Federal Reserve announces Finzly as FedNow pilot program participant
Finzly selected out of more than 80 submissions to participate in testing of FedNow Service for instant payments
CHICAGO, IL (January 26, 2021) —
Finzly, a fintech provider of modern banking applications for foreign exchange, trade finance, payments and digital account opening, has been selected to participate in the Federal Reserve Banks’ pilot program for its FedNow SM Service, a new instant payment service that will enable U.S. financial institutions of all sizes and communities to provide safe and efficient instant payment services in real-time.
Most notably, FedNow will allow businesses and individuals to send and receive payments 24x7x365. Designed to support the development, testing and adoption of the FedNow Service, the program will also promote the growth of services and use cases that leverage FedNow functionality. According to the Federal Reserve, more than 80 submissions were vetted “to ensure the program is representative of various types of institutions and service providers, connection types, settlement arrangements and experience levels.”
Winner of the 2020 Finovate award for “Best Enterprise Payments Solution,” Finzly’s recently enhanced Payment Hub supports multiple payment networks through a single, consolidated system and will support newer RTP networks, including the FedNow Service. Payment Hub is interoperable, leveraging open APIs in the cloud to centralize consumer and business payment processing, monitoring, reporting and compliance, allowing FIs to provide customers with a more seamless payment experience.
“The FedNow Service marks a turning point in the industry’s move to making real-time payments a reality,” said Booshan Rengachari, founder and CEO, Finzly. “We created our Payment Hub specifically to help FIs prepare and go to market faster with newer RTP networks and address the challenges of offering single payment API for multiple payment networks without having to run disparate payment systems from multiple vendors. We welcome the opportunity to be a part of this historical pilot program and help shape the service’s features and functionality.”
To view the FedNow release and the list of organizations that have announced their participation, visit here.
About FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions – regardless of size or geographic location – in near real time, around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments conveniently, and recipients will have full access to funds within seconds, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FRBservices.org.
Finzly connects financial institutions with customers through a modern digital experience and an efficient, real-time payment services hub. Freeing financial institutions from core system limitations, Finzly’s open, cloud-based bank operating system, BankOS, enables transformation and innovation at the speed of fintech. With the freedom to adopt solutions from Finzly and third parties of choice, financial institutions can implement apps in three simple steps – subscribe, try and launch. Serving customers across North America, Finzly has been modernizing international banking and treasury management solutions since 2012. For more information, visit www.finzly.com.