UK-based Iliad Solutions has extended its support to financial institutions looking to adopt the upcoming FedNow Service. The FedNow Service is scheduled to launch in July 2023, and it will give financial institutions across the US the opportunity to provide instant payment services in real-time, 24/7, in a safer and more efficient manner.

In order to become compatible with the new service, financial institutions can now leverage Iliad Solutions’ t3 virtualised payments testing platform. The platform allows institutions to test their payment systems end to end and to help ensure a smooth transition to the new system in a timely manner. In essence, the virtualised FedNow Testing Solution allows users to prepare the organisation’s internal systems for FedNow.

For instance, users can leverage Iliad’s 'receive' option if they only want to allow customers to accept incoming payments or access a 'send and receive' option designed for banks that are looking to support both incoming and outgoing payments. The t3 platform can virtualise an organization’s entire payments infrastructure in a single browser-based platform. It is compatible with the upcoming FedNow Service, Fedwire, TCH RTP, CHIPS, and Open API thus allowing institutions to extend the solution to support broader payments testing across their organisations.

Other noteworthy features of Iliad’s offering include message validation, business rule validation, the ability to test financial and non-financial messages, dashboards with reporting and interrogation capabilities, and pre-packaged tests. The company has also assured users that it will support the system in the future as FedNow evolves. More information about Iliad Solutions Iliad Solutions specialises in building, implementing, and supporting major payment solutions.

The company has developed comprehensive and resilient test solutions designed to help its clients minimise any risks associated with payment testing. In July 2022, Iliad Solutions partnered with UL Solutions to provide testing and technology for adopters of the FedNow service. At the time, UL Solutions and Iliad worked with financial institutions, including some members of the FedNow Pilot Programme, to help prepare them to move to the FedNow Service.

According to the company press release, financial institutions looking to work with Iliad can gain assistance in automating payment testing, simulating a real-world transaction path with multiple legs, and testing the business flow as opposed to simulating individual pieces of the transaction. Institutions can also decrease risk by testing end-to-end in new deployments, and forensically analyse test results, which saves time and increases effectiveness. .