Finzly has released an API connection to the U.S. FedNow Service.The API enables developers to test out the new set of payment rails in a sandbox environment.FedNow, the U.S. Federal Reserve’s real-time payment rails, is set to launch later this year.
Banking-as-a-service provider Finzly released its new API that offers connection to the U.S. FedNow Service in a sandbox environment.
Through its sandbox, Finzly enables fintech, bank, and third party developers to use its API to build real-time payment experiences via the FedNow’s pilot version.
“The future of the economy is connected and real-time. Insurance payouts, government benefits, healthcare payments, online commerce, subscriptions, point of sale, investment, lending, treasury, and several other platforms are expected to connect to the new FedNow Service for an integrated, cardless, bank-to-bank, instant payment experience,” said Finzly Founder and CEO Booshan Rengachari. “Finzly APIs and its direct connection to the FedNow service will accelerate the adoption of instant payments in several use cases. We are excited about being the world’s first player to offer access to FedNow service via an API.”
Launching later this year, the U.S. Federal Reserve’s FedNow Service is a set of new, real-time payment rails. The service will facilitate instant money transfers to and from any U.S. financial institution at any time of day, on any day of the week for both commercial and retail customers.
Today’s news comes a little over two years after Finzly announced it was among 110 other organizations participating in the FedNow pilot program, a beta test of the new rails. Other non-bank pilot participants include ACI Worldwide, Finastra, Jack Henry & Associates, and Q2 Software.
Founded in 2012, Finzly offers banking-as-a-service tools via Finzly OS— which it demoed at FinovateSpring last year– that enable users to launch a modern bank from scratch. The company offers an API that connects to all U.S. payment rails, including Fed ACH, Fedwire, RTP, SWIFT, and now FedNow. Formerly known as SwapsTech, the North Carolina-based company recently added a handful of clients, including Veritex Community Bank, Coastal Community Bank, First Internet Bank, and ICBA Bancard. Finzly recently
Photo by Benjamin Svobodny
