FinTech Automation Supports the FedNow® Service, Advancing U.S. Payment System

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Jul 16, 2024, 08:33 ET

DALLAS, July 16, 2024 /PRNewswire/ -- FinTech Automation (FTA), announced today it is now supporting live transactions on the Federal Reserve's instant payment rail, the FedNow Service. FinTech Automation joins a lineup of service providers facilitating transaction activity for financial institutions on the service.

Through the FedNow Service, FinTech Automation 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, FinTech Automation plays a critical role in supporting instant payment capabilities for a diverse range of financial institutions across the country," said Nick Stanescu, executive vice president and chief executive of the FedNow Service. "This widespread reach brings us that much closer to our shared vision of a modern payment experience for all."

To support transaction activities for financial institutions participating in the FedNow Service, FinTech Automation completed a multi-step customer testing and certification program. The FedNow Service network includes a diverse range of financial institutions and service providers across the U.S.

David Joon Park, Founder and CEO of FinTech Automation said, "One of our main goals has been to help banks, credit unions, and ODFIs launch real time payment and embedded finance solutions. The ability to facilitate secure instant payments through the FedNow Service will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code."

Financial institutions and service providers will continue to onboard throughout 2024 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the U.S.

About FinTech Automation
FinTech Automation is uniquely positioned at the epicenter of global growth in financial technology, with vantage points as an advisor and technology partner. We collaborate closely with leading businesses, entrepreneurs, and thought leaders to drive transformative change in the financial services industry. Our consulting prowess and technological innovation are driven by global macro-trends including technology, demographics, and market forces. Leveraging technologies such as open-source software, cloud computing, machine learning, and API integration, we accelerate time-to-market, enhance returns for banks and fintech companies, and empower global consumers through innovative internet-based platforms and applications.

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 Reserve's FedLine®network, which serves more than 9,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org (Off-site).

Media Contact:
Evan Zhang
214-624-1007
[email protected]

SOURCE FinTech Automation