Connect FSS selects Vertifi Software to power its instant payments solution for the FedNow payments service
Connect FSS, the US-based digital banking Software as a Service (SaaS) technology and digital banking provider, has selected Vertifi Software, a leading provider of state-of-the-art payment system technologies to the financial services industry, to implement the systems and technology required for Connect’s instant payments solution using the FedNow Service.
FedNow is the instant payment infrastructure developed by the Federal Reserve to allow financial institutions, such as credit unions, to provide instant payment services in real time every day of the year. Recipients benefit from immediate access to funds, allowing for greater financial flexibility when making time-sensitive payments.
Connect FSS will integrate with Vertifi’s instant payments solution which includes the ability to integrate FedNow payments into Connect’s digital banking platforms. A FedNow Service Pilot Program participant, Vertifi was among the first in the industry to complete the rigorous testing and certification process and was live at the launch of this new instant payments rail.
Jerry Young (pictured), CEO of ieDigital and Connect FSS, said, “Innovations such as the FedNow payments service show the demand that there now is from consumers right across the USA, and indeed the entire world, for digitally led financial solutions. Digital platforms provide speed and reliability and above all, they allow consumers to be in the driving seat when it comes to managing their own finances, something that financial institutions of all sizes need to recognise is now a must-have for their customers.
“We are delighted to be working so closely with Vertifi to deliver access to FedNow. Vertifi is an established provider of innovative digital solutions to the financial services industry, and we look forward to a successful, ongoing collaboration together.”
Asim Mian, CEO of Vertifi Software added, “As FedNow Instant Payment pioneers, we are thrilled to collaborate and support our partners at Connect in their adoption of this new, transformative payments rail. Like Vertifi, Connect understands that digital innovations improve not only banking processes, but also member service.”
Connect FSS was acquired by UK-based ieDigital at the end of 2023, signifying a shared vision to deliver new and improved digital software solutions and exceptional customer service to financial services firms and credit unions on both sides of the Atlantic.
