Payall Payment Systems announced it can now support live transactions on the Federal Reserve’s instant payment rail, the FedNow Service. Payall joins a lineup of service providers facilitating transaction activity for financial institutions on the service.
“As a service provider of the FedNow Service, Payall Payment Systems plays a critical role in supporting instant payment capabilities for a diverse range of financial institutions across the country,” said Nick Stanescu, executive vice president and chief executive of the FedNow Service, in a statement. “This widespread reach brings us that much closer to our shared vision of a modern payment experience for all.”
FedNow is a payment rail that makes instant transfers up to $100k between US bank accounts. It launched in 2023 with 35 early adopting banks growing to hundreds of participating financial institutions, settlement agents, liquidity providers and certified service providers within a year.
To support transaction activities for financial institutions participating in the FedNow Service, Payall completed a multi-step customer testing and certification program. The FedNow Service network includes a diverse range of financial institutions and service providers across the US. Payall is backed by Andreessen Horowitz Fund (A16Z), Ventura Capital, Thomson Reuters Ventures, Motivate Ventures, BAT-VC, Presidio Ventures / Sumitomo Corp, PS27 Ventures, family offices and other investors.
Gary Palmer, president and CEO of Payall, said in a statement: “We lead with safety first – our risk, compliance and other innovations are showcased on the FedNow Service Provider Showcase and were purpose-built so that correspondent banks and originating institutions can enable cross-border payments that are safe, transparent, fast, low-cost, and inclusive. Our capabilities eliminate the trade-offs between faster and safer payments, whether delivered to bank accounts, mobile money, digital wallets, cards or cash globally; and now we include domestic transactions by utilizing our capabilities for FedNow Service.”
Financial institutions and service providers will continue to onboard throughout 2025 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the US.