EverBank has announced two significant agreements aimed at modernizing its commercial banking and payment processing systems.

EverBank has recently inked two significant deals with industry vendors, signaling a major step towards comprehensive digital transformation across its commercial banking and payment processing systems.

The first deal involves partnering with Dutch digital banking solutions provider Backbase to implement its Engagement Banking platform. EverBank plans to leverage this platform to launch a new online platform catering to its commercial and treasury banking sectors. Through this platform, EverBank aims to offer its commercial clients a wide range of digital payment and treasury services, including domestic and international wire transfers, Automated Clearing House (ACH) transactions, online banking, and foreign exchange (FX) trades and rate monitoring. Additionally, the platform will facilitate deposit management processes across both traditional and global commercial banking sectors, as well as streamline the distribution of waterfall payments made through various loan payment systems. Notably, other prominent adopters of the Backbase Engagement Banking platform include Judo Bank in Australia, Danske Bank in Denmark, and Orient Commercial Joint Stock Bank in Vietnam.

In the second development, EverBank has entered into a strategic partnership with banking and payments fintech Finzly to consolidate its payment processing systems into a single unified platform. As part of this collaboration, EverBank will leverage Finzly’s cloud-based Payments Galaxy platform, which provides centralized processing capabilities across multiple transaction types through a single API. This platform will enable EverBank to efficiently handle large volume payments for investment firms, including domestic, instant, and international payments. Notably, Quaint Oak Bank, based in the US, also recently selected Finzly’s Payments Galaxy platform to enhance the speed and breadth of its payment operations.

These strategic partnerships underscore EverBank’s commitment to embracing digital innovation to enhance customer experience and operational efficiency across its commercial banking and payment processing operations.

Source: fintechfutures.com