EverBank has selected payment and financial solutions provider Finzly to update its payment processing system, according to an April 18 release. 

The $34.6 billion, Jacksonville, Fla.-based bank was looking to modernize its payment operations without completely replacing its core, a need many Finzly clients are trying to address, Finzly Chief Executive Booshan Rengachari told Bank Automation News.

“We are enabling banks to compete with the modern needs of the economy,” Rengachari said. 

Legacy technology is difficult to replace, he said. Finzly runs parallel to banks’ mainframe systems, and operations can be moved over “one piece at a time,” he said. 

With Finzly, EverBank can move its payments to one platform, streamlining operations and reducing manual processes, according to the Finzly release. 

Depending on the size of an institution, Finzly can integrate and go live in four to eight months, Rengachari said, noting that implementation of new technology used to take up to two years. 

Finzly bank clients include Pacific Premier Bank, Arvest and Fulton Bank, according to Finzly’s website. 

Zero Circle and Epic River join forces for green financing

Green financing marketplace Zero Circle and online lender Epic River are joining forces to provide green financing options to small and medium-sized businesses, according to Epic River’s April 23 release. 

Through the collaboration, Epic River will provide its lending-as-a-service solution, which includes online application, ID verification and electronic signature capabilities, to businesses on Zero Circle’s platform, the release stated. 

Epic River focuses on community and regional financial institutions, an Epic River spokesperson told BAN. Epic River will try to connect SMBs with banks and credit unions close to them, the spokesperson said. 

Zero Circle will automate assessment and reporting of key performance to pre-qualify applicants, the release stated. 

Zero Circle’s “ability to simplify the process and use AI to automate program qualification makes green lending accessible for banks and businesses of any size,” the spokesperson said. 

AI models help evaluate applications for financing, assessing businesses’ sustainability standards and whether they qualify for a certain type of lending program, the spokesperson said. 

Epic River has more than 2,000 participating lenders on its platform and has strategic partnerships with fintechs, including Finastra and Experian, according to its website. 

“The combination of sustainability reporting, the government programs for which the borrower qualifies and the traditional credit worthiness of the opportunity through an AI-powered platform will save the SMBs and financial institutions a tremendous amount of time and resources,” the spokesperson said. 

Jack Henry completes UniWyo Credit Union merger

Banking tech provider Jack Henry has completed the merger of UniWyo Credit Union with Reliant Federal Credit Union, which started in the third quarter of 2023, according to a Jack Henry April 25 release. 

Both credit unions were on Jack Henry’s core, which made easy data conversion and integration possible, the release stated. 

“One challenge during any merger is the data conversion,” Dave Krause, chief executive of UniWyo Credit Union, said in the release. “Credit unions can experience missing data, security issues and lapses in efficiency,” but Jack Henry’s single-platform approach helped the merger go through without any lapses of digital services for the customer, he said. 

Umpqua Bank, First State Bank and Community National Bank are Jack Henry’s digital banking and core banking services clients, according to the company’s website. 

Visa and AWS team up for global payments

Payments giant Visa and Amazon Web Services are teaming up to provide Visa’s payments capabilities to fintechs on AWS’ platform, according to Visa’s April 25 release. 

Visa will provide its cross-border payment capabilities to fintechs on the AWS Marketplace to provide digital payments, banking and embedded finance capabilities, the release stated. Visa will provide its solution through the cloud, which can help in easy configuration, lower costs and higher customer adoption, the release stated. 

“Visa is dedicated to better serving our clients in cloud environments, which is why we’re excited to bring Visa Cross-Border Solutions to the AWS Marketplace,” Vanessa Colella, global head of innovation and digital partnerships at Visa, said in the release. “We aim to make our solutions readily accessible and available for customers to easily integrate across diverse platforms.” 

Visit Bank Automation News’ Transactions Database, which lists the technology selected or acquired by companies in the financial services industry, with a specific focus on technology that enhances automation.