5 reasons to use GFT to implement FedNow
GFT worked with Central Bank of Brazil to create Pix, its version of FedNow. With lessons learned from Brazil and its adoption of Pix, we’re ready to bring our instant payments expertise and solutions to the U.S. market. Learn the benefits of implementing FedNow and why your company should take advantage of GFT's solutions to do so:
Why implement FedNow?
This payment system utilizes data, communication and speed to settle transactions instantly. FedNow isn’t the first instant payment system to be created, but it is the fastest and available 24/7.
This can allow more flexibility in your budget, as you can settle payments at anytime, and at a moment's notice.. After the transaction is complete, the party receiving the funds can use them immediately. If you receive a client payment, these funds will be available same day. This flexibility can lead to more efficiency within your company and quicker service delivery.
FedNow will be released in phases, with each phase introducing a new feature of the platform. One of these features includes optional fraud protection, offering peace of mind. Since it’s created by the Federal Reserve, you will be assured secure transactions.
While opting in to this service is optional, FedNow will be available to all financial institutions. This can increase your payment systems compatibility. It also ensures wider availability for your services, which will allow you to cater to a wider range of clients.
Why implement FedNow with GFT?
GFT has led the execution of an instant payment system in Brazil and we’re ready to bring our knowledge and experience to the U.S. There are many reasons why you’ll benefit from GFT’s capabilities—here are a few of them:
1) GFT offers exclusive, in-house solutions
GFT already has experience with the implementation of this revolutionary payment system, making us vital partners during rollout of the initial phase of FedNow. We understand the full scope of FedNow's implementation, and can provide a comprehensive and assertive support package to ensure that you and your customers receive every advantage this new instant payment method affords.
Our certified experts can support the implementation of FedNow using technical journeys that enable Open Finance, such as cloud migrations, open API frameworks and data management. With in-house solutions, you can expect fast results without the need to work with multiple vendors—GFT has all the expertise you require.
2) GFT provides tailored implementation plans for a competitive advantage
With FedNow’s release coming to the U.S. this month, and instant payment methods increasing in popularity, it is crucial to plan ahead so that your company can incorporate these systems into its infrastructure. GFT can support this need with customized implementation. Our experts utilize unique GFT solutions to implement instant payment systems, which is why we can complete your project in under two months.
Customized implementation can help you save on project costs and ensure professionals have time to acclimate to the payment system, which in turn enables them to offer better customer service. Our use of Agile methodologies also allow us to realize value sooner in a step-by-step delivery method.
3) GFT has GO!BaaS
GO!BaaS is a GFT-designed solution that uses Amazon Web Services (AWS), Open API Frameworks (OAF) and Open-Source technologies. We used this solution to implement Pix in Brazil. GO!BaaS has high security standards and consent monitoring. This enables a safe user experience for the instant payment platform and manages the risk of a security breach.
This solution goes beyond standard regulatory requirements, offering you absolute peace of mind when implementing FedNow. With our regulatory expertise and GO!BaaS support, you can take a hands-off approach to the project and reap the benefits of this instant payment system.
4) GFT's Open API Framework can connect to all the major payment rails
Open API Framework allows a “sandbox” environment for developers to use and adjust existing project codes. This can help with quick implementation and cost efficiency. Open API Framework can also allow developers to make updates to the system more easily, saving time and money in the future.
GFT’s OAF platform uses serverless infrastructure to quickly implement Open Data strategies. This allows you to connect to all of the major payment rails, offering versatile payment options for your clients and customers. Our OAF can also allow you to implement FedNow on a trial basis, to ensure that you are happy with the system and comfortable with how it works before making big changes to your company’s infrastructure.
5) GFT is a trusted brand
Don’t implement FedNow alone, have a trusted partner. With a global team and strong partnerships, you can trust GFT to manage your company’s implementation of FedNow. We’re big enough to deliver, small enough to care about achieving your goals. From the implementation of Pix in Brazil, GFT's competence lies in its proven track record.
We are experts in the regulations and the technical aspect of instant payment methods. We can offer you end-to-end support throughout the implementation and use of FedNow, which can help save on costs. Our full project capability ensure that you have expertise on every step of your FedNow journey.
Ready to start your Digital Transformation?
Learn more about GFT’s FedNow projects and book a meeting with us for a personalized implementation plan and solutions unique to your goals.
