Choice Bank and ModusBox Partner for Connection to Fedwire Funds Service and Automated Wire Transfer Process
ModusBox has partnered with Choice Bank to support innovative banking-as-a-service (BaaS) and embedded banking solutions for financial institutions and fintechs. Choice Bank has a proven track record of innovation in digital solutions over the last 20 years and over 5 years in BaaS to enable the new era of financial services. Choice Bank will provide sponsor bank responsibilities in the new partnership – ensuring regulatory compliance – while ModusBox will deliver innovative financial integration capabilities.
The two companies built a cloud-based, API-led integration to the Fedwire Funds Service and worked together to develop a fully automated wire transfer process for the bank and its fintech partners. The solution, now a part of Payment Manager, leverages an established cloud-hosted connection to the Fed and exposes a simple public API, making it easy for innovative FIs to build simpler, more automated Fedwire solutions and more.
“We evaluated a handful of suitors for our sponsor with the Fed. We chose Choice Bank because of its emphasis on technology and being a people-first organization – a value we share in our company,” said David Wexler, CEO of ModusBox. “Because of our shared vision, we’re looking forward to building more capabilities and connections in our PortX products through our partnership with Choice.”
“At Choice, we’re ultra-focused on driving solutions that make a real difference in our communities for the people who need them most.” – Tim Heilman, Chief Innovation Officer of Choice Bank
In addition to the Fedwire-as-a-Service partnership, the two companies also announced a milestone PortX platform deal. The agreement will establish the PortX platform as the Integration-Platform-as-a-Service (iPaaS) for Choice Bank. The technology will streamline Choice’s ability to quickly connect to new fintech partnerships and modern real-time payment solutions critical to remaining competitive in a rapidly evolving industry.
“We are excited about the new capabilities that PortX and our partnership with ModusBox unlock for our team and our customers,” said Tim Heilman, Chief Innovation Officer at Choice Bank. “At Choice, we’re ultra-focused on driving solutions that make a real difference in our communities for the people who need them most. PortX will enable us with the flexibility to respond quickly to the new wave of banking services and consumer demand for fresh experiences.”
ModusBox is the infrastructure and integration technology company focused on open banking solutions that unlock access to banking core data, eliminate vendor dependencies, and simplify connections to fintechs and real-time payment networks. Our PortX platform is the iPaaS (Integration-Platform-as-a-Service) built for financial services. It helps financial institutions empower their teams to connect to real-time payment networks like Zelle®, Mojaloop, ACH, Fedwire, and others. In addition, our solutions enable interoperability between online banking, credit checks, mortgage and loan applications, and other internal systems allowing for a timely and accurate view of customer data.
Choice Bank is a division of Choice Financial Group.