Adyen , the global financial technology platform of choice for leading companies, is among the first to complete testing and receive certification to use the FedNow , the Federal Reserve’s instant payment infrastructure to be launched in July 2023. Adyen obtained a US branch bank license in 2021, a reflection of the company’s long-standing commitment to commercially invest in the South America region. North. By becoming one of the first industry players to be able to access the FedNow Service, Adyen hopes to meet the needs of US merchants through expanded real-time payments and using the financial technology platform’s payment capabilities.
“Businesses are always looking for faster, more efficient ways to move money. The FedNow service solves that very problem, and we’re excited to be an early adopter of the service,” said Davi Strazza, president of Adyen North America . “Adyen’s historic investments in North America have put us in an exciting position today: as one of the only Fintech companies with a local branch license, we are qualified to join the Federal Reserve’s new instant payments infrastructure. Combined with With our suite of integrated finance and payments products, we can offer businesses a wide variety of powerful tools to thrive in today’s competitive marketplace.”
To achieve FedNow Service certification, Adyen completed a comprehensive testing curriculum and demonstrated to the Federal Reserve that its payment services met a checklist of requirements to confirm the ability to operate in a 24x7x265 environment. Going forward, Adyen will optimize cash flow for its clients, improve corporate treasury management and enable instant movement of funds between financial institutions. This innovation is at the forefront of payments and payment services by operating securely and reliably 365 days a year, 24 hours a day.
“We are excited that early adopters of all sizes across the country are advancing their operational readiness for live transactions through the system,” said Ken Montgomery , senior vice president of the Federal Reserve Bank of Boston and program executive. FedNow Service. “Completing certification is a key milestone for participating organizations to validate their ability to offer instant payment services.”
SOURCE: PRNewswire