Jack Henry enters FedNowSM pilot program

Wednesday 31 March 2021 13:10 CET | News

US-based Jack Henry, a provider of technology solutions and payment processing services, has confirmed it will participate in the FedNowSM pilot program.

Participating in the program helps the banks and credit unions that use JHA PayCenter to connect to instant payment networks, giving them more choices and interoperability for their faster payment offerings.

Jack Henry partnered with the Federal Reserve in early 2020 and will help shape the features and functions of the FedNow Service, provide input into the overall user experience, help ensure readiness for testing, and process instant payments using the service before its general availability.

In the initial advisory phase, participant input will help to further define the service and adoption roadmap, prepare for industry readiness, and finalise the Federal Reserve's overall instant payments strategy. The FedNow Service is expected to provide clearing and settlement functions by 2023.

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Keywords: Jack Henry, instant payments, regulatory sandbox, FedNow
Categories: Payments & Commerce
Countries: United States
This article is part of category

Payments & Commerce