Financial tech provider Finastra says it has been approved for the new FedNow Service launching in the next few weeks. FedNow is a US government initiative to power real-time payments. The service will be integrated into Finastra’s Payments To Go platform and will later be added to its Global PAYplus solution. Finastra participated in the FedNow pilot programming expediting the certification process.
Finastra said its customer Amarillo National Bank will be an early user of their FedNow offering.
Barry Rodrigues, EVP of Finastra’s Payments Business Unit, said it is important for the company to stay ahead of market developments and the FedNow Service improves upon existing options.
“With our many years of experience innovating in the instant payments space across the globe, we are pleased to be a FedNow certified provider and look forward to equipping our customers with this new tool so they can be successful for years to come.”
Finastra points to research that indicates instant payments are an opportunity for growth as there is significant demand. The research claims that 76% of respondents see legacy payment systems are an obstacle to rolling certain services. Cloud implementations, and Payments-as-a-Service (PaaS) solutions in particular.
