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.”
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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.”
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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.
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