Finzly is among the first in the industry to complete testing and certification for the FedNow Service
CHARLOTTE, NORTH CAROLINA, UNITED STATES, May 9, 2023
Finzly, a leading provider of banking and payment infrastructure, announced today that it is among the first in the industry to complete testing and certification for the FedNow Service, the Federal Reserve’s new instant payment that is launching in July 2023. Finzly's FedNow-certified solution enables financial institutions to effortlessly activate the FedNow service on a core-independent, modern, cloud-based, real-time platform designed to seamlessly process transactions in real time. Harnessing the power of a scalable cloud platform, Finzly’s solution ensures robustness, security and flexibility to meet evolving demands while also providing digital banking experience for initiating instant payments.
Finzly has successfully completed a comprehensive testing curriculum to confirm its ability to transmit and process ISO® 20022 messages, attesting that they are prepared to meet the requirements to successfully operate in a 24x7x365 instant payments environment.
“We are excited that early adopters of all sizes across the country are making strides in their operational readiness for live transactions through the system,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. “Completing certification is a key milestone for participating organizations to validate their ability to deliver instant payment services.”
“This certification marks a significant milestone, reiterating Finzly's unwavering commitment to delivering seamless payments within the connected and real-time ecosystem. With our pre-built and certified connections to the FedNow service, financial institutions can easily embark on their FedNow journey. Our award-winning transformative technology empowers financial institutions to gain a competitive edge, offering exceptional customer experiences and unlocking new revenue-generating possibilities. We strive to equip institutions with the speed, confidence and agility needed to navigate the changing tides."
Booshan Rengachari, CEO - Finzly
Earlier this year, Finzly launched the world’s first API to connect to the pilot version of the instant payment platform through its sandbox environment. By using the Finzly API, fintechs and financial institutions that want to embed the FedNow Service in their platforms, apps or digital banking experience can build and test applications for transacting on the service.
Recently, at the Nacha Smarter Faster Payments Conference, Finzly showcased its award-winning payment core, demonstrating its exceptional ease and speed in launching payment rails, winning the Best Parallel Core Technology award. Finzly's payment hub is helping several banks to consolidate multiple payment networks through a single user interface and a single API for all rails including ACH, Fedwire, RTP, SWIFT and FedNow.
Source: EIN News