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April 5, 2024
FinTech Automation Joins the FedNow® Service to Propel U.S. Payment Systems Forward

FinTech Automation announced it is now live on the Federal Reserve’s new instant payment rail, the FedNow Service. This pivotal collaboration marks a significant milestone, empowering FinTech Automation with unprecedented speed, efficiency, and accessibility in processing instant payments.


The FedNow Service, introduced by the Federal Reserve to modernize the U.S. payment system, has been eagerly anticipated by both financial institutions and fintech companies alike. Its primary goal is to enable instant payments, providing businesses and consumers with real-time access to funds, 24/7, 365 days a year. With its launch, the FedNow Service aims to eliminate the delays and limitations associated with traditional payment systems, ushering in a new era of seamless transactions.


FinTech Automation, a frontrunner in the fintech sector, has been working closely with its technology partner, Modern Rails, to swiftly seize the opportunities arising from the FedNow Service. Through seamless integration with this state-of-the-art payment infrastructure, FinTech Automation is poised to broaden the avenues available to banks, financial institutions, and fintechs for instantaneous fund transfers. This strategic integration not only fosters competitiveness but also empowers these institutions to deliver unparalleled service standards to their clientele.


David Park, Founder and CEO of FinTech Automation said, “One of our main goals has been to help banks, credit unions, and ODFIs in launching new embedded finance solutions. The ability to facilitate secure instant payments through the FedNow Service will be a real game changer for these financial institutions. Using our platform, clients will have the ability to deploy this enabling technology quickly without having to touch lines of code.”


The advantages of instant payments are manifold, offering benefits to businesses across various sectors. With real-time settlement capabilities, companies can optimize cash flow management, reduce reliance on credit, and mitigate risks associated with delayed transactions. Moreover, instant payments enhance the customer experience by providing immediate access to funds, fostering loyalty and satisfaction.


The launch of FinTech Automation on the FedNow Service underscores the accelerating pace of innovation within the fintech ecosystem. As technology continues to reshape the financial landscape, collaborations between industry leaders and regulatory bodies pave the way for transformative advancements. With the FedNow Service serving as a catalyst for change, the potential for greater efficiency, accessibility, and inclusivity in payment systems becomes increasingly attainable.


About FinTech Automation

FinTech Automation is uniquely positioned at the epicenter of global growth in financial technology, with vantage points as an advisor and technology partner. The firm has been at the forefront of financial technology innovation for over a decade, strategizing with the world’s largest business, and working alongside the most accomplished entrepreneurs and thought leaders.


Central to our strategy lies a scalable and customizable technology architecture. Harnessing the power of our low-code framework, we empower clients to expedite their launch timelines from years to just a few months. This revolutionary approach not only significantly cuts down development costs by millions but also alleviates concerns related to technical debt and legacy systems.


About Modern Rails

Modern Rails is dedicated to delivering cutting-edge payment solutions, minimizing launch times, and reducing development costs. Our core services are designed to streamline the payment experience while boosting sales. With Modern Rails, fintechs, banks and financial institutions can easily handle multiple payment methods such as ACH, wire transfers, checks, instant payments, card issuance, cash services and more, improving efficiency and forging a lasting competitive edge in the future.


For more detailed information on the services we can provide, you can click on our FedNow showcase page:Find Learning and Resources With FedNow Explorer.


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