CSI Introduces Instant Payments through FedNow Service, with INB, N.A. as Initial Participant

PADUCAH, Ky., July 20, 2023 (VSNewsNetwork.com) - CSI, an eminent provider of comprehensive fintech and regtech solutions, today launched its instant payments service via the Federal Reserve's FedNow Service. Having taken part in the Federal Reserve's multi-year pilot program, CSI now extends the opportunity for enrollment in this modern payments network to its NuPoint and Meridian core platform customers, coinciding with the launch of the FedNow Service.

The FedNow Service, an innovative payment infrastructure, empowers US financial institutions of all sizes to deliver safe and instantaneous payment services. Institutions adopting this service can offer their account holders around-the-clock access to execute and receive transactions, including holidays.

"Instant payments will play a pivotal role in how financial institutions attract and retain customers," stated Linda Fischer, CSI's Chief Operating Officer. "In this evolving economic landscape, account holders expect their banks to support instant payment processing, necessitating advanced technological capabilities. The FedNow Service provides the fundamental base for CSI to develop the requisite tools for financial institutions to cater to their account holders' needs."

Springfield, Illinois-based INB, N.A. is the first to enroll in the FedNow Service through CSI. "We're excited to enhance our payments offerings and believe our disciplined approach in collaboration with CSI will enable us to promptly deliver value to our account holders," said Mark Donovan, SVP and Chief Operating Officer at INB, N.A.

CSI encourages other financial institutions to leverage the benefits of the FedNow Service and enable real-time transactions, aligning with contemporary account holder expectations.

For more information about CSI, visit csiweb.com.

Source: CSI via Business Wire