ACI Worldwide and Corporate One partner up ahead of FedNow Launch
May 17, 2023
The U.S Federal Reserve is set to launch their instant payments service, FedNow, this coming July 2023, and ACI Worldwide has been named as one of the first payment firms certified to work with them.
ACI worked with the Fed to identify Corporate One Federal Credit Union as its initial partner to integrate instant payments on FedNow via ACI’s Real-Time Payments Cloud, according to a Tuesday (May 16) news release.
According to the release by ACI, this partnership will lend Corporate One the ability to “extend” immediate payment solutions to the FedNow Service
Corporate One is amongst the largest credit unions and a leader in real-time payments in the U.S; it boasts of 700 members in 45 states, and reaches about 28.5 million people.
Microsoft is also joining the stage, ACI revealed that they are working with the technology corporation to include FedNow on its cloud. payment systems are increasingly complex, and making the transition to a cloud-based infrastructure “requires careful consideration.” The report states.
Last month ACI Worldwide made the announcement that its real-time payments cloud had incorporated its fraud protection service. This was done majorly in preparation for the FedNow service.
Every U.S. bank is now focused on real-time, instant payments as the runway to implement real-time payment rails prior to the launch of FedNow grows shorter,
This is a move that will no doubt be set as a precedent for the technology that is to come, as banks will surely want to follow in the steps of instant integration of leading real-time payment systems around the globe in conjunction with fraud protection powered by artificial intelligence (AI). These “will be defining characteristics for banks leading in next-generation payments ecosystems.”
According to Federal Reserve SVP, Head of Payments Industry Relations, Connie Theien, this is a “full-featured” service that will provide promising results as soon as launch day. Their focus has also been to design the infrastructure to be malleable and be able to enhance the services in an “agile and iterative way.” No doubt to be able to adjust it as the market evolves.
it’s our vision of a ‘Cadillac’ of infrastructure.
We only have a couple of months left before launch day, it is no exciting to see how this will change the payments landscape in the U.S.
Want to learn more? Check out PYMNT’s full write-up here.
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