Open Payment Network (OPN) featured in the Federal Reserve’s new FedNow Service Provider Showcase
March 8, 2022 – Open Payment Network (OPN), the provider of a secure technology platform that enables instant payments anytime, anywhere, today announced it has been featured in the Federal Reserve’s new FedNow Service Provider Showcase, an online resource designed to connect financial institutions looking to adopt and innovate upon the FedNow Service with service providers offering instant payment solutions.
“We’re thrilled to be part of the FedNow Service Provider Showcase and look forward to helping other organizations implement instant payments,” said Bradley Wilkes, OPN Founder and CEO. “With our solutions, financial institutions, businesses and consumers will be able to access the speed, convenience, and other benefits the FedNow Service will provide when it launches in 2023.”
OPN plans to offer the following instant payment services to organizations that are adopting the FedNow Service:
- A directory service
- An open API with workflows
- Enhanced reporting
- Interoperability with other real-time payment networks
- Fraud prevention capabilities
“We appreciate the commitment of Open Payment Network to enabling FedNow adoption and participating in the showcase,” said Nick Stanescu, Federal Reserve Bank senior vice president and FedNow business executive. “The time is now for organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding.”
Visit OPN’s profile in the FedNow Service Provider Showcase on FedNowExplorer.org.
About Open Payment Network
Open Payment Network™ (OPN) helps financial institutions attract and retain more customers and stay ahead of the competition by enabling them to deliver instant payments anytime, anywhere. By connecting to OPN’s secure technology platform, financial institutions become the gateway for instant payments via Internet and mobile device. The OPN platform integrates with existing core systems and moves payment value and associated data in real time for immediate settlement. Financial institutions can provide access to the OPN API so business customers, fintech developers and internal teams can create applications such as instant mortgage payments, payroll processing, and peer-to-peer payments. Visit www.openpaymentnetwork.us.
About the FedNow Service
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 financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, 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 directly or through their agents. For more information, visit FedNowExplorer.org.
“FedNow” is a service mark of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.