Fiserv, a leading provider of financial technology solutions, has recently announced a number of financial institutions that have signed on to use their services for the upcoming FedNow instant payment platform. The Federal Reserve’s FedNow Service is set to launch in 2023 and will allow for real-time payments to be made between financial institutions 24/7, 365 days a year.
Fiserv has been working closely with the Federal Reserve to ensure that their clients have seamless access to this new payment system. Some of the notable financial institutions that have already committed to using Fiserv’s services for FedNow include Bank of America, Citibank, and JPMorgan Chase.
The FedNow Service is expected to revolutionize the way that payments are made in the United States. With the ability to send and receive payments in real-time, consumers and businesses alike will benefit from faster, more secure transactions. Additionally, the FedNow Service will help to reduce the reliance on paper checks and outdated payment methods.
Fiserv is well-positioned to help their clients navigate the complexities of the FedNow Service. With their extensive experience in the financial technology industry, Fiserv is able to provide the necessary tools and support to ensure a smooth transition to the new payment system.
In a statement, Fiserv’s President and Chief Operating Officer, Devin McGranahan, expressed his excitement for the future of real-time payments in the United States. He stated, “We are thrilled to be working with the Federal Reserve and our clients to bring the benefits of real-time payments to the market. The FedNow Service will revolutionize the way that payments are made, and we are proud to be at the forefront of this transformative technology.”
Overall, the announcement of Fiserv’s clients lining up for FedNow is a positive sign for the future of real-time payments in the United States. With the support of Fiserv and other industry leaders, the FedNow Service is poised to usher in a new era of fast, secure, and efficient payments for consumers and businesses.