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Finastra has announced that First Pacific Bank , a Southern California-based community bank that offers custom financial solutions for individuals and businesses, has selected Finastra Payments To Go to modernize its payments infrastructure. To learn more about Payments To Go, visit Finastra at Sibos 2024 on stand G30.
Powered by AWS, the Finzly BankOS platform integrates the FedNow service seamlessly with FIs’ core and digital banking systems. Finzly’s Digital Galaxy enhances this offering by providing a comprehensive digital banking experience, enabling businesses and consumers to send, receive, and request instantpayments.
What is FedNow? Last year, the Federal Reserve launched FedNow, an instantpayment service expected to revolutionize the US payment landscape. The Federal Reserve’s goal is to achieve wide adoption of FedNow over time, much like the Fedwire ® Funds Service and FedACH ® Services.
With record demand for real-time payments and ISO 20022 compliance, investing in payments modernization is no longer optional for mid-tier banks seeking to remain competitive. In the U.S.
Through this partnership, Backbase clients will be able to offer instantpayment capabilities to their customers. Backbase, leveraging Alacriti’s Orbipay Payments Hub , will support end-to-end payment orchestration and processing through the RTP® network, the FedNow® Service, Visa Direct, Fedwire, and ACH payment rails.
The Clearing House Association’s RTP as well as The Automated Clearing House offer same day clearing and the Federal Reserve is looking to launch instantpayments with their FedNow scheme in 2023. These schemes compete with each other and want to take business from wire transfer schemes such as FedWire and CHIPS.
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