CGI‘s cloud-based enterprise payments platform has been certified to support financial transactions on the Federal Reserve Bank’s newly launched instant payment infrastructure.
CGI All Payments is deployable across multiple cloud environments and allows banks and financial institutions to adopt the FedNow Service to send and receive credit transfers and payment requests instantly, enabling faster business cash flow, CGI said Wednesday.
Robert Coakley, vice president and payments program lead at CGI, said the company is working to onboard clients to the FedNow Service and help them provide their own customers with instant payment services.
CGI was selected to participate in a pilot program for the FedNow Service in 2021 to support the development, testing and adoption of the real-time payment system.
Ken Montgomery, Federal Reserve Bank of Boston’s first vice president and FedNow Service program executive, said certification validates an organization’s ability to deliver instant payment services.