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News

Opus facilitates FedNow Service integration for banks and financial institutions

Friday 15 September 2023 10:21 CET | News

Opus Technologies has stated that it will assist banks and fintechs in adopting the Federal Reserve's FedNow Service, enabling real-time payments and customer-centric solutions.

Opus aims to offer a wide range of solutions to support FedNow Service including strategic, business, and technology assessments. This entails performing a gap analysis of the existing system, determining an implementation roadmap, building use cases, and identifying vendor partners to process payments. By delivering comprehensive end-to-end support for FedNow Services, Opus seeks to enable its clients access to new market opportunities by going live with instant payment efficiently.

Opus joined the FedNow Pilot Program in early 2022 and has been working in collaboration with the Federal Reserve and other pilot participants, including banks and credit unions.

Referring to Opus' positioning as a technology partner, the press release states that Opus aims to provide a simplified FedNow integration through an implementation plan that accelerates development time, lowers costs, as well as mitigates risks. 

Opus Technologies has stated that it will assist banks and fintechs in adopting the Federal Reserve's FedNow Service, enabling real-time payments and customer-centric solutions.

About Opus Technologies  

Headquartered in the US, Opus is a financial technology company dedicated to helping banks and financial institutions embrace the digital age. With an understanding of the industry's evolving landscape, Opus intends to provide solutions that empower organisations to simplify operations, enhance customer experiences, and stay competitive.

About the FedNow Service

According to Federal Reserve, the service is available to depository institutions in the US, enabling individuals and businesses to send instant payments through their depository institution accounts. The service seeks to be a flexible, neutral platform that supports a wide range of instant payments. At a basic level, the service provides interbank clearing and settlement that enables funds to be transferred from the account of a sender to the account of a receiver in near real-time. Depository institutions and their service providers are able to build on this fundamental capability to offer value-added services to their customers.

The service has a 24-hour business day each day of the week, including weekends and holidays. End-of-day balances are reported on Federal Reserve accounting records for each participating depository institution on each FedNow Service business day.

The first release of the FedNow Service also offers optional features. These include fraud prevention tools, the ability to join initially as a receiver-only participant, request for payment capability, and tools to support participants in their handling of payment inquiries. The Federal Reserve also states that additional features and developments will be introduced over time. 

Source: Link


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Keywords: banking, fintech, real-time payments, financial institutions
Categories: Banking & Fintech
Companies: Opus Technologies
Countries: United States
This article is part of category

Banking & Fintech

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Opus Technologies

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