Payments

CSI enables instant payments through FedNow

July 24, 2023

CSI, a fintech solutions provider, announced its payments solution is live on the Federal Reserve's FedNow service. FedNow is a payment infrastructure, which allows financial institutions to provide instant payment services year-round including on holidays, according to a press release.

"Instant payments will play a crucial role in how financial institutions attract and retain customers," Linda Fischer, COO, CSI, said in the release. "In this evolving economic environment, account holders expect their banks to facilitate instant payment processing, which requires expanded technological capabilities. The FedNow Service is the necessary foundation on which CSI is building the tools financial institutions need to support their account holders."

With the service, banks can deliver account-to-account transfers and bill pay. Banks can also join as receive-only entities so they can receive and post payments through FedNow's settlement process.

"We're encouraging banks to adopt the FedNow Service immediately," Fischer said. "Receiving transactions, at a minimum, is an effective way for banks to embrace the future of payments and allow account holders to seamlessly accept funds from wallet downloads, account transfers and more. As the network's capabilities grow, CSI will work closely with customers to ensure they remain at the forefront of the modern payments landscape."