Real-time Daily Credit Payments via FedNow
Businesses are moving faster than ever and they expect their financial institution to keep pace. Recognizing this critical need, we are happy to announce a significant enhancement to the Cirreon Smart Safe dashboard that marks a leap forward in how customers receive credit for their deposits.
Alongside our existing suite of traditional credit methods such as Automated Clearing House (ACH) and X9 files, we now support daily credit payments through FedNow.
The Future with FedNow and ISO 20022
The integration of FedNow and ISO 20022 messages into the Cirreon is more than just an update—it's a transformation. FedNow, a service initiated by the Federal Reserve, offers round-the-clock, instant payment services that cater to the modern economy's need for speed and reliability. Coupled with the ISO 20022 standard, which is becoming the global language of payment messages, these advancements promise to streamline payment processes, enhance data quality, and improve the overall payment experience.
Instant Payments
With FedNow, transactions are processed in seconds, allowing businesses to manage their cash flow more effectively and efficiently. This means improved liquidity and quicker access to funds, a vital component for operational success.
Ease of Integration
Understanding the importance of a smooth transition, we have designed the integration of these new features to be as easy as possible. Current users of the Cirreon dashboard will find implementing support for FedNow to be seamless.
Embrace the future of financial transactions
To learn more about FedNow, please refer to the official site from the Federal Reserve: https://www.frbservices.org/financial-services/fednow
For more information on how to leverage FedNow and ISO 20022 for your daily credit program, contact us at sales@namsys.com or contact your support team.