Orum has announced the launch of the “first-ever” no-code product built on top of FedNow to verify bank accounts instantly.
FedNow is a US Federal Reserve service that enables instantaneous transfer solutions for financial services firms.
Orum states that the no-code solution is better than using an API. Orum’s Verify solution claims to offer 100% coverage of all US-based consumer and business bank accounts. Account verification is said to take place within 15 seconds.
Stephany Kirkpatrick, CEO and founder of Orum, says failed payments and transfers have plagued the industry and their solution will enable in house teams to leverage the technology faster.
Orum also states that credential-based verification has become increasingly popular, but this approach is insufficient for B2B payments. Orum says it uses technology that leverages the FedNow and RTP payment rails to provide real-time account information to businesses.
The
