Instant Payments
The FedNow® Service is live! This instant payments rail operated by the Federal Reserve provides a modern, safe, and efficient platform that credit unions, banks and others can use to develop innovative new products for a variety of use cases for their members and customers.
EasCorp and Vertifi are proud to be early adopters of the FedNow Service with capabilities live today.
For its member credit unions ready to adopt the FedNow Service, EasCorp offers an Instant Payments Settlement Solution, a daily transaction account to settle FedNow Service credits and debits either independent of or absent their own Federal Reserve Master Account. No matter your FedNow Service integration vendor, digital banking provider, or core processor you may use EasCorp as your correspondent for settlement. The Instant Payments Settlement Solution includes a user-friendly administrative portal ensuring easy balancing and management of liquidity.
Credit unions throughout the United States who are not yet members may join EasCorp with a minimum prefunding amount to benefit from this Instant Payments Settlement Solution and other member services.
EasCorp’s technology subsidiary, Vertifi Software, provides an instant payments solution for the FedNow Service which manages the formatting and exchange of transaction messages on this payments rail. Our payment processing gateway integrates the FedNow Service with your core processor, digital banking platform, and other applications. In addition to custom development projects with clients, Vertifi is also pursuing FedNow Service integrations with its digital banking partners to ensure easy adoption of our best-in-class solution.
For more information on EasCorp and Vertifi's Instant Payments Solutions, contact payments@eascorp.org or call 781.933.9950.
To learn more about the FedNow Service, explore EasCorp's Instant Payments Academy designed to prepare credit unions for the FedNow Service and Instant Payments, or follow the links below.
