ECS is among the first in the industry to complete testing and certification for the FedNow Service, the Federal Reserve’s new instant payment offering launching in July 2023. The service will enable financial institutions to offer 24x7x365 instant payments, allowing customers to send and receive money immediately.
“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 first vice president and FedNow Service program executive. “Completing certification is a key milestone for participating organizations to validate their ability to deliver instant payment services.”
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ECS underwent a rigorous testing program which evaluates its capabilities in workflow management, integration, preparation and processing all instant payment messages following the ISO® 20022 standards and their ability to operate effectively in a 24x7x365 high-available mode.
“A systems approach has once again proved to be the right method so far, for end-to-end processing of transactions. Real-time payments are no exception to this principle. Financial institutions can easily engage our platform to become lean and efficient minimizing all type of risks associated with adopting as well as managing our solution,” declared Mr. Jacob Aruldhas, CEO of ECS Fin.
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The ECS’ IMS Payment platform has added the FedNowSM service as one of its payment modules. The routing service within the platform calls for a single integration with the core system whereby all payments go through a channel selection process optimizing customer requirements like speed and cost while maximizing revenues for the bank.
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