Finastra announced that it has joined the Federal Reserve’s FedNow Pilot Program to support development, testing and adoption of the FedNow Service.
Finastra joins other progressive banks, credit unions and payments technology organizations in the FedNow Community to help shape the future of payments and develop use cases that leverage FedNow functionality.
“Finastra has deep expertise and knowledge of instant payment schemes globally, having enabled financial institutions to process payments and implement associated overlay services for instant payment schemes in 12 countries across four continents,” said Ohad Chenkin, Vice President, Product Management, Payments Product and Platform at Finastra. “We look forward to bringing our knowledge and experience to the FedNow Pilot program and to help advance instant payments in the United States.”
The FedNow Pilot program is designed to support development, testing and adoption of the FedNow Service, and to encourage development of services and use cases that leverage FedNow functionality. As a part of the FedNow Pilot Program, Finastra will help shape and provide input into the service and adoption roadmap, industry preparation, and overall instant payments strategy. Pilot firms will also have the opportunity to work with the FedNow Service prior to general availability.