OPN Supports the FedNow® Service, Advancing U.S. Payment System
Highland UT, July 20, 2023 – Open Payment Network (OPN), the provider of a secure technology platform that enables instant payments anytime, anywhere, announced today it is now supporting live transactions on the Federal Reserve’s new instant payment rail, the FedNow Service. OPN is among the first service providers supporting transaction activity for financial institutions on the service.
Through the FedNow Service, OPN is positioned to offer financial institution customers access to instant payments, helping them remain competitive and offer best-in-class service for their customers.
“As a service provider of the FedNow Service, OPN demonstrates dedication to innovation,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. “Financial institutions benefit from the ability to offer instant payments through the seamless experience offered by service providers; these critical organizations expand the reach of instant payments and pave the way for industrywide progress.”
To support transaction activities for financial institutions participating in the FedNow Service, OPN completed a multi-step customer testing and certification program in the months leading up to launch. Early adopters of the service include a diverse range of financial institutions and service providers across the U.S.
“We are delighted to be one of the first companies to become a certified FedNow service provider,” added Bradley Wilkes, OPN CEO. “Our company will continue to work with financial institutions to help build the future of instant payments across the US and drive innovation.”
Financial institutions and service providers will continue to onboard throughout 2023 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the U.S.
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 developed 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 can send and receive instant payments at any time of day, and recipients have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access is 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 (Off-site).
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Bruce Law
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