US-based fintech Finzly has announced the release of its new API connection feature, designed to access FedNow Service, an instant payment rail. Following this launch, platforms and financial institutions have the possibility to build their own real-time payment experiences in order to access the FedNow Services and embed instant payments.

This will be possible through the usage of a sandbox provided by Finzly. Being a participant of the new FedNow Service, Finzly enables its customers such as banks and fintechs to access its sandbox environment, in order to connect to the pilot version of the instant payment platform through the API provided by the company. Expected to launch in 2023 by the Federal Reserve Bank, the FedNow Service is a new instant payment platform.

This solution aims to provide financial institutions of any size, and in any location across the US, the possibility to access a secure and efficient instant payment suite of services in real-time, available 24 hours a day. The type of payments that will be able to connect to the platform include insurance payouts, subscriptions, investments, lending, treasury, healthcare payments, online commerce, point of sale, and others. Furthermore, the product is allegedly going to power innovative use cases across different industries, in the payments landscape, where instant companies are an important factor for the ecosystem players.

Using the service, the process of paying bills and invoicing can be simplified by using the product’s request for payment feature (RFP), while keeping immediate acknowledgments, requests of information, and requests for the return of funds together in one secure place, in order to provide an improved payment experience to customers. The API services of Finzly enable companies that want to include the FedNow Service in their platform to build and test applications and to transact using the solution. This will offer developers the capability to send instant payments and get immediate updates on payments that were received or returned.

Fitzy’s product launches and partnerships Providing its customers with real-time software and app solutions for payments, online banking, trade finance, foreign exchange, and lending, Finzly announced multiple product launches and collaborations recently. In November of 2023, the company launched a treasury management super app that had the ability to manage accounts, payments, and global treasury needs of business customers. The Finzly Experience Hub was created to embed directly into banks’ existing digital platforms to offer them global transaction banking to business, commercial, and corporate customers.

This treasure management app represents an alternative to conventional one-size-fits-all business banking platforms and services, that drive clients to toggle between different spreadsheets, cash, and treasury management solutions from multiple providers. Earlier in 2022, Finzly joined the Banking-as-a-Service (BaaS) Association. The association was formed by Banker Helping Bankers (BHB), a social platform that focuses on collaborations and the educational process on BaaS.

.