Payments News

On The Web

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Northern California Banks, Credit Unions to Test Faster Money Transfers

“The Federal Reserve has launched a two-year pilot program, called FedNow, designed to make the clearing and settlements process faster, cheaper and more convenient for individuals and businesses by speeding payments to recipient. Five regional banks are among those participating in the program… In Northern California, the list of pilot participants includes First Republic Bank, […]
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How a Processor Sees Opportunity in Its Participation in the Upcoming Pilot for FedNow

“With the Federal Reserve’s announcement last week that more than 110 financial institutions and processors have signed up for  a pilot of the FedNow real-time payments service, third-party service providers are working to smooth the way for small banks that might otherwise be left on the sidelines. “We’re filling the niche for mid-size and smaller institutions,” […]
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The Future of Payments Is Instant

“Change in the payments industry has been accelerated by COVID-19. Merchants have responded by making it easier than ever for their customers to make in-person contactless payments and purchase goods online from the safety of their homes. The Federal Reserve intends to support payments change with its first major new payment system in four decades. […]

On The Wires

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Federal Reserve Announces ISO 20022 Specifications for Initial Launch of the FedNow Service

“The Federal Reserve has released message specifications for the initial launch of its FedNow Service for instant payments based on the standard set by the International Organization for Standardization, or ISO. The FedNow ISO 20022 specifications define the message flows and formats that the service will leverage when operational in 2023…The Federal Reserve also collaborated […]
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Jack Henry Using Experience to Help Shape Future of Instant Payments With the Federal Reserve

“Jack Henry & Associates, Inc. (NASDAQ: JKHY ), a leading provider of technology solutions and payment processing services primarily for the financial services industry, confirmed it will participate in the FedNowSM pilot program. Participating in the program provides the banks and credit unions that leverage JHA PayCenter ™ to seamlessly connect to instant payment networks, more […]
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Our Strategic Approach to the FedNow Service ISO 20022 Message Specifications

“The new year is off to a fast start for the FedNow Service. We recently announced the 120+ strong pilot participant roster and a narrowed timeframe — now 2023 — for our industrywide service launch. Next on the horizon is the publication of the ISO 20022 message specifications for the FedNow Service. These specifications will […]
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Federal Reserve Updates FedNow Service Launch to 2023

“With development of the FedNow Service well under way, the Federal Reserve today amended the industrywide launch timing for its instant payments platform to 2023. The announcement narrows the delivery timeframe by a full year, updating a previous notice in 2019 that indicated industrywide availability in 2023 or 2024. “Over the last several months, we’ve […]
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Volante to Help Shape the Future of Instant Payments

“Volante Technologies , the global leader in cloud payments and financial messaging, today announced their participation in a pilot program for the Federal Reserve’s upcoming instant payments offering, the FedNowSM Service . The offering highlights the industry’s charge to provide American consumers and businesses with instant payments services that deliver control, convenience and certainty.”
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Federal Reserve Announces FedNow Pilot Program Participants

“The Federal Reserve Banks today announced that more than 110 organizations are participating in the pilot program for their upcoming instant payments offering, the FedNow Service. The program will support development, testing and adoption of the FedNow Service, as well as encourage development of services and use cases that leverage FedNow functionality. A key objective […]