Digital Transactions Authoritative, insightful and timely information for payments professionals
FIS Inc. is the latest processor to be certified for the Federal Reserve’s FedNow real-time payments network, which is scheduled to launch later this month. FIS, which announced yesterday it is selling a sell a 55% interest in its merchant-processing business, joins a growing list of certified FedNow participants, including ACI Worldwide Inc., Tyfone Inc., and Jack Henry & Associates Inc.
To gain FedNow certification, FIS completed a comprehensive testing program, including confirming its ability to transmit and process ISO 20022 messages, and demonstrating its readiness to process payments in real time.
“As digital payments accelerate across the industry, there has been a great need for a solution like the FedNow Service, and it is why we have made it a priority to be a part of its early adoption at FIS,” Mike Kresse, senior vice president, money movement and retail solutions for FIS, says in a statement. “This certification is just the first step in our mission to help enable a more modernized U.S. payments system, and we look forward to adding on capabilities and features that will further allow our financial institution clients to participate and subsequently better service their customers.”
In related news, MX Technologies Inc. has partnered with open banking platform provider Moneyhub Financial Technology Ltd. The partnership will enable the two open-banking specialists to offer consumer-permissioned data sharing to each other’s clients, according to Raymond den Hond, chief commercial officer, partners, for MX Technologies. “MX and Moneyhub share the belief that consumer-permissioned data sharing is critical to the future of our industry,” den Hond says in a statement.
MoneyHub’s open banking application programming interfaces enable consumers to share financial data with businesses, which can then use the data to create personalized products and communications for their customers. In addition, Moneyhub’s tools help businesses assess a customer’s financial health by providing a real-time view of the customer’s financial information.
“Forming a strategic partnership with MX…will allow our clients to use consent-driven data to improve their customers’ financial lives, on a global scale,” Moneyhub chief executive Samantha Seaton says in a statement. “Both businesses are well aligned in terms of not only our products and services but also our vision and values.”
