FinTech Automation’s payments network, ModernRails, now utilizes the FedLine Direct Solution to offer banks, credit unions, and other financial institutions an affordable and efficient way to connect to the Federal Reserve’s payment settlement network. This achievement highlights ModernRails’ commitment to empowering community banks and credit unions with cost-effective solutions that enhance payment operations and help them compete with larger banks.
The FedLine Direct Solution provides automated, secure access to essential payment services through Internet Protocol (IP)-based access, eliminating manual intervention. It is specifically designed for organizations that require a direct, highly secure connection to the Federal Reserve’s financial system. This solution supports high-volume transactions, including the Fedwire® Funds Service (transferring funds), the Fedwire® Securities Service (managing securities), FedACH® Services (processing electronic payments), the FedNow® Service (enabling instant payments), and Check Services (digital check processing), making it a vital tool for efficient and reliable payment operations.
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David Park, founder of ModernRails, stated, “ModernRails provides a cutting-edge payment infrastructure that empowers banks, credit unions, and fintechs to innovate domestic and global payment solutions for their clients. With a strong emphasis on compliance and security, we aim to make payments frictionless, and real-time.”
The payment infrastructure provided by ModernRails reduces the need for costly investments and reliance on expensive intermediaries and correspondents. Community banks and credit unions can integrate directly with ModernRails infrastructure into their platform or leverage an existing platform through FinTech Automation. This approach makes clearing & settlement faster, cheaper, and real-time, empowering community banks and credit unions to compete with global banks and fintechs.
Source: PRNewswire