the Jefferson Bank team still has faith in Finastra as it strives to make its business future-proof.

Finastra has enabled one-bill invoicing with Finastra Payments To Go, which is now available for subscription on the Microsoft Azure marketplace. Finastra is committed to open banking, and this is part of their effort to make it simple for financial institutions to use FedNow and RTP TCH.