Finastra joins the FedNow Pilot Program to advance instant payments in the United States
Lake Mary, FL, US – March 15, 2021 – Finastra announced that it has joined the Federal Reserve’s FedNow Pilot Program to support development, testing and adoption of the FedNowSM Service. Finastra joins other progressive banks, credit unions and payments technology organizations in the FedNow Community to help shape the future of payments and develop use cases that leverage FedNow functionality.
“Finastra has deep expertise and knowledge of instant payment schemes globally, having enabled financial institutions to process payments and implement associated overlay services for instant payment schemes in 12 countries across four continents,” said Ohad Chenkin, Vice President, Product Management, Payments Product and Platform at Finastra. “We look forward to bringing our knowledge and experience to the FedNow Pilot program and to help advance instant payments in the United States.”
The FedNow Pilot program is designed to support development, testing and adoption of the FedNow Service, and to encourage development of services and use cases that leverage FedNow functionality. As a part of the FedNow Pilot Program, Finastra will help shape and provide input into the service and adoption roadmap, industry preparation, and overall instant payments strategy. Pilot firms will also have the opportunity to work with the FedNow Service prior to general availability.
Finastra’s payment solutions provide financial institutions with the tools to meet all of the challenges of new technologies and innovations in the payments space, including immediate/real-time payment schemes, open APIs, artificial intelligence, and cloud computing. With a broad suite of integrated solutions for financial institutions ranging from the world’s largest banks to community banks and credit unions, Finastra provides the technology platform to take payments systems forward on a road to modernization.
“FedNow” is a service marks of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.
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Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com.
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