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Finzly Supports the FedNow Service, Advancing U.S. Payment System

Finzly Supports the FedNow® Service, Advancing U.S. Payment System

Finzly is among the first service providers supporting transaction activity for financial institutions on the service.

Finzly announced it is now supporting live transactions on the Federal Reserve’s new instant payment rail, the FedNow Service. Finzly is among the first service providers supporting transaction activity for financial institutions on the service.

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Through the FedNow Service, Finzly is positioned to offer financial institution customers access to instant payments, helping them remain competitive and offer best-in-class service for their customers.

“As a service provider of the FedNow Service, Finzly demonstrates dedication to innovation,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. “Financial institutions benefit from the ability to offer instant payments through the seamless experience offered by service providers; these critical organizations expand the reach of instant payments and pave the way for industrywide progress.”

To support transaction activities for financial institutions participating in the FedNow Service, Finzly completed a multi-step customer testing and certification program in the months leading up to launch. Early adopters of the service include a diverse range of financial institutions and service providers across the U.S.

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“As pioneers in this service and trusted partner to financial institutions, we take great pride in enabling instant money movement for the real-time economy using our advanced technology. Our journey has been truly extraordinary, with successful partnerships with our valued customers and a great experience of learning and collaborating with the Fed during the pilot program. Through this journey, we have effectively showcased our ability to equip banks with the latest tech stack for instantaneous payments, firmly establishing ourselves as leaders in the industry,” commented Booshan Rengachari, Founder and CEO of Finzly.

Financial institutions and service providers will continue to onboard throughout 2023 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the U.S.

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