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Be ready – Iliad offers testing solution for banks signing up to Federal Reserve’s FedNow(SM) Service
Iliad Solutions, a global leader in payments testing, is offering support to financial institutions adopting the new FedNow Service to help them get ‘Service’ ready. The FedNow Service, due to go live in July, will give financial institutions across the US the opportunity to provide new, safer and efficient, instant payment services in real time, 24/7.
Testing is critical
An orchestrated version of Iliad’s t3 virtualized payments testing platform is available to financial institutions wanting to join the FedNow Service allowing them to robustly test their payment systems end to end and to help ensure a smooth transitioning to the new system in a timely manner.
Iliad’s virtualized FedNow Testing Solution enables users to quickly prepare the organization’s internal systems for FedNow. Financial institutions can harness Iliad’s ‘receive’ option if they only want to allow customers to accept incoming payments. Alternatively, a ‘send and receive’ option for banks that wish to support both incoming and outgoing payments is also available.
In addition, there are a number of key features which provide users with confidence and control including:
- Business Rule Validation
- Message Validation
- Testing Financial and Non-Financial Messages
- Pre-packaged tests with the opportunity to build your own
- Dashboards with reporting and interrogation capability
- Maintained and supported afterwards as FedNow evolves
The t3 platform can virtualize an organization’s entire payments infrastructure in a single browser-based platform, including FedNow Service, Fedwire®, TCH RTP, CHIPS, and Open API allowing institutions using the platform to additionally extend the solution to support broader payments testing across their organizations.
t3:Now, a testing option from the platform, enables institutions to select the precise solution needed for their projects and budgets. It can be deployed on premise or as a cloud-based system so banks can pick and choose the precise testing elements needed. And rather than hiring more people to run a costly, manual process, t3:Now can automate much of the process. This reduces the operational risk and costs of the project, accommodating Opex rather than CapEx models if required.
Anthony Walton, Iliad Solutions, CEO comments: “We are delighted to be a FedNow Service Provider and look forward to helping financial organizations across the US to implement instant payments. With our payments testing solutions, participating institutions will be able to access the speed, convenience and wider benefits the FedNow Service provides.”
Walton adds: “Now is the perfect time for financial institutions to join two of the USA’s top 5 banks who have already selected Iliad to accelerate their participation in the Service.”
Iliad Solutions is a global leader in testing and certification and have been implementing real-time payment testing across the world since 2005. Its technology platform helped 11 of the first 13 UK banks to prepare for the “Faster Payments” initiative. 18 years later in 2023, Iliad are a first choice option for financial institutions wanting to launch Instant Payments including the FedNow initiative.