Following the completion of the certification, FIS is completely ready to assist its client financial institutions with tapping into the FedNow Service, launching in July 2023, and ultimately enabling them to offer customers 24x7x365 instant payments, improve their competitiveness, and build new products.
Based on the information detailed in the press release, the certification is for ‘Credit Transfer – Receive Only’ payments, which enables FIS to receive payments from any financial institution that sends money over the FedNow network, send payment returns, as well as offer various acknowledgements, requests, and responses.
Commenting on the announcement, Ken Montgomery, Federal Reserve Bank of Boston’s first vice president and FedNow Service programme executive said that they are looking forward to seeing early adopters of all sizes throughout the country making progress in relation to their operational readiness for live transactions through the system. The spokesperson believes the completion of the certification to mark a key milestone for participating organisations in validating the ability to provide instant payment services.
To receive the certification, FIS completed an extensive testing curriculum, including fulfilling a checklist of requirements to confirm its ability to transmit and process ISO 200222 messages, and attested its readiness to meet the requirements to operate in a 24x7x365 instant payments environment in a successful manner.
Mike Kresse, SVP of Money Movement & Retail Solutions at FIS added that with the acceleration of digital payments across the industry, there has been an increased need for a solution of the likes of the FedNow Service, and this made the company prioritise to be a part of its early adoption. Per their statement, the certification marks the first step in FIS’ mission to help enable an increasingly modernised US payments system, and the company is looking forward to adding on capabilities and features that are set to further allow its financial institution clients to participate and, subsequently better service their customers.
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