Press

Finastra featured in the Federal Reserve’s new FedNowSM Service Provider Showcase

NEW YORK, NY (March 18, 2022) — Finastra is proud to be featured in the Federal Reserve’s new FedNow Service Provider Showcase, an online resource designed to connect financial institutions looking to adopt and innovate upon the FedNow Service with service providers offering instant payment solutions.

“Finastra has long been committed to bringing instant payments to the market, and we are excited to be a part of the FedNow Service Provider Showcase to demonstrate our capabilities,” said Kirsten Lemke, Head of Payment Sales, Americas at Finastra. “Processing millions of instant payments per day across Europe, Asia and the Americas, Finastra’s solutions are well-prepared to bring financial institutions the speed, convenience and other benefits of the FedNow Service when it launches in 2023.”

Finastra plans to offer the following instant payment services to organizations that are adopting the FedNow Service:

Account-to-Account

Business-to-Business (B2B)

Business-to-Consumer (B2C)

Consumer-to-Business (C2B)

Consumer-to-Financial Institution

Financial Institution-to-Consumer

Person-to-Person (P2P)

“We appreciate the commitment of Finastra to enabling FedNow adoption and participating in the showcase,” said Nick Stanescu, Federal Reserve Bank senior vice president and FedNow business executive. “The time is now for organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding.”

To learn more, visit Finastra’s profile in the FedNow Service Provider Showcase on FedNowExplorer.org.

 

For further information please contact:

Caroline Duff

Global Head of PR

T +44 (0)7917 613 586
E caroline.duff@finastra.com

finastra.com


About Finastra

Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital, and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 45 of the world’s top 50 banks.

About the 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 — 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 at any time of day, and recipients will have full access to funds immediately, 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 FedNowExplorer.org.

“FedNow” is a service mark 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.

Contacts

 

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