Computer Services (CSI) is participating in the FedNow Pilot Program to advance instant payments in the U.S. The program is designed to foster industry partnerships in development of the Federal Reserve’s new real-time payments service.
As part of the FedNow Pilot Program, CSI will support development, testing and adoption of the FedNow Service. Prior to joining the pilot program, CSI participated in the Fed International Organization for Standardization (ISO) 20022 working group, a precursor to the pilot program.
“CSI develops innovative technology solutions to provide our customers with the tools needed to create a seamless payment experience,” said David Culbertson, CSI president and COO.
“Through CSI’s participation in the FedNow Pilot Program, we will offer our expertise in digital payments to influence and shape the FedNow Service, so it provides the greatest benefit possible to community financial institutions and consumers. And our bank customers will be among the first to process real-time payments using the new platform.”
CSI’s digital payment solutions empower financial institutions with industry-leading tools to deliver fast, simple payment options to customers through the company’s digital banking platforms. The integrated payment solutions provide convenient, secure money movement for both consumer and business accounts.
Additionally, CSI’s peer-to-peer (P2P) solution delivers the latest payments technology, allowing funds to clear in a matter of seconds.
As a member of the pilot program, CSI will play an instrumental part in shaping the service’s features and functionality to ensure industry readiness.