Juniper Payments will help lead the industry’s charge to provide American consumers and businesses with instant payments services that deliver control, convenience and certainty by participating in a pilot program for the Federal Reserve’s upcoming instant payments offering, the FedNowSM Service.
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The FedNowSM service will provide an important payments infrastructure when it becomes available in 2023 or 2024. Financial institutions and their service providers will be able to use the service as a springboard to bring the benefits of safe, efficient instant payments to communities across the country.
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The FedNowSM service will help close the loop on Juniper’s Instant Payments service gateway which include the FedWire Funds Service, the RTP network and On-WeTM Junifunds Network.
“We are excited to participate with the Federal Reserve as they intoduce their first major new payment system in four decades,” said Jon Budd, CEO of Juniper Payments,”This innovation effort will also establish the building blocks necessary to optimize traditional payments infrastructure ensuring community financial institutions can serve the marketplace for the long run.”
Juniper Payments will help shape the FedNow Service’s features and functions, provide input into the overall user experience, ensure readiness for testing and be the first to experience the FedNow Service before its general availability. In the initial advisory phase, participant input will help to further define the service and adoption roadmap, industry readiness approaches and overall instant payments strategy.
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