FinTech Automation announces participation as a provider of financial technology enabling payment processing on the FedNow service, launching in July 2023.
DALLAS, April 26, 2023 (GLOBE NEWSWIRE) — Fintech automation (“FTA”) today announced that it has entered into an agreement with the Federal Reserve Bank of Boston to become a provider of financial technology that enables instant payment services on FedNow.SM Service to be phased in from July 2023.
The FedNow service is a new instant payments infrastructure developed by the Federal Reserve to enable financial institutions of all sizes to provide secure and efficient instant payments services. Through this service, funds are settled instantly between participating financial institutions without accumulating interbank debt or short-term credit risk.
FinTech Automation Founder and CEO David Park said: The ability to facilitate secure instant payments via the FedNow system would be a real game changer for these financial institutions. Our platform enables clients to rapidly deploy this enabling technology without touching a line of code. ”
The FedNow platform provides core clearing and settlement capabilities with direct debits that complete in seconds, enabling instant payments 24/7. You also have 24/7 access to balance information, with activity reports available on demand or at the end of the day. Additionally, a financial institution can settle using its own master account or a correspondent’s master account and must have a valid routing transit number (RTN) to receive customer transfers, send and receive customer transfers, and receive requests. ) includes configurable features for each. Support the transfer of payments, liquidity management of financial institutions, and support the payment services of other financial institutions.
Financial institutions using FedNow services are able to stay competitive, have the ability to create new financial products, and meet the growing needs of their customers. This will enable corporate customers of financial institutions to better manage cash flow management, improve the efficiency of corporate payments, and streamline reconciliation processes.
The initial release of the FedNow service will provide baseline functionality to support a variety of features such as account-to-account (A2A) transfers and bill payments.
About Fintech Automation
FinTech Automation is a Dallas-based Fintech as-a-Service platform that enables the digital transformation of financial institutions (FIs). The platform consists of FTA’s own UniFi Banking, Trust, and Wealth Management core applications and seven microservice-based applications that provide a complete suite of banking and wealth management applications. FTA’s API management app AccelerationCloudTMs, the platform integrates with over 30 leading third-party applications to deliver business intelligence, open banking, CRM, machine learning, digital account opening, and robotic process automation without writing a single line of code. The FTA Platform is uniquely built for Banks, Fintechs and FIs, offering Bank Sponsorships, Banking as-a-Service (BaaS), AdvisorTech, Card Issuance and Embedded Finance.
For additional information, please contact John Alvarez at (214) 624-1022 or email@example.com.