FinTech Automation (FTA), announced it is now supporting live transactions on the Federal Reserve’s instant payment rail, the FedNow Service. FinTech Automation joins a lineup of service providers facilitating transaction activity for financial institutions on the service.
Through the FedNow Service, FinTech Automation is positioned to offer financial institution customers access to instant payments, helping them remain competitive and offer best-in-class service for their customers.
“As a service provider of the FedNow Service, FinTech Automation plays a critical role in supporting instant payment capabilities for a diverse range of financial institutions across the country,” said Nick Stanescu, executive vice president and chief executive of the FedNow Service. “This widespread reach brings us that much closer to our shared vision of a modern payment experience for all.”
To support transaction activities for financial institutions participating in the FedNow Service, FinTech Automation completed a multi-step customer testing and certification program. The FedNow Service network includes a diverse range of financial institutions and service providers across the U.S.
David Joon Park, Founder and CEO of FinTech Automation said, “One of our main goals has been to help banks, credit unions, and ODFIs launch real time payment and embedded finance solutions. The ability to facilitate secure instant payments through the FedNow Service will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.”
Financial institutions and service providers will continue to onboard throughout 2024 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the U.S.
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