CSI (Computer Services, Inc.) is a leading provider of fintech and regtech solutions, and they have announced the launch of their instant payments offering through the Federal Reserve’s FedNow Service. The FedNow Service is a new payment infrastructure that enables U.S. financial institutions of all sizes to provide safe and efficient instant payment services to their account holders year-round, including holidays.
Linda Fischer, CSI’s chief operating officer, emphasizes the importance of instant payments in today’s financial environment, where customers expect their banks to facilitate quick payment processing. The FedNow Service serves as the foundation for CSI to build tools that support financial institutions in meeting these customer demands.
INB, N.A., a financial institution headquartered in Springfield, Illinois, has already enrolled in the FedNow Service through CSI. They see the early engagement as an opportunity to gain deep knowledge of the network, assess both opportunities and risks, and enhance their payments offerings to better serve their clients.
The FedNow Service’s initial rollout offers basic instant payments functionality, including features like account-to-account transfers and bill payments. Additionally, banks can join as “receive-only” entities, allowing them to accept and process payments through the service’s real-time settlement process.
CSI encourages banks to adopt the FedNow Service promptly, highlighting the importance of at least being able to receive transactions, which enables account holders to seamlessly accept funds from various sources.
As a technology partner, CSI delivers fintech, regtech, and cybersecurity solutions to financial institutions and corporate customers, both domestically and internationally. They are known for their expert service and focus on advancing technology, speeding up time-to-market, and deploying solutions related to fraud prevention, anti-money laundering, account origination, small-to-medium business support, treasury management, managed IT services, cybersecurity, real-time payments, open banking, and Banking as a Service, among other offerings. CSI works with a wide range of financial institutions, from global brands to community banks across the United States.
About CSI
For more information, you can visit CSI’s website at csiweb.com.