Primesoft Inc is proud to be featured in the Federal Reserve’s FedNow Service Provider Showcase, an online resource designed to connect financial institutions looking to adopt and innovate upon the FedNow Service with service providers offering instant payment solutions.
“We’re thrilled to be part of the FedNow Service Provider Showcase and look forward to helping other organizations implement instant payments,” said the CEO- Ram Konduru. “With our solutions, financial institutions/businesses/consumers across the united states will be able to access the speed, convenience and other benefits the FedNow Service will provide when it launches in 2023.”
PrimeSoft Inc plans to offer the following instant payment services to organizations that are adopting the FedNow Service:
Services and products to support the FedNowSM Service:
Support for multiple protocols – MQ, FTP/SFTP, REST API, and others. Technology solutions – Automated Scheme Simulator Library (Hosted/Cloud
– Automation Testing Library (using GWT/RestAssured format)
– Ability to send/receive messages (inbound/outbound)
– Ability to validate messages against schemas
– Maintain/support template messages
– Dynamic update of messages using scripts
– Connect with IBM MQ
– Manage the threads/thread pools
– Support Multiple threads
– Validating messages
– Secure connection
– Platform Driven Functional/Non-Functional Testing Our Primesoft Inc payment vertical brand is PAYAPT.
“We appreciate the commitment of Primesoft Inc to enabling FedNow adoption and participating in the showcase,” said Nick Stanescu, Federal Reserve Bank senior vice president and FedNow business executive. “The time is now for organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market demands.”
About Primesoft Inc
We specialize in payments domain. We help you build an integrated payments ecosystem for today’s needs and for the next generation. We service banks, financial institutions, clearing houses, card networks and market infrastructures. We offer cloud-native technology with microservices architecture, deep payments expertise and scalability to deliver against your aggressive deadlines. We are committed to continuously support new and evolving standards for digital payment services around the world.
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate the nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org.
“FedNow” is a service mark of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at frbservices.org