CGI’s All Payments solution to support transaction activity for firms making payments on FedNow Service
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CGI’s All Payments solution to support transaction activity for firms making payments on FedNow Service 22 September 2023US Reporter: Jenna Lomax
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CGI’s All Payments solution has been certified to support transaction activity for financial institutions that make payments on the Federal Reserve Bank’s new instant payments system, FedNow Service.
The CGI All Payments solution will provides connectivity to the new system. It helps banks to deploy the orchestration, processing and network connectivity required to meet evolving market needs.
CGI has been actively developing FedNow Service-specific capabilities since joining the FedNow Service Pilot Program in 2021.
CGI was certified to support sending and receiving FedNow Service credit transfers and requests for payment.
Ken Montgomery, first vice president and chief operating officer of Federal Reserve Bank of Boston, says: “We are excited that early adopters across the country are making strides in their operational readiness for transacting through the service since we launched in July.
“Completing certification is a key milestone for participating organisations to validate their ability to deliver instant payment services.”
Robert Coakley, vice president of consulting, delivery, and CGI lead for payment solutions, comments: “CGI is an active member of the FedNow community and is working to onboard clients and empower them to deliver instant payment services to their customers at a pace that’s right for them.”
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