Finzly opens up access to FedNow via API connection
Banking and payments fintech Finzly is opening up access to new instant payment platform FedNow to fintechs and banks via its application programming interface (API).
Financial institutions can access the sandbox for FedNow via Finzly’s API
Developers from fintechs and banks can now access the sandbox environment of FedNow, a new instant payment platform launched by Federal Reserve Banks offering “safe and efficient” real-time payment services.
Utilising Finzly’s API, financial institutions can trial embed FedNow into their platform or app to build and test transaction applications on the service. Finzly’s API connects with all the payment rails in the US, including Fed ACH, Fedwire, RTP, the FedNow Service and Swift.
FedNow, which is expected to launch between May and July 2023, offers request for payment, immediate acknowledgements, requests for information and requests for return of funds.
Finzly CEO and founder Booshan Rengachari says insurance payouts, government benefits, healthcare payments, online commerce, subscriptions, point of sale, investment, lending and treasury, among others, are expected to be hooked up to the FedNow Service.
“Finzly’s APIs and its direct connection to the FedNow service will accelerate the adoption of instant payments in several use cases,” Rengachari adds.
