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Integrated Services for the US Domestic Payments
The FedNow Service will be available to depository institutions in the United States and will enable individuals and businesses to send instant payments through their depository institution accounts.
Current Initiatives and Pilot Programs
ECS Fin is among the first in the industry to attain the FedNow Certification from the Federal Reserve. ECS is also a Certified Partner of the Federal Reserve Bank for banks to safely engage its real-time payment services. Besides, ECS provides the FedLine Connectivity services to its customers.
FedNow is an interbank instant payment infrastructure developed by The Federal Reserve Bank in the interest of enabling banks, credit unions, FI and service providers across the US to provide 24x7x365 safe and efficient instant payment services. FedNow works with the ISO 20022 standards for rich data support.
This service enables financial institutions to deliver end-to-end instant payment services to their customers, which means there is no buildup of short-term credit risk or interbank obligations. And beneficiaries will have access to their money immediately.
The ECS’ FedNow solution includes end-to-end processing of the payment instructions starting from inception to settlement and beyond to customer services and reporting. The solution can be acquired as a stand-alone application, payment-as-a-service, banking-as-a-service or as a module within its Enterprise Payment Hub.
The solution features and functions are categorized and listed below:
ECS is one of the vendors identified and selected by the Federal Reserve, for its pilot program whereby early adopters of its Real-time payments customers can utilize the payment processing modules created by ECS and connectivity services between ECS datacenters and the Federal Reserve Bank.
Some of the key highlights of the ECS solution are listed below:
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.
ECS is now taking requests from banks that would like to be part of the second wave of FedNow adoption program. For further information, please contact ECS at email@example.com or your Federal Reserve Bank customer relationship manager.