CGI Federal’s cloud-based All Payments solution is now certified to support financial transactions on FedNow Service, the Federal Reserve Bank’s newly launched instant payments system, the company announced on Wednesday.
CGI’s All Payments can be deployed across multiple cloud environments, enabling banks and financial institutions’ adoption of the FedNow Service to instantly facilitate credit transfers and payment requests, the company said.
CGI joined the FedNow Service’s pilot program in 2021 and has been actively developing capabilities related to the service since then, it added.
According to Robert Coakley, CGI vice president and payments program head, the company is onboarding its clients to the FedNow Service to help them extend instant payment services to their own customers.
FedNow Service, which is open to all banks and financial institutions, was launched by the Fed in July.
The launch saw 57 early adopters including 41 financial institutions, 15 service providers and the U.S. Department of the Treasury.
The Fed is continuing to onboard more FedNow Service adopters onward 2023, with the aim of including all 10,000 U.S. financial institutions in the network.