Opus Accelerates FedNow Service Integration for Banks and Financial Institutions
Opus is primed to support banks in adopting the Federal Reserve’s FedNow Service, enabling real-time payments and customer-centric solutions.
As the US financial industry embraces Federal Reserve’s FedNow Service, offering real-time payments, Opus Technologies, a leading payment technology company, stands ready to assist banks and FinTechs in navigating this pivotal change. Opus is among the first service providers enabling financial institutions with FedNow integration.
Opus joined the FedNow Pilot Program in early 2022 and has been working in close collaboration with the Federal Reserve and other pilot participants, including banks and credit unions. Opus aims to offer a wide range of solutions to support FedNow Service including strategic, business and technology assessments. This involves performing a gap analysis of the existing system, determining an implementation roadmap, building use cases, identifying vendor partners to process payments. Offering end-to-end support for FedNow Services, Opus is enabling its clients to access new market opportunities by going live with instant payment quickly and efficiently.
Referring to Opus’ unique positioning as a strategic technology partner, Opus CEO, Praveen TM said, “Opus’ participation in the FedNow program has showcased its commitment to innovation and industry growth. With 26 years of rich experience, Opus has a history of pioneering technology breakthroughs. We aim to provide seamless FedNow integration through an implementation plan that accelerates development time, lowers costs and mitigates risks.”
The FedNow Service is a major milestone for the US financial industry and is expected to reach more than 90 percent of U.S. deposit accounts by the end of 2023. “As a key step towards modernizing the US payments system, FedNow is a vital cog in the digital economy. Opus will continue to engage with other partners in the financial ecosystem to enhance the potential of FedNow Service by enabling diverse payment options,” Praveen TM added.
About Opus Technologies (formerly Opus Consulting Solutions)
Opus is a leading financial technology company dedicated to helping banks and financial institutions embrace the digital age. With a profound understanding of the industry’s evolving landscape, Opus provides innovative solutions that empower organizations to streamline operations, enhance customer experiences, and stay competitive.