Posted in News by OPN on January 26, 2021
Open Payment Network (OPN), the provider of a secure technology platform that enables instant payments anytime, anywhere, today announced it will be a leader in the industry’s charge to provide American consumers and businesses with instant payment services that deliver control, convenience and certainty by participating in a pilot program for the Federal Reserve’s upcoming instant payment offering, the FedNow Service.
The FedNow Service will provide an important payments infrastructure when it becomes available. Financial institutions and their service providers will be able to use the service as a springboard to bring the benefits of safe, efficient instant payments to communities across the country.
“We are proud that we’ll help the Federal Reserve develop its first major new payment system in four decades,” said Bradley Wilkes, OPN CEO. “We look forward to working side by side with the Fed and other pilot participants to help ensure the service meets stakeholder needs.”
Open Payment Network will help shape the features and functions of the FedNow Service, provide input into the overall user experience, ensure readiness for testing and be the first to experience the FedNow Service before its general availability. In the initial advisory phase, participant input will help to further define the service and adoption roadmap, industry readiness approaches and overall instant payments strategy.
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.
“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.