The US Federal Reserve has selected AutoRek, a global end-to-end financial data control platform, to feature in its FedNow Service Provider Showcase, which connects financial institutions with providers offering real-time payment solutions.
Launching in July this year, the FedNow Service – an instant payments infrastructure developed by the Federal Reserve – will allow consumers and businesses of every size to send and receive payments in real-time.
As a provider featured in its showcase, AutoRek has the chance to offer a number of its instant payment services to US financial services organizations preparing for the new real-time payments system.
Banks and payments firms can browse the key features of AutoRek that will help them implement and improve instant payments – including data management, automated real-time reconciliations and MI, accurate and transparent reporting, and automated workflows.
Nick Botha, Global Payments Sales Manager at AutoRek, said: “The Federal Reserve’s new FedNow service will be a game-changer for real-time payments in the US.
“So we’re thrilled to have been recognized by the Federal Reserve for our ability to support institutions with the safer, faster transfer of money. As part of the FedNow community, we know we’ll be able to add huge value to all organizations embarking on the journey of instant payments.
“With our solutions, banks and payments companies will be able to save time, increase efficiency and scale at speed while ensuring complete financial control across their business.”
Nick Stanescu, Federal Reserve Bank Senior Vice President and FedNow Business Executive, added: “We appreciate the commitment of AutoRek to enabling FedNow adoption and participating in the showcase.
“The time is now for organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding.”
To learn more, visit AutoRek’s profile in the FedNow Service Provider Showcase on FedNowExplorer.org.