Synechron, Inc., a leading global digital transformation consulting firm, is proud to have one of its Synechron accelerators 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.
The FedNow Service is a new instant payment platform the Federal Reserve Banks are launching in 2023 to provide financial institutions of every size, and in any location across the nation, access to safe and efficient instant payment services in real time, 24 hours a day.
Sandeep Kumar, Managing Director and Head of the FinLabs and PayTech Accelerator Program at Synechron, USA, said “We are honored to have been accepted as part of the FedNow Service Provider Showcase and we look forward to helping member organizations implement instant payments,” “With our proprietarily-built ‘ISO 2022 Simulator’ solution in our FinLabs, financial institutions will be able to access the speed, convenience and other benefits the FedNow Service will provide when it launches in 2023.”
Tuhinabhra Mahapatra, Head of Next Generation Payments at Attra, a Synechron company, said “Our payment experts conceptualized this solution based on extensive analysis conducted in the Synechron FinLabs, and our vast experience in working with major global financial services clients. We continue to provide consulting and implementation services relevant to instant payments and ISO 20022 migration programs.”
Synechron plans to offer the following instant payment service to organizations that are adopting the FedNow Service:
ISO 20022 Simulator – an innovative solution from Synechron’s recently launched PayTech Accelerator program, this tool was created in Synechron’s own self-funded R&D initiative called as Financial Innovation Labs (‘FinLabs’). It can be used to help product owners, financial institutions and corporates simulate, validate, configure and report on a financial services firms compliance with the upcoming ISO 20022 electronic messaging standard, which phases in for SWIFT from November 2022 and becomes mandatory in November 2025. It contains a single set of defined messaging standards and seeks to enable interoperability across payment schemes. This is key to allowing cross-border and high-value payments using a central repository, and data modeling methodology using the XML language. This allows firms to test their own systems and payment solutions, before connecting to the new, live ISO 20022 messaging system. Synechron’s tool offers more features and is more cost-effective than currently available tools on the market.
Nick Stanescu, Federal Reserve Bank senior vice president and FedNow business executive, said “We appreciate the commitment of Synechron to enabling FedNow adoption and participating in the showcase,” “The time is now for organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding.”