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Finzly joins FedNow pilot program

Wednesday 27 January 2021 12:00 CET | News

US-based Finzly has been selected to participate in the Federal Reserve Banks’ pilot program for its FedNow SM Service, a new instant payment service.

Finzly is a fintech provider of banking applications for foreign exchange, trade finance, payments and digital account opening. The SM Service will enable US financial institutions of all sizes and communities to provide instant payment services. 

Most notably, FedNow will allow businesses and individuals to send and receive payments 24x7x365. Designed to support the development, testing and adoption of the FedNow service, the program will also promote the growth of services and use cases that use FedNow functionality.

Finzly’s recently improved Payment Hub supports multiple payment networks through a single, consolidated system and will support newer RTP networks, including the FedNow Service. Payment Hub is interoperable, using open APIs in the cloud to centralise consumer and business payment processing, monitoring, reporting and compliance.

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Keywords: Finzly, FedNow, Federal Reserve Banks, SM Service, US, instant payments, payment hub, RTP, real-time-payments
Categories: Banking & Fintech | Payments General
Countries: United States
This article is part of category

Banking & Fintech