US· 2min July 26, 2023
Form3, the cloud-native account-to-account platform, today announced that is among the first in the industry to complete testing and certification for the FedNowSM Service, the Federal Reserve’s new instant payment offering that launched on July 20, 2023.
The FedNow Service is the Federal Reserve’s new instant payment platform, which will provide financial institutions of every size, and in any location across the nation, access to safe and efficient instant payment services in real time, 24 hours a day. The launch of the FedNow Service marks a significant step forward in the US payments landscape, providing substantial benefits for consumers and businesses, such as rapid access to funds and managing cash flows.
Ken Montgomery · Federal Reserve Bank of Boston, First Vice President · FedNow, Service Program Executive
To achieve certification, Form3 met the requirements of the FedNow Service testing program and attested that it is prepared to meet the requirements to successfully operate in a 24x7x365 instant payments environment. Form3 has also participated in the FedNow Service Pilot Program since July 2022.
Form3's enterprise-grade, managed, payment technology platform is available to help early adopters connect to the FedNow Service, offering banks and financial service providers in the US the opportunity to take the next step on their journey by expanding their reach and product range.
Form3’s innovative and industry-leading approach to backend payment technology is built on the company’s deep experience of the instant payment industry in Europe. Form3 has been working with leading banks and financial institutions in the UK on the Faster Payments System (FPS) network since 2016.
Form3's scheme-agnostic API will help to drive the broader roll-out of instant payments in the US. Form3's instant payments simulator is available for banks and financial service providers to use to test out instant payments, ensuring a seamless onboarding process to institutions that want to connect to the FedNow Service and TCH RTP
Dave Scola · Chief Executive - US
Form3 is the account-to-account platform. Founded In 2016, Form3 set out to revolutionise the world of payment processing and disrupt the traditional payment infrastructure model, with an always on, cloud-native, Payments-as-a-Service platform. Today, Form3 is trusted by some of UK and Europe’s biggest Tier1 banks and fastest-growing fintechs to handle their critical payments architecture. Form3 has been awarded Payments Innovation of the Year 2022 by Payments Awards, Most Innovative Mobile or Financial Service Payments Solution 2022 by PAY360 Awards, Payments Innovation of the Year 2022 by FSTech Awards and was shortlisted as Diversity Champion of the Year 2022 run by British Diversity Awards.