Jefferson Bank partners with Finastra to boost its instant payments strategy

By Delisha Fernandes

Jefferson Bank, an independent bank, has extended its partnership with Finastra to modernise its payments infrastructure, enabling quick adoption of FedNow service and additional digital payment solutions.

The agile, resilient, cloud-based payments solution will help Jefferson Bank to efficiently deliver both RTP TCH and FedNow services 24/7 and accommodate the rapidly growing volume of instant payment transactions.

“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,” said Sarah Booker, Senior Vice President, Deposit and Card Operations Manager at Jefferson Bank. “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.”

Deployed on Microsoft Azure’s cloud, Payments To Go provides Jefferson Bank with the agility needed to offer new and innovative payment rails, including RTP and FedNow Service. Both RTP TCH and FedNow services, available through Finastra’s Financial Messaging Gateway, connect directly to their respective networks for easy, frictionless, and more affordable access to the payment rails.

As one of the first software providers in the industry to complete certification for the FedNow Service at launch, Finastra is well-positioned to provide financial institutions with the ability to deliver instant payment services around the clock, with more than 200 customers across the US able to launch the service through its solutions.

“As consumer demand in the market continues to evolve, it’s crucial that financial institutions of all kinds have the solutions they need to stay competitive, especially as we’re seeing an increase in the pace of change,” said Barry Rodrigues, EVP of Finastra’s Payments Business Unit. “Our payments hub provides Jefferson Bank with the tools it needs to bring all payment 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 they work to futureproof their organization.”

Over time, the bank will migrate its wire services from Finastra PayPlus Connect, fully consolidating all payment services under one comprehensive Finastra solution. As a demonstration of Finastra’s commitment to open finance, financial institutions can now subscribe to Payments To Go through Microsoft Azure Marketplace for convenient billing through one single invoice.