Finzly Supports the FedNow Service, Advancing U.S. Payment System

By Heath Fellows.
Updated Jul 20, 2023

CHARLOTTE, N.C. (PRWEB) July 20, 2023 - Finzly announced today it is now supporting live transactions on the Federal Reserves new instant payment rail, the FedNow Service. Finzly is among the first service providers supporting transaction activity for financial institutions on the service.

Through the FedNow Service, Finzly 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, Finzly demonstrates dedication to innovation, said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. Financial institutions benefit from the ability to offer instant payments through the seamless experience offered by service providers; these critical organizations expand the reach of instant payments and pave the way for industrywide progress.

To support transaction activities for financial institutions participating in the FedNow Service, Finzly completed a multi-step customer testing and certification program in the months leading up to launch. Early adopters of the service include a diverse range of financial institutions and service providers across the U.S.

'As pioneers in this service and trusted partner to financial institutions, we take great pride in enabling instant money movement for the real-time economy using our advanced technology. Our journey has been truly extraordinary, with successful partnerships with our valued customers and a great experience of learning and collaborating with the Fed during the pilot program. Through this journey, we have effectively showcased our ability to equip banks with the latest tech stack for instantaneous payments, firmly establishing ourselves as leaders in the industry,' commented Booshan Rengachari, Founder and CEO of Finzly.

Financial institutions and service providers will continue to onboard throughout 2023 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the U.S.

About Finzly: Finzly empowers the banks of the future, along with fintechs and businesses, to seamlessly offer and access financial services in an open, connected, embedded and real-time ecosystem. At the core of this infrastructure is Finzly OS, a modern, cloud-based, API-enabled operating system that serves as a parallel platform to a bank's core. With a wide range of turnkey banking solutions, including a multi-rail payment hub, foreign exchange, trade finance, compliance, and treasury experience components, Finzly enables the creation of programmable banks while also providing a Banking as a Service platform to fintech partners and corporate customers via a single API connection to all payment networks. In a recent milestone, Finzly announced the world's first API to access the FedNow service, solidifying its position as a pioneer in the banking technology space. Learn more about Finzly's game-changing solutions by visiting http://www.finzly.com

About the FedNow Service

The Federal Reserve Banks developed the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions regardless of size or geographic location around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments at any time of day, and recipients have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access is provided through the Federal Reserves FedLine network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org (Off-site).