FedNow is the new instant payment infrastructure developed by the Federal Reserve. It allows financial institutions of every size across the US to provide safe and efficient instant payment services.
The first release of the FedNow Service provides baseline functionality that will support market needs for a range of use cases. These include those growing in demand such as account-to-account (A2A) transfers and bill pay.
Key global payments provider CGI’s All Payments solution has been certified to support transaction activity for financial institutions that make payments on FedNow.
“We are excited that early adopters across the country are making strides in their operational readiness for transacting through the service since we launched in July,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. “Completing certification is a key milestone for participating organisations to validate their ability to deliver instant payment services.”
CGI joined FedNow Pilot Programme in 2021
CGI has been actively developing FedNow Service-specific capabilities since joining the FedNow Service Pilot Programme in 2021. With four decades of deep expertise and industry knowledge in the global payments sector, CGI contributed to the development and market readiness of this new system throughout the certification process. CGI was certified to support sending and receiving FedNow Service credit transfers and requests for payment.
“CGI is an active member of the FedNow community. It is working to onboard clients and empower them to deliver instant payment services to their customers at a pace that’s right for them,” added Robert Coakley, Vice-President Consulting, Delivery, and CGI Lead for Payment Solutions.
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The CGI All Payments solution provides connectivity to this new rail. This helps banks rapidly deploy the orchestration, processing and network connectivity required to meet evolving market needs.
Delivered as a package or cloud-based platform-as-a-service, CGI All Payments deploys quickly and allows banks to become adopters of the FedNow Service. With a core ISO 20022-native database, API-driven workflows and certified interfaces, CGI reports that clients have deployed from kick-off to go-live in as little as four months. The result is a return on investment and future business growth to begin faster.