TechDogs-"CSI Launches Instant Payments Capabilities through The FedNow Service With Illinois-Based INB, N.A. As Early Adopter"

Financial Technology

CSI Launches Instant Payments Capabilities through The FedNow Service With Illinois-Based INB, N.A. As Early Adopter

By Business Wire

Business Wire
Overall Rating

Following the company’s multi-year participation in the Fed’s pilot program, CSI has enrolled INB, N.A. in the modern payments network and encourages other financial institutions to enable real-time transactions that meet and exceed account holder expectations

PADUCAH, Ky.--(BUSINESS WIRE)--CSI, a leading provider of end-to-end fintech and regtech solutions, announced today its instant payments offering is live through the Federal Reserve’s FedNowSM Service. Enrollment is available now for CSI’s NuPoint® and Meridian core platform customers in line with the FedNow Service’s launch.

The FedNow Service is a new payment infrastructure that allows U.S. financial institutions (FIs) of all sizes to provide safe and efficient instant payment services. FIs that adopt the service can provide their account holders with instant access to deliver and receive transactions year-round, including holidays.

“Instant payments will play a crucial role in how financial institutions attract and retain customers,” said Linda Fischer, CSI’s chief operating officer. “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.”

INB, N.A., headquartered in Springfield, Illinois, has already enrolled in the FedNow Service through CSI.

“It was critical for us to engage early with the FedNow Service. Doing so allows us to develop a deep knowledge of the network and methodically evaluate both the opportunities and the risks, so we can improve our capabilities over time while protecting our clients,” said Mark Donovan, SVP and chief operating officer at INB, N.A. “We’re excited to enhance our payments offerings and believe our disciplined approach in collaboration with CSI will enable us to quickly deliver value to our account holders.”

The FedNow Service’s phase-one rollout provides baseline instant payments functionality to support a range of use cases, including high-demand features such as account-to-account (A2A) transfers and bill pay. In addition, banks can join as “receive-only” entities, which allows them to receive and post payments through the service’s real-time settlement process.

“We’re encouraging banks to adopt the FedNow Service immediately,” continued Fischer. “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.”

Institutions interested in learning more about CSI’s instant payments capabilities can email fednow@csiweb.com. For more information on CSI, visit csiweb.com.

About CSI

As a forward-thinking technology partner, Computer Services, Inc. (CSI) delivers fintech, regtech and cybersecurity solutions to financial institutions and corporate customers, both foreign and domestic. In addition to its reputation for providing expert service, CSI focuses on propelling crucial technology advancements, accelerating speed-to-market and deploying solutions for fraud and anti-money laundering, account origination, small-to-medium businesses and treasury management, managed IT services and cybersecurity, real-time payments, open banking, Banking as a Service and more. From top global brands to community financial institutions across the nation, CSI delivers agile technology to its partners that’s designed to accelerate their growth and maximize their success. For more information, visit csiweb.com.

Contacts

Callie Neatherlin
Red Fan Communications
media@csiweb.com
512-439-9720

First published on Thu, Jul 20, 2023

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