UL Solutions and Iliad Solutions have joined forces to support for financial institutions and processors implementing the FedNow Service. Launching in 2023, the FedNow Service is a new instant payment system under development by the Federal Reserve.
The Federal Reserve recently announced that financial institutions and processors in the FedNow Pilot Programme are onboarding for its initial testing phase. Concurrently, UL Solutions and Iliad are working with financial institutions, including some members of the FedNow Pilot Programme, to help prepare them to move to the FedNow Service. Iliad is among more than 80 service providers currently featured in the FedNow Service Provider Showcase.
Iliad's testing platform has worked with providers of solutions to national real time payment schemes. UL Solutions currently delivers multiple large-scale virtual laboratories and hosted models for central banks, government organisations, international and US domestic payment brands, top-tier issuers, and acquirers, payment service providers and ATM and point-of-sale (POS) terminal vendors.
While the Iliad platform tests for ISO 20022, an international standard for exchanging electronic messages between financial institutions, and application programming interface (APIs), UL Solutions brings expertise in designing, operating, and maintaining testing platforms and environments. Their combined offerings can help enable financial institutions and processors implementing the FedNow Service to securely launch and host.
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