Volante Technologies, the global leader in cloud payments modernization, announced it has been working with a leading U.S. banking customer to help the custodian bank successfully complete pilot testing on the FedNow instant payments service.
The comprehensive pilot test included various transaction scenarios, such as send, send/receive, and bank-to-bank pilot testing. By validating the core instant payments functionality on the FedNow network, Volante reaffirmed its commitment to assisting banks in seamlessly adopting the groundbreaking instant payments network.
“For banks embarking on their instant payments journey, Volante Technologies has been a steadfast partner, providing innovative solutions and expertise,” said Reed Luhtanen, Executive Director, U.S. Faster Payments Council (FPC). “Their commitment to driving industry progress and supporting financial institutions is commendable. As a sponsor of the FPC’s annual Barometer survey, Volante actively contributes to the evaluation of payment system stakeholders, enabling us to assess the advancements, trends, and challenges surrounding faster payments in the United States.”
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While the FedNow Service will not launch until July of 2023, banks can already test their ability to connect to the network with Volante so that they can offer instant payment services to their customers when the service becomes available. In the meantime, Volante provides a single solution to support all U.S. real-time payments, including The Federal Reserve’s FedNow service, The Clearing House RTP® and Zelle®, which are available on premise, in the cloud or as payments-as-a-service model.
“Key features such as the ability to automate payments and flexibility of funds are driving businesses toward faster payment options which they leverage to lower costs and help manage cash flow,” said Deepak Gupta, SVP & Global Head, Payments as a Service, Volante Technologies.
“We are proud to have supported our customer in completing pilot testing and validating our ability to support core instant payments functionality on the FedNow service,” added Gupta. “We value our partnerships with our customers and will continue to drive innovation and the adoption of instant payments, so firms of all sizes remain poised for growth.”
A recent study by the Federal Reserve finds that 62 percent of its respondents noted cash flow management as one of their most impactful challenges and reported a need for greater flexibility and speed in their payment options as they navigate supply chain complexity and other economic obstacles.
SOURCE: PRNewswire