Leeds UK - Iliad Solutions is proud to be featured in the Federal Reserve’s new FedNow Service Provider Showcase, an online resource designed to connect US financial institutions with leading service providers as they prepare to offer instant payment solutions through the new FedNow Service.
The FedNow Service will give financial institutions of every size, and in every community across the US, the opportunity to provide safe and efficient, instant payment services in real time, 24/7, all year round. An orchestrated version of Iliad’s t3 virtualized payments testing platform has been made available to financial institutions preparing to join the FedNow Service allowing them to robustly test their payment systems end to end and to help ensure a smooth transition to the new system.
The t3 platform can virtualize an organization’s entire payments infrastructure in a single browser-based platform, including FedNow Service, Fedwire®, TCH RTP, Card authorizations, and Open API allowing institutions using the platform to additionally extend the solution to support broader payments testing across their organizations.
“We’re thrilled to be part of the FedNow Service Provider Showcase and look forward to helping financial organizations across the US to implement instant payments,” said Anthony Walton, Iliad Solutions’ ceo. “With our payments testing solutions, participating institutions will be able to access the speed, convenience and wider benefits the FedNow Service will provide when it launches in 2023.”
Walton continues: “We are a global leader in testing and certification and have been implementing real-time payment testing across the world since 2005. Our technology platform helped 11 of the first 13 UK banks to prepare for the “Faster Payments” initiative. 17 years later in 2022, we are a first choice option for financial institutions wanting to launch Instant Payments including the FedNow initiative.”
“We appreciate the commitment of Iliad Solutions 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.”