#FounderFeature with Booshan Rengachari
Founder + CEO of Finzly
Finzly is a bank operating system that modernizes the digital user experiences and delights the customers and bank associates. Finzly platform is core agnostic and easily connects with any core with its plug and play architecture. With Finzly, banks can quickly go live with new products and services by simply subscribing and verifying the apps in their app store.
Banking at the Speed of Fintech
Before starting Finzly, I was a technology manager at a megabank and managed multiple products in the International Banking division. Then, we had Facebook and all kinds of instant messaging apps. Things have continued to change rapidly since then. Today, we all have excellent digital experiences in our personal life. As an engineer, I wanted to bring a similar experience to banks. That’s when I started building Finzly with some friends who believed in me.
We see tremendous growth in technology today, and banks are challenged to keep pace.
A lot of innovation is happening across consumer industries that are changing consumer expectations on digital. Finzly helps banks to compete effectively and provide a modern banking experience to their customers. Our platform layers directly on top of the core for simple integration.
Finzly app store aims to provide a full suite of services for easy modernization through Payment Hub, Treasury Management, and Digital Banking apps. All a bank needs to do to launch a new product or service is subscribe to the apps, verify, and then launch the product. We are bringing technology to the doors of the bank and allowing them to move at the speed of Fintech.
Our Treasury Management package includes many customer apps; our Payment app allows businesses to process payments seamlessly, and provides dual approval, two-factor authentication, bulk payments, and beneficiary migration tools; our Invoice app allows businesses to send invoices and allow the bank to collect payments from their customers; our Bill Pay app allows businesses to receive bills and pay them; our Positive Pay app allows the customers to fight fraud against ACH and Check payments, and we have Forex and Trade Finance apps for international banking. Our Treasury Management apps are multi-entity enabled for subsidiary account management and offers multi-user processing environment.
And, our Payment Hub app provides one single payment platform and one common user interface to process ACH, Fedwire, RTP and SWIFT payments. It basically simplifies the entire payment processing experience.
Finzly was founded in 2012 and we initially focused on international banking. With those successes and learnings, we are excited to have recently launched a platform for regional and community banks.
Dream Big and Believe
In an ever-changing world, entrepreneurs always have a big task ahead of them. My advice to entrepreneurs is to dream big, and to believe in their dreams. The journey could be quite challenging and overwhelming, but once you show some success, all the questions will stop and the naysayers will go silent. I believed in Finzly, my partners believed in it, and my family gave me excellent support. I had a great friend who was so supportive during the most challenging times. It’s very important to have such support as the entrepreneurial life could become very lonely. But then, once you find a small amount of success, things become very manageable.
My family has been an enormous support for me. When I started this venture, my daughter was three, and my son was in elementary school. Now, he is in high school, and she is graduating from elementary school. My wife took care most of my family responsibilities and even worked at Finzly until we became successful. For entrepreneurs, it’s difficult to have a balanced life. Most of my schedule is always, work, work, work – I wake up and sleep with work in mind. It’s very hard to take it away from your mind. So, on weekends, now I have started saying “No more work, but only family!” But the journey itself is very fulfilling. When I started Finzly, I didn’t want to die without having tried to live my dream. Now, I know I can rest peacefully.