Open Payment Network Completes Certification for Federal Reserve’s New Instant Payment Service
Pleasant Grove, Utah, May 30, 2023 – Open Payment Network (OPN) is among the first in the industry to complete testing and certification for the FedNowSM Service, the Federal Reserve’s new instant payment offering launching in July 2023. The service will enable financial institutions to offer 24x7x365 instant payments, allowing customers to send and receive money immediately.
“We are excited that early adopters of all sizes across the country are making strides in their operational readiness for live transactions through the system,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. “Completing certification is a key milestone for participating organizations to validate their ability to deliver instant payment services.”
To achieve certification, Open Payment Network completed a comprehensive testing curriculum, including fulfilling a checklist of requirements to confirm ability to transmit and process ISO® 20022 messages, and attested that they are prepared to meet the requirements to successfully operate in a 24x7x365 instant payments environment.
“We are passionate about instant payments and earning FedNow certification fulfills a very important step to be able to provide that for our client banks,” said Bradley Wilkes, CEO of Open Payment Network. “We look forward to a bright future of providing faster payments to our clients and their customers.
Open Payment Network™ (OPN) is a payment network operator that interoperates with TCH-RTP and FedNow, enabling financial institutions and app developers to offer instant payments to their customers. Through its unique technology, OPN moves payment value and associated data in real time for immediate settlement. By connecting to OPN’s secure technology, financial institutions can offer customers instant payments via Internet and mobile device without needing to overhaul their core system. With OPN’s API, financial institutions can stay competitive by developing new instant payment applications, such as instant mortgage payments, instant payroll funds transfer, and instant P2P payments. Visit www.openpaymentnetwork.us today.