Alacriti, a fintech company specializing in payments, announced today that it is among the first companies in the industry to complete FedNow® Service certification and have banks and credit unions utilizing its payment hub to run live transactions on the FedNow Service. The FedNow Service is a new real-time payment rail offered by The Federal Reserve Banks to facilitate nationwide reach of instant payment services by financial institutions. Alacriti’s payments hub solution is core-independent and enables financial institutions to easily make real-time transactions over the FedNow Service network.
“Alacriti has worked very hard to be among the first fintechs to be certified with the FedNow Service, providing ISO 20022 compliance and always-on service. In addition, we participated in the Fed’s pilot program, ensuring that we were more than ready for the live launch. We are pleased to announce that trusted financial institutions such as Veridian Credit Union, First Internet Bank, Avidia Bank, and Consumers Credit Union, have chosen us to connect them to the newest real-time payment rail, and they are live on the newly announced service,” said Mark Majeske, SVP of Faster Payments at Alacriti.
“Payment systems are evolving and improving at an exciting pace,” said Kelly Mangrich, VP of Payment Systems at Veridian Credit Union. “Our partnership with Alacriti has allowed us to be an industry leader and among the first to offer secure, instant payments on FedNow. We’re grateful for the benefits this partnership is giving to our members.”
“For the thousands of small businesses we serve coast-to-coast, and the innovative fintech partners we support, First Internet Bank is committed to delivering leading-edge solutions,” noted Nicole Lorch, President and Chief Operating Officer of First Internet Bank. “Our partnership with Alacriti for real-time payments enables us to help our customers improve their cash flow control and certainty.”
Alacriti’s centralized payment platform, Orbipay Payments Hub, provides innovation opportunities and the ability to make smart routing decisions at the financial institution to meet their individual needs. Financial institutions can take full ownership of their payments and control their evolution with ACH, Wire, TCH’s RTP® network, Visa Direct, and the FedNow Service, all on one cloud-based platform.
To support transaction activities for financial institutions participating in the FedNow Service, Alacriti completed a multi-step customer testing and certification program in the months leading up to launch. Early adopters of the service include a diverse range of financial institutions and service providers across the U.S.