NEW YORK, NY, March 2, 2022 – Volante Technologies, the global leader in cloud payments and financial messaging, today announced that it is offering U.S. banks and financial institutions a single unified solution for the FedNow℠ Service and TCH RTP® real-time payments. Adopters of the industry-first service will be able to start their real-time payment journeys with TCH RTP® immediately, and seamlessly add the FedNow Service when the new network is ready, gaining a unique advantage in the increasingly competitive U.S. payments landscape.
Since joining the FedNow Pilot Program in early 2021, Volante has been working closely with the Federal Reserve and other pilot participants, including banks, credit unions, and industry bodies, to shape the future of U.S payments. The cloud Payments as a Service (PaaS) provider is a prospective participant in the Federal Reserve’s FedNow Service Provider Showcase, which is designed to highlight service providers’ technical and consultative capabilities related to instant payments.
Volante has an outstanding track record in real-time and instant payments innovation, having processed the first real-time payment in U.S. history. Volante’s ISO 20022-fluent service already incorporates end-to-end processing of TCH RTP real-time payments, including value-added service messages like Request-for-Pay. It features a sandbox for testing, comprehensive training and onboarding, and rapid low-code integration to core and legacy payment systems.
Volante will provide a similar range of capabilities for the FedNow Service across a wide spectrum of use cases, ensuring that institutions can focus on bringing compelling real-time and instant payment products to market, independent of the clearing and settlement network. Volante’s offering through the FedNow Service will draw on Volante’s extensive experience in providing access to other domestic and cross-border clearing and settlement services, and will be easily extensible to wire, ACH, and SWIFT without requiring complex upgrades.
Erika Baumann, Director of Commercial Banking and Payments, Aité-Novarica Group, said, “With participation in The Clearing House RTP® picking up pace, and enthusiasm about instant payments growing in the lead-up to the FedNow launch, U.S. financial institutions will soon have even more options for immediate account-to-account payment clearing and settlement. Multi-network cloud-native PaaS offerings that enable rapid deployment of new real-time and instant customer experiences should be on every FI’s radar.”
Deepak Gupta, Global Head of Payments as a Service, Volante Technologies, said, “RTP and the FedNow Service offer an opportunity for financial institutions to bring compelling new real-time/instant payment services to market and generate lasting customer value. However, many institutions are unsure of which network to prioritize. With Volante, the decision is easy: any bank or credit union, of whatever size, can innovate with RTP today, and maintain their future leadership position by going live with the FedNow Service on its first day of operation.”
Join representatives from the Federal Reserve and Volante on March 8 at 10:00 a.m. ET for a LinkedIn Live conversation: About Time: FedNow and the Future of US Payments.