Wichita, Kan. — (June 26, 2023) —Juniper Payments, a PSCU company and the largest cloud-based non-bank third-party provider of inter-bank transaction and reporting systems in the U.S., is among the first in the industry to complete testing and certification for the FedNowSM Service, the Federal Reserve's new instant payment offering launching in July 2023. The service will enable financial institutions to offer 24x7x365 instant payments, allowing customers to send and receive money immediately.
"We are excited that early adopters of all sizes across the country are making strides in their operational readiness for live transactions through the system," said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. "Completing certification is a key milestone for participating organizations to validate their ability to deliver instant payment services."
To achieve certification, Juniper Payments, completed a comprehensive testing curriculum, including fulfilling a checklist of requirements to confirm ability to transmit and process ISO® 20022 messages, and attested that they are prepared to meet the requirements to successfully operate in a 24x7x365 instant payments environment.
"We are immensely proud to be certified as a pioneer on FedNow, which marks a significant leap forward in our mission to offer cutting-edge, seamless payment solutions," said Jon Budd, CEO, Juniper Payments. "This certification affirms our continued pursuit of innovation and commitment to better serve financial institutions in the rapidly evolving digital payments landscape. We thank our dedicated team members at Juniper Payments and our colleagues at the Federal Reserve for their collaborative efforts throughout the certification process, and we look forward to helping our clients explore the new opportunities this platform will offer."
About Juniper Payments
Juniper Payments, a PSCU company headquartered in Wichita, Kansas, delivers payment solutions through correspondent and direct relationships with banks and credit unions throughout the U.S. Our modular solutions are utilized by more than 3,000 financial institutions daily, enabling payment initiation and receipt across all payment rails. Juniper's technology interfaces with core processors and the Federal Reserve, providing streamlined, real-time payments. From traditional payment channels such as ACH, cash letter and wires, to faster rails such as RTP and soon FedNow payment options, Juniper focuses on technology delivery so our customers can focus on their business. Visit JuniperPayments.com for more information.
About PSCU
PSCU, the nation's premier payments CUSO and an integrated financial technology solutions provider, supports the success of more than 2,400 financial institutions and processes nearly 7.7 billion transactions annually. Committed to service excellence and focused on continuous innovation, PSCU's payment processing, fraud and risk management, data and analytics, digital banking, strategic consulting and real-time payments platforms, along with 24/7/365-member support via its contact centers, help deliver personalized, connected experiences. The origin of PSCU model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 45 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit pscu.com.
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