Fintech and regtech solutions provider Computer Services (CSI) is participating in a pilot programme for the development of US Federal Reserve’s instant payments offering.
CSI role in the programme will be to support the development, testing as well as adoption of the FedNow instant payment service.
The firm will have an integral part in shaping the service’s features and functionality to support industry readiness.
Earlier, the firm took part in the Fed International Organization for Standardization (ISO) 20022 working group.
This is a precursor to the pilot, whose participants will be allowed to work with the FedNow Service before general availability.
CSI president and COO David Culbertson said: “Through CSI’s participation in the FedNow Pilot Program, we will offer our expertise in digital payments to influence and shape the FedNow Service, so it provides the greatest benefit possible to community financial institutions and consumers.
“And our bank customers will be among the first to process real-time payments using the new platform.”
CSI offers a range of solutions including core processing, digital banking, managed services, payments processing, and regulatory compliance, among others. It serves financial institutions and corporate customers.
Expected to be launched by 2023, FedNow will help financial institutions in every US community to offer payment services in real time.
This March, fintech firm Finastra announced its participation in the FedNow Pilot Program.
Finastra will be responsible for shaping and offering input into the service and adoption roadmap, industry preparation, as well as overall instant payments strategy.
Earlier this year, Shazam, Volante Technologies and Juniper Payments too joined the pilot.