Digital Banking

Finzly delivers cannabis financial services company to Lead Bank's banking-as-a-service solution

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January 3, 2022

Finzly, a fintech company, has announced that PointChain, a financial services provider for the cannabis industry, is now live on Lead Bank's banking-as-a-service solution. With this partnership, PointChain can deliver innovative consumer and business marketplace solutions to keep track of accounts and payments and send payments and debit requests to Lead Bank, according to a press release.

Finzly provides its digital core and Payment Galaxy as a parallel core to Lead Bank's legacy platforms to act as API middleware. The digital core offers real-time multi-asset ledger and virtual account capabilities while Payment Galaxy processes all payment types, exceptions and returns alongside settlement and clearing connectivity with the Federal Reserve, the Clearing House and Swift payment networks.

"Our objective is to remain a high-tech financial service solution for high-risk industries like cannabis, and working with a technology partner like Finzly has certainly enabled us to see our vision through," Mark Lozzi, CEO of PointChain, said in the release. "This partnership will provide our clients with an experience they are more accustomed to from a traditional bank or financial service provider while keeping the speed, capabilities, and innovation of a fintech. We are in phase one of this partnership, and the future has game-changing potential for our clients and us. We commend Lead Bank in identifying a need for a solution like this in the market and choosing a partner and technology capable of executing."