Press Release

ECS Fin - among the industry-first to emerge 'FedNowSM certification'

New York, USA, [July 20, 2023] – ECS Fin is among the first in the industry to attain certification from the Federal Reserve, for the FedNowSM service, the new instant payment offering launched in July 2023. The service enable financial institutions to operate instant payments, which will allow customers to send and receive money anytime within seconds.

ECS Fin underwent a rigorous testing program where its capabilities in workflow management, integration, preparation and processing of all instant payment messages with adherence to the ISO® 20022 standards were evaluated for effective operations in a 24x7x365 high-available mode.

ECS has been processing in real-time messages since 2016 with 10 Million+ transactions processed every month.

“We are excited that early adopters of all sizes across the country are making strides in their operational readiness for live transactions through the system,” said Ken Montgomery, the First Vice President and FedNowSM Service Program Executive, Federal Reserve Bank, Boston. “Completing certification is a key milestone for participating organizations to validate their ability to deliver instant payment services.”, he added
ECS Fin - among the industry-first to emerge 'FedNowSM certification'

With its vast knowledge and extensive experience of assisting customers in becoming market leaders in Real-Time Payments (RTP) adhering to ISO 20022 standards, ECS Fin is amonge the highly successful names in the industry to emerge first in the faster payments  space.

According to Jacob Aruldhas, CEO, ECS Fin, “The IMS Enterprise Payment solution takes into consideration the needs of every customer, stakeholder of the bank, counter-party preferences and regulatory requirements. Adding Real-time payments to the stack enriches the customer choices and preferences.”

The IMS solutions can be engaged through ECS Fin’s risk-free acquisition model. The routing service within the platform calls for a single integration with the core system whereby all payments go through a channel selection process optimizing customer needs while maximizing revenue streams for the bank.

About ECS Fin

ECS Fin provides optimized solutions to address the transaction processing needs of an enterprise that covers message administration, workflow management, connectivity and integration. With a strong focus and industry expertise on application integration, payments and securities, it has been serving financial institutions, investment managers and corporations globally for more than a decade.

ECS Fin - among the industry-first to emerge 'FedNowSM certification'