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NetXD Supports the FedNow® Service, Advancing US Payment SystemNetXD is now supporting live transactions on the Federal Reserve's instant payments rail, the FedNow Service. NetXD is certified to enable Send and Receive credit transfers as well as Receive RFP for financial institutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240502168468/en/ 
Unleash the power of real-time payments and unlock limitless possibilities with NetXD's comprehensive payments hub.(Photo: Business Wire) Financial Institutions can use a single solution from NetXD to connect to the FedNow Service as well as the TCH RTP® network. Paired with NetXD's XD Ledger platform, the suite of solutions is designed to remove reconciliation bottlenecks, provide real-time fraud checks, and unlock 24/7 payments for financial institutions. Banks can instantly offer seamless, more secure payments to corporates, fintechs, and more, without costly core system changes. The solution is designed for speed to market - financial institutions can implement the NetXD solution and get onboard to the FedNow Service in just weeks. "As a service provider of the FedNow Service, NetXD plays a critical role in supporting instant payment capabilities for a diverse range of finacial institutions across the country," said Nick Stanescu, Executive Vice President and Chief Executive of the FedNow Service. "This widespread reach brings us that much closer to our shared vision of a modern payment experience for all." "At NetXD, we are committed to enabling banks to launch exciting new use cases for their customers by unlocking the full potential of Instant Payments," said Suresh Ramamurthi, Chairman, NetXD Inc. "Support for live transactions on the FedNow Service enables banks to use a single solution from NetXD to integrate with the FedNow Service and the TCH RTP® network. With NetXD, banks can focus on providing differentiated solutions for their customers while enjoying exceptional cost efficiency and streamlined operations." To support transaction activities for financial institutions participating in the FedNow Service, NetXD completed a multi-step customer testing and certification program. The FedNow Service network includes a diverse range of financial institutions and service providers across the U.S. NetXD's XD Payments is a single platform designed to solve all payment modernization needs of banks. Payment channel connections include real-time payments with the FedNow Service and the RTP® network, traditional payment rails (ACH and Wire), cross-border B2B payments with VisaB2B Connect, card solutions with integration to Pulse network, and bill payments with Mastercard RPPS. Ready to transform your payments experience? Visit NetXD.com today to learn more about NetXD's real-time payment solution and how it can help your bank modernize the payments experience for your customers in 90 days. About NetXD: NetXD provides a programmable bank operating system for FIs to transform their banking and payments experience. NetXD's platform can be deployed as a sidecar core that supports all major types of consumer and business bank accounts, embedded banking and a payments hub with connection to all major payment rails. 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 9,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org (Off-site).
View source version on businesswire.com: https://www.businesswire.com/news/home/20240502168468/en/ |
