Juniper Payments Supports New FedNow Service, Advancing U.S. Payment System

Jon Budd

Juniper Payments, a PSCU company and the largest cloud-based non-bank third-party provider of inter-bank transaction and reporting systems in the U.S., announced today it is now supporting live transactions on the Federal Reserve’s new instant payment rail, the FedNow Service. Juniper Payments is among the first service providers supporting transaction activity for financial institutions on the service.          
 
Through the FedNow Service, Juniper Payments is positioned to offer financial institutions access to instant payments, helping them remain competitive and offer best-in-class service for consumers. 
 
“As a service provider of the FedNow Service, Juniper Payments demonstrates dedication to innovation,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. “Financial institutions benefit from the ability to offer instant payments through the seamless experience offered by service providers; these critical organizations expand the reach of instant payments and pave the way for industrywide progress.”  
 
To support transaction activities for financial institutions participating in the FedNow Service, Juniper Payments 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.
 
“The entire Juniper Payments team is extremely proud and thrilled to be among the first service providers to leverage the powerful new FedNow Service, which is poised to truly transform the speed and transparency of sending and receiving money in our banking system,” said Jon Budd, CEO, Juniper Payments. “We are eager to see all the capabilities this new service will offer, as well as continue our pursuit to provide clients with access to the most cutting-edge payments solutions that meet the unique needs of today’s digital world.”
 
Financial institutions and service providers will continue to onboard throughout 2023 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the U.S.

---