ModusBox recently announced a partnership with Mambu – the global fintech platform. At this year’s Money 20/20 event – the industry’s largest conference – we teamed up with our new partner to create a video illustrating the simplicity of connecting the Fedwire Funds Service to the Mambu core. We chose Fedwire because it is one of the most manually intensive payment methods for community financial institutions (CFIs). Keep reading or view the demo video to see PortX in action and how elegant your Fedwire connection can be.
If you would like to learn more about our Fedwire-as-a-Service solution, read our blog: Simplify and Automate Your Wire Transfer Process With PortX’s “Fedwire-As-A-Service” Solution.
How Payment Manager and Mambu work together
Payment Manager enables you to manage multiple payment channels through a single pane of glass, including the Fedwire Funds Service. Wire transfers are a disjointed and expensive solution that present regulatory challenges for most CFIs to comply with requirements like Know-your-customer. Mambu’s SaaS, API-first, composable model enables Financial Institutions to connect to payment networks in a fraction of the time required with traditional banking cores. By partnering with a core like Mambu, Payment Manager enables CFI’s to build an elegant solution for any payment network rapidly.
How does PortX FaaS work with Mambu?
In addition to Payment Manager, our solution utilizes Integration Manager – our digital core banking integration software – to connect Mambu with Fedwire. Payment Manager leverages our established cloud-hosted connection to the Fed and exposes a simple public API for an FI to connect. Integration Manager integrates with Mambu through a core connector API responsible for transferring and moving money between accounts.
The PortX solution manages the FI’s established business logic and message formatting that interact with the federal reserve for wires and ACH. A payment app SDK enables the FI to create intuitive user experiences and online banking applications and Payment Manager’s portal empowers the FI’s employees to support, monitor, and reconcile transactions easily.
For our demo, we mocked up a sample mobile app to exemplify the kind of application an FI could create, allowing the end customer to send funds via ACH and wire transfer. This sample app invokes the Wires API, which kicks off the workflow and APIs that transfer funds from the “Customer Account” and put it into a “WireHold account.” Once the transfer is approved and sent to the Federal Reserve system, funds are automatically debited from the WireHold account and credited to the Fed Account, completing the cycle. It’s as simple as that.
We get it. Wire transfers have long been a manual, labor-intensive process for the FI and its employees, and the steps are fraught with human error, fraud, and expense. PortX standardizes the process for FIs to integrate with and manage any payment channel. Modern banking platforms, like Mambu, are revolutionizing the financial industry with flexible platforms that empower CFIs to compete with big bank competition.
If you would like to learn more about how PortX can create automated efficiencies in your FI that unlock rapid innovation and cost savings, start a conversation with our team today.