Case Study: Silvergate Bank achieves 30% reduction in cost per wire and 70% STP improvement with Finastra's cloud Payments Hub

Payments Hub in the Cloud Gareth Lodge April 2020 Winner of Celent Model Bank 2020 Award for Payments Replatforming

Silvergate Bank, a specialist provider of banking services to more than 800 cryptocurrency exchanges and fintechs, faced an explosion in FedWire volumes and values as its client base grew rapidly. Its legacy FedWire solution—built for batch processing—could not support 24/7 operations, real‑time APIs or the scale and client expectations Silvergate required, so the bank selected Finastra and its cloud‑native Fusion Global PAYplus platform (deployed on Microsoft Azure) to modernize payments.

Finastra implemented Fusion Global PAYplus in the cloud, enabling API‑driven wire initiation, real‑time payment information, and scalable 24/7 processing; Silvergate went live in November 2019. The Finastra deployment delivered measurable benefits including a ~40% reduction in cost per wire, a 70% increase in straight‑through processing, $3.23 million lower total cost of ownership over five years, and rapid API adoption (71 clients live by go‑live).

Silvergate Bank

Chris Lane

Senior Vice President of Service Management