June 9, 2023, Sandy, UT – FLEX, a leading provider of core system software for credit unions provided a roadmap for FedNow integration. The FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient instant payment services. Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments in real-time, around the clock, every day of the year. Financial institutions and their service providers can use the service to provide innovative instant payment services to customers, and recipients will have full access to funds immediately, allowing for greater financial flexibility when making time-sensitive payments. According to the Federal Reserve, the FedNow Service will be deployed in phases, with the initial launch taking place in July 2023.
FLEX has been assigned a FedNow onboarding manager who will be working on the FLEX processor profile and other milestones to move toward accessing the FedNow test system. The onboarding manager will take the FLEX project through the testing curriculum and script to certify the FLEX credit union system and then move ahead to implementation. The release date for this project will follow the roadmap plan of the Federal Reserve’s assigned launch program.
FLEX develops and delivers advanced credit union core technology, including built-in support and single-point access to debit & credit cards, lending with auto decisioning & eSignatures, Internet banking, mobile banking, remote deposit, document management, and overdraft privilege. With over 280 credit unions in 46 states including Alaska, Hawaii, and the Eastern Caribbean, FLEX enjoys established relationships with all regulatory agencies, corporate credit unions, and major industry partners.
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