Mechanics Cooperative Bank expands partnership with Finastra to deliver innovative payments services

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Dec 20, 2022, 11:12 ET

Finastra's payments hub allows the bank to quickly adopt FedNow and additional new digital payment solutions

LAKE MARY, Fla., Dec. 20, 2022 /PRNewswire/ -- Finastra today announced that Mechanics Cooperative Bank, a Massachusetts-based financial institution with more than $645 million in assets, has selected Finastra Payments To Go to introduce new business payments services and enhance the customer experience. The multi-rail payments hub empowers Mechanics Cooperative Bank to leverage the strength of the cloud, providing the tools needed to introduce Real-Time Payments services (RTP) through the Clearing House (TCH) and to quickly join the FedNow rail when it goes live.

"Finastra has been our core technology partner for several years, helping us deliver the financial solutions our customers rely on. When it was time to enhance our payments services, we saw Finastra and Payments To Go as the obvious choice to help us adopt an agile and cloud-based payments hub," said Joseph T. Baptista Jr., President and CEO of Mechanics Cooperative Bank. "This partnership enables us to not just meet customer demand, but to also exceed expectations. We're thankful that Finastra's inclusion in the FedNow pilot program ensures our readiness to adopt the service."

Payments To Go provides Mechanics Cooperative Bank the agility needed to provide new and innovative payments services, including RTP and FedNow. RTP TCH services, available through Finastra's Financial Messaging Gateway, offers direct connectivity to the RTP network for easy, frictionless, and more affordable access to the payment rail. Finastra's participation in the FedNow pilot program, which supports the development, testing and adoption of the service, allows the bank to be among the first financial institutions to go live quickly and efficiently as soon as it launches.

"Our payments solution enables financial institutions such as Mechanics Cooperative Bank to introduce new payments services quickly and efficiently while leveraging the strength of the cloud," said Barry Rodrigues, EVP of Finastra's Payments Business Unit. "Through Finastra's multi-rail payments hub as a service solution, the bank will be able to meet the many new challenges of emerging technologies while differentiating itself amongst its competitors."

Mechanics Cooperative Bank's selection of Payments To Go represents a larger shift across the payments industry. As more financial institutions globally continue to embrace cloud-based payments processing solutions, it provides the availability, agility, and scale needed for banks to provide enhanced services and navigate regulatory changes quickly and efficiently. The solution comes pre-configured with rapid, secure, and scalable SaaS-deployment in the cloud on Microsoft Azure.

About Mechanics Cooperative Bank

With total assets over $645 million, Mechanics Cooperative Bank offers a wide variety of personal and business deposit and loan products. As a Massachusetts co-operative bank, 100% of customers' deposits are always fully insured. Established in 1877, Mechanics Cooperative Bank is Massachusetts' second-oldest co-operative bank with nine conveniently located branches in Taunton, Bridgewater, North Dighton, Somerset, Swansea, Fall River, New Bedford, and Westport. For more information, call 1-888-MECHANICS (632-4264) or visit Mechanics-Coop.com. Member FDIC. Member DIF. Equal Housing Lender.

About Finastra

Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world's top 100 banks. For more information, visit finastra.com

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SOURCE Finastra