Adyen receives certification by Federal Reserve to provide real-time payment in US

By Delisha Fernandes

Adyen, a global FinTech platform for businesses, has completed testing and received certification by the Federal Reserve to utilise its instant payment infrastructure.

By accessing the FedNow Service, Adyen plans to aid US merchant needs through expanded real-time payments and utilising the financial technology platform’s payout capabilities.

“Businesses are always looking for faster, more efficient ways to move money. The FedNow Service solves that very problem, and we are excited to be an early adopter of the service,” said Davi Strazza, President of Adyen North America. “Adyen’s historical investments into North America have put us in an exciting position today: as one of the only FinTech companies with a local branch license, we are qualified to join the Federal Reserve’s new instant payments infrastructure. Combined with our products on payments and embedded finance, we can offer businesses a wide variety of powerful tools to thrive in today’s competitive market.”

To achieve FedNow Service certification, Adyen completed a comprehensive testing curriculum and demonstrated to the Federal Reserve that its payment services fulfilled a checklist of requirements to confirm the ability to operate in a 24x7x265 environment. Also, Adyen will streamline customer cash flow, improve corporate treasury management, and enable instant funds movement between financial institutions.

“We are excited that early adopters of all sizes across the country are making strides in their operational readiness for live transactions through the system,” said Ken Montgomery, Federal Reserve Bank of Boston’s first vice president and FedNow Service program executive. “Completing certification is a key milestone for participating organisations to validate their ability to deliver instant payment services.”