Dragonfly Financial Technologies Corp., a digital banking and treasury management FinTech, today launched FedNow Payments, which gives banks the ability to use the recently deployed FedNow Service.
Launched in late July 2023, the FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient instant payment services. Dragonfly’s FedNow Payments is a standalone solution that can be added to any bank’s digital offering.
Dragonfly’s FedNow Payments enables instant, 24/7/365 payments, which permits faster payroll processing, more intuitive bill payments, improved cash flow improving reconciliation, cash forecasting and liquidity management and enhanced overall transaction efficiency. The solution will be interoperable with existing payment systems, enabling seamless integration with various digital banking platforms and financial service providers. Real-time payments are forecasted to facilitate additional economic output to the tune of $173 billion in formal GDP, as well as forecasted to drive $184 billion in aggregated net savings for consumers and businesses.
“The FedNow Service is set to transform the current payment ecosystem. As we continue to expand our digital composable banking platform, we know it’s of critical importance to have the latest payment solutions available for our customers.” said Jim Gillespie, Chief Product Officer at Dragonfly Financial Technologies Corp. “Our FedNow Payments enables banks to provide their customers with real-time, flexible payments that are secure and scalable, and we’re excited to offer this new payment option to banks that are making the jump to the FedNow Service.”