DALLAS, July 16,
2024 /PRNewswire/ -- FinTech Automation
(FTA), announced today it is now supporting
live transactions on the Federal Reserve's instant
payment rail, the FedNow Service. FinTech
Automation joins a lineup of service providers facilitating
transaction activity for financial institutions on the
service.
Through the FedNow Service, FinTech Automation is
positioned to offer financial institution customers access
to instant payments, helping them remain competitive and offer
best-in-class service for their customers.
"As a service provider of the FedNow Service, FinTech Automation
plays a critical role in supporting instant payment capabilities
for a diverse range of financial institutions across
the country," said Nick Stanescu, executive
vice president and chief executive of the
FedNow Service. "This widespread reach brings us that
much closer to our shared vision of a modern payment
experience for all."
To support transaction activities for financial institutions
participating in the FedNow Service, FinTech Automation completed a
multi-step customer testing and certification program. The FedNow
Service network includes a diverse range of financial institutions
and service providers across the U.S.
David Joon Park, Founder and CEO
of FinTech Automation said, "One of our main goals has been to help
banks, credit unions, and ODFIs launch real time payment and
embedded finance solutions. The ability to facilitate secure
instant payments through the FedNow Service will be a real game
changer for these financial institutions. Using our platform,
clients will have the ability to deploy this enabling technology
quickly without having to touch lines of code."
Financial institutions and service providers will continue to
onboard throughout 2024 and beyond, helping the FedNow Service
build a strong instant payments infrastructure across the U.S.
About FinTech Automation
FinTech Automation is
uniquely positioned at the epicenter of global growth in financial
technology, with vantage points as an advisor and technology
partner. We collaborate closely with leading businesses,
entrepreneurs, and thought leaders to drive transformative change
in the financial services industry. Our consulting prowess and
technological innovation are driven by global macro-trends
including technology, demographics, and market forces. Leveraging
technologies such as open-source software, cloud computing, machine
learning, and API integration, we accelerate time-to-market,
enhance returns for banks and fintech companies, and empower global
consumers through innovative internet-based platforms and
applications.
About the FedNow Service
The Federal Reserve Banks
developed the FedNow Service to facilitate nationwide reach of
instant payment services by financial institutions - regardless of
size or geographic location - around the clock, every day of the
year. Through financial institutions participating in the FedNow
Service, businesses and individuals can send and receive instant
payments at any time of day, and recipients have full access to
funds immediately, giving them greater flexibility to manage their
money and make time-sensitive payments. Access is provided through
the Federal Reserve's FedLine®network, which serves more than 9,000
financial institutions directly or through their agents. For more
information, visit FedNowExplorer.org (Off-site).
Media Contact:
Evan Zhang
214-624-1007
380416@email4pr.com
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SOURCE FinTech Automation