Temenos (SIX: TEMN), a banking as a service provider, has been certified for FedNow, according to a statement from the company.
FedNow is a new transfer service providing instant movement of funds, provided by the US Federal Reserve.
The FedNow Service will be available to depository institutions in the US and will allow both individuals and businesses to send instant payments from their accounts. FedNow is expected to operate 24/7/365 and provide integrated security protocols. Expectations are that financial institutions will create value-added products on the FedNow service.
Temenos said it will continue to “enrich its FedNow capabilities, enabling its US clients to better serve customers with innovative payments solutions such as Request to Pay, accelerated payouts, and embedded finance offerings.”
Philip Barnett, President of Americas, Temenos, said they will be able to help banks to “progressively modernize their core capabilities and accelerate the time to value.”
“We see tremendous growth opportunities and are excited to have recently been selected by Convera, the global payments leader to modernize their payments infrastructure. We continue to invest in our single code base across core banking and payments making our offering the most compelling in the market.”
The instant payment service is launching this month with a handful of payments-transfer providers approved for a service that is expected to see broad uptake across financial services.