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FedNow

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One solution for RTP and FedNow

Stop juggling between different solutions, experiences and payment operations for RTP and FedNow. Enjoy an open API-based solution based on ISO 20022 standards, that centralizes payments processing. Effortlessly set up rules and fees to send payments in real-time using RTP and FedNow using the smart-routing features of our award-winning payment hub.



We believe in being strategic partners to our customers in a journey like FedNow or RTP, which calls for preparing to navigate unchartered waters. Whether it is value-added services, technology adoption or preparing operationally for instant payments, we've got your back.
Booshan Rengachari

Founder and CEO, Finzly

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Accelerate adoption with pre-integrated connections to RTP and FedNow

Be an early mover with a core-independent solution that provides you the real-time agility needed to adapt, deliver and grow in the new payment ecosystem. Finzly's platform comes with pre-integrated connections to all the payment networks including domestic, international, and instant payments.
 
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Freedom to choose any participation type

Our solution supports all participation types. SEND and RECIEVE or RECEIVE only, SETTLEMENT SERVICES and LIQUIDITY TRANSFERS - choose the one that suit your needs.

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Revenue through instant payment APIs

Be the bank behind fintechs looking for instant payments. Open new revenue streams and grow your customer base with embedded finance through fintech partnerships.

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Differentiation through value-added services

Offer Request for Pay & differentiate using account-to-account instant payments to power merchant payments, invoicing, subscriptions, bill payments,fundraising and more!

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Integrated Treasury Payment Experience

Offer instant payments experience as part of your digital banking and offer a sleek self-service portal with a customizable Superapp for SMB, Commercial and Institutional clients.

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Integrated Fraud Management for instant payments

Experience an integrated real time cross-channel, cross-payment fraud detection to identify payment anomalies and risks. Meet the evolving fraud threats with confidence using integrated fraud management.

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ISO 20022 compliant messaging for FedNow and RTP

Experience consistent, rich and structured payments data that is ISO 20022 compliant for both domestic, instant and cross-border payment rails. Effortlessly build use cases for value-added services using these standards.

FAQs

What is the FedNow service?

FedNow is a new real-time payments service from the Federal Reserve that enables financial institutions in the U.S. to clear and settle transactions in a virtually instantaneous fashion. The interbank settlement service will operate 24x7x365. 

When will the FedNow service be available?

The target release date for the service is May to July 2023. However, FIs have already started their preparations for FedNow by embarking on pilot testing/preparing for early adoption with Third Party Service Providers like Finzly. Schedule a demo to see how easy it is to get on the FedNow service. 

Can a bank adopt both RTP and FedNow? If so, does my bank need two different systems?

Yes, banks can choose to offer one or both the instant payment rails. Many banks choose to start with one and add another or drop one and add another. This becomes easy with Finzly’s payment hubs which supports both the rails, making the switch between rails easy. 

No, your bank doesn’t need two different systems. If your bank chooses a sophisticated payment platform like Finzly, you only need one system for both RTP and FedNow. You can start with either or both. 

Is Finzly’s platform natively designed for ISO 20022 messages on FedNow and RTP?

Yes, Finzly’s platform is natively designed to handle messages in the ISO 20022 format for FedNow and RTP.  

My bank wants to adopt FedNow in 2023. What should we be doing now?

Finzly is helping banks to become early adopters and is already pilot-testing the service with the Fed and other bank participants. We can schedule a demo and get you started on your FedNow journey.  

Will FedNow cannibalize other payment rails?

FedNow is a payment rail launched independent of existing payment rails to support instant payments. It does not mean the end of any existing payment rail including FedWire, ACH or SWIFT. The instant payment rails will drive more payment volumes through the FedNow network, for those payments that need speed and can benefit from the richness of data. 

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See what Finzly can do

There’s no longer a reason for your bank to lack competitive, technological advantages. Instead, you’re free to innovate at the speed of fintech so both you and your customers have the services you need to thrive in today’s world.

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