BURLINGTON, Mass.–Vertifi, a provider of payment system technologies, and its parent company, Eastern Corporate FCU (EasCorp), have both been featured in the Federal Reserve’s new FedNow Service Provider Showcase, an online resource designed to connect financial institutions looking to adopt and innovate upon the FedNow Service with service providers offering instant payment solutions.
“We’re excited to be part of the FedNow Service Provider Showcase and look forward to helping financial institutions adopt and implement instant payments,” said Andrew Peach, chief business development officer of Vertifi. “With our payments solution, financial institutions and their consumers will be able to access the speed, convenience and other benefits the FedNow Service will provide when it launches in 2023.”
Managing Formatting & Exchange
Vertifi said its solution for the FedNow Service will manage the formatting and exchange of payment messages with the FedNow Service’s network thus eliminating the need for any expensive network, server or application infrastructure and delivering the FedNow service more affordably.
Separately, Robert Bartol, SVP with EasCorp, added, “We’re excited to be part of the FedNow Service Provider Showcase and look forward to helping credit unions adopt and implement instant payments,” said “With our payments solution, credit unions and their members will be able to access the speed, convenience and other benefits the FedNow Service will provide when it launches in 2023.”
Settlement Services Provided
EasCorp will provide the settlement services for FedNow transactions for its member credit unions. EasCorp, through its CUSO Vertifi will also provide a solution to manage the formatting and exchange of payment messages with the FedNow Service’s network thus eliminating the need for any expensive network, server or application infrastructure and delivering the FedNow service more affordably.