Volante Technologies, the global leader in cloud payments and financial messaging, today announced their participation in a pilot program for the Federal Reserve’s upcoming instant payments offering, the FedNowSM Service. The offering highlights the industry’s charge to provide American consumers and businesses with instant payments services that deliver control, convenience and certainty.
In the U.S., Volante is known as the enabler of the first real-time payment over The Clearing House RTP® network, and is a member of the U.S. Faster Payments Council. The company has also been a driving force in payments modernization internationally, helping banks of all sizes process instant payments in Europe (SEPA instant payments through TIPS and RT1), Mexico (SPEI), Saudi Arabia, and many other countries. Volante’s cloud-native and API-first solutions are also an ideal fit for the demands of ISO 20022-based instant payments networks like FedNowSM.
The FedNow Service will provide an important payments infrastructure when it becomes available in 2023 or 2024. Financial institutions and their service providers will be able to use the service as a springboard to bring the benefits of safe, efficient instant payments to communities across the country.
“We are proud to be supporting the Federal Reserve in developing its first major new payment system in four decades,” said John Farrell, SVP Global Product Management, Volante Technologies. “We look forward to working side by side as trusted partners with the Fed and other pilot participants to help ensure the service meets stakeholder needs.”
Volante will help shape the FedNow Service’s features and functions, provide input into the overall user experience, ensure readiness for testing and be the first to experience the FedNow Service before its general availability. In the initial advisory phase, participant input will help to further define the service and adoption roadmap, industry readiness approaches and overall instant payments strategy.
For more information on the FedNow Pilot Program and the FedNow Service, visit FedNow.org. For insights on generating business value from instant payments, read the recent briefing from Mercator Advisory Group on the role of Request For Pay in real-time and instant payment customer experiences.
“FedNow” is a service marks of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.
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