Canada-based IT and business consulting firm CGI has revealed that it is now certified to support instant payments on FedNow Services . As per the official release, the CGI All Payments solution has been certified and can now support transactions from financial institutions that make payments on the Federal Reserve Bank's FedNow Service.

CGI has reportedly been developing capabilities centred around the FedNow Service since it joined its pilot programme in 2021. Throughout the certification process, CGI contributed to the development and market readiness of the service. As a member of the FedNow community, the IT and business consulting firm purportedly works towards onboarding clients and enabling them to extend instant payment offerings.

More precisely, solution-wise, the CGI All Payments facilitates connectivity to the FedNow rail, thus enabling banks to deploy the necessary connectivity for orchestration, processing, and network that is necessary to meet market needs. CGI’s All Payments product is reportedly delivered as a package or cloud-based platform-as-a-service (PaaS). The solution features an ISO 20022-native database, API-driven workflows, and certified interfaces.

CGI is an IT and business consulting services firm, encompassing over 91,500 consultants and professionals worldwide. The company extends capabilities ranging from consulting to systems integration, managed IT and business process services, and intellectual property solutions. More about the FedNow Service and the demand for real-time payments The FedNow Service was launched earlier in 2023 by the Federal Reserve with the aim to enable banks and credit unions to instantly transfer money for their customers at any time of day and year.

Among the companies that completed the FedNow Service certification include financial software applications and marketplaces provider Finastra, financial services technology company FIS, and financial technology platform Adyen, among others. Real-time payments have become a hot topic in recent times worldwide. The growing popularity of the concept was further confirmed by a report, released earlier in 2023, by BNY Mellon and Datos Insights.

The research, which also consisted of a survey of 1,037 employees of midsize and large corporations in 11 countries spanning North America, Europe, and the Asian Pacific region, showcased a growing consumer demand for faster payment options. As outlined in the findings of the report, a focus on faster payment rails is a key market opportunity for businesses looking to cater to customer expectations. .