FedNow Service – the new Instant Payments scheme for the US
The FedNow Service opens a new option for Instant Payments in the US. Finastra has been involved in the service from the outset and is the best partner for your FedNow implementation
Unlocking new opportunities in payments
The FedNowSM Service is the Federal Reserve’s new instant payment platform, which will provide financial institutions of every size, and in any location across the nation, access to safe and efficient instant payment services in real time, 24 hours a day.
Benefits of FedNow service
Reach
A seamless instant payments experience across all bank customer segments and industry verticals with a high likelihood of ubiquity due to the reach of the Federal Reserve network
Competitive
The FedNow Service is designed to support financial institutions of all sizes and competitive pricing (when compared to wire transfers or debit card transactions) will encourage widespread adoption at a faster rate
Innovative
In addition to core clearing and settlement, value added services such as request for payment and remittance information is available
Watch the replay of this webinar to find out about the FedNow Instant Payments
As the Federal Reserve prepares to roll out the FedNow Service, the momentum for real-time payments accelerates. Join Finastra and the Federal Reserve as we explore the specific use cases for banks to monetize instant payments and grow revenue.
Power up your instant payments
With Finastra’s certified connection to the FedNow Service, financial institutions can:
- Accelerate time-to-market for sending and receiving instant payments
- Easily and quickly unlock use cases, such as payment requests, that will elevate your customer experience
- Boost customer demand and instant payments adoption by US financial institutions of all sizes
Why Finastra for the FedNow Service?
Instant Payments Expertise
Finastra has a strong global presence and has been implementing instant payments solutions around the world since 2008 (UK Faster Payments). In addition, our solution includes payment initiation capabilities delivering full end-to-end processing out-of-the-box.
Relationship with the Federal Reserve
Finastra has worked with the Federal Reserve for many years and participated in the pilot program.
Readiness
Finastra has completed testing and certification for the FedNow Service, becoming one of the first vendors in the industry to complete the process.
The FedNow Service – Embracing the potential benefits of instant payments in the United States
Mechanics Cooperative Bank expands partnership with Finastra to deliver innovative payments services
Finastra’s payments hub allows the bank to quickly adopt the FedNow Service and additional new digital payment solutions.
Team up with a leader in global payments innovation and technology
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