Finastra completes certification for FedNow Reserve’s new instant payment service
By Delisha Fernandes
Finastra, a global provider of financial software applications and marketplaces, announced it has completed testing and certification for the FedNow Service.
The Federal Reserve’s new instant payments service, launching in July 2023, will be integrated into Finastra’s Payments To Go and later added to its Global PAYplus solution, providing financial institutions across the United States with instant payment capabilities on the cloud.
Finastra’s cloud-based payments processing solution, Payments To Go, together with its Total Messaging gateway, provides the connectivity, availability, agility, and scale needed for banks to deliver instant payment services around the clock. Financial institutions can easily and rapidly offer instant payments with Finastra’s certified connection to the FedNow Service. Provided via an open API, business customers can access the FedNow Service through an intuitive portal, enabling them to initiate payments and submit pay requests seamlessly.
Texas-based Amarillo National Bank is among the first financial institutions using Finastra’s Payments To Go for FedNow services. Ross Kerns, Senior Vice President and CFO at Amarillo National Bank, said, “We are excited that we will soon be able to offer the benefits of FedNow to our customers. We selected Finastra’s Payments To Go solution because we found it to be the right tool to help us enhance our customer experience and advance our innovation strategy. We are thankful that our partners at Finastra are enabling us to meet and exceed our business objectives.”
“It has always been important to Finastra that we empower financial institutions to stay ahead of market developments as consumers and businesses now expect instant payments to be the norm. The FedNow Service enables new avenues for elevated customer experiences and unlocks revenue-generating opportunities critical to the success of institutions across the country,” said Barry Rodrigues, EVP of Finastra’s Payments Business Unit.”
IBSi Daily News Analysis
September 25, 2023
Amarillo National Bank
Why MENAP will become a hotspot for startups and VCsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage