Volante Technologies powers custodian bank to complete pilot testing on FedNow Service

By Delisha Fernandes

Volante Technologies, a cloud payments modernisation provider, announced it has been working with a US banking customer to help the custodian bank complete pilot testing on the FedNow instant payments service.

The comprehensive pilot test included various transaction scenarios, such as send, send/receive, and bank-to-bank pilot testing. By validating the core instant payments functionality on the FedNow network, Volante reaffirmed its commitment to assisting banks in seamlessly adopting the groundbreaking instant payments network.

“For banks embarking on their instant payments journey, Volante Technologies has been a steadfast partner, providing innovative solutions and expertise,” said Reed Luhtanen, Executive Director US Faster Payments Council (FPC). “Their commitment to driving industry progress and supporting financial institutions is commendable. As a sponsor of the FPC’s annual Barometer survey, Volante actively evaluates payment system stakeholders, enabling us to assess the advancements, trends, and challenges surrounding faster payments in the United States.”

While the FedNow Service will not launch until July of 2023, banks can already test their ability to connect to the network with Volante to offer instant payment services to their customers when the service becomes available. In the meantime, Volante provides a single solution to support all US real-time payments, including The Federal Reserve’s FedNow service, The Clearing House RTP and Zelle, which are available on-premise, in the cloud or as a payments-as-a-service model.

“Key features such as the ability to automate payments and flexibility of funds are driving businesses toward faster payment options which they leverage to lower costs and help manage cash flow,” said Deepak Gupta, SVP & Global Head, Payments as a Service, Volante Technologies.

Following the launch of its real-time payments solution, it remained a driving force in payments modernisation internationally, helping banks of all sizes process instant payments in Europe (SEPA instant payments through TIPS and RT1), Mexico (SPEI), Saudi Arabia, and many other countries.