GENEVA, Switzerland – February 22, 2021 – Temenos (SIX: TEMN), the banking software company, today announced that it has been selected by the Federal Reserve Bank to participate in the pilot program for the FedNow Service, a new instant payments service. The program will bring together banking industry leaders to support development, testing and adoption of the FedNow Service, as well as encourage development of services that leverage FedNow Service functionality.
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions – regardless of size or geographic location – around the clock, every day of the year. Through participating financial institutions, businesses and individuals will be able to send and receive instant payments, with full access to funds within seconds, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions.
Temenos Payments is available in the cloud or on-premise to deliver accelerated growth, optimize efficiency and enhance innovation. Temenos’ relentless investment into R&D ensures Temenos Payments is embedded with the latest standards and innovations, including ISO 20022 and new instant payments schemes. Temenos Payments can be deployed standalone, or embedded with Temenos Transact, the next generation in core banking. When combined with Temenos Transact and Temenos Infinity, the leading omnichannel digital banking platform, Temenos Payments clients benefit from high straight-through processing rates up to 99%, and up to 50,000 transactions per second. Temenos Payments is consistently recognized for its leading platform by top industry analysts such as IDC, and was the #1 best-selling payment system in the IBS Intelligence Sales League Table 2020 with more than twice the number of deals as the next competitor.
As part of the FedNow Pilot Program, Temenos will help shape the product’s features and roadmap, provide input into the overall user experience, ensure readiness for testing and be one of the first to experience the FedNow Service before its general availability.
Jacqueline White, President, Americas, Temenos, said:
“In this digital world, financial institutions and their vendors need to offer fast, flexible, and secure payments. Consumers and business alike are becoming increasingly reliant on cashless banking and instant movement of funds between accounts. We are thrilled that the Federal Reserve Bank is investing in instant payments for the United States, and we’re proud to participate in the FedNow Pilot Program to offer our expertise and global experience with next-generation payments.”