Iliad Solutions prompts readiness for Federal Reserve’s FedNow(SM) Service

US financial institutions are preparing to offer instant payment solutions through the new FedNow(SM) Service from July 2023. Are you ready?

The FedNow Service will give financial institutions of every size, and in every community across the US, the opportunity to provide safe and efficient, instant payment services in real time, 24/7, all year round. An orchestrated version of Iliad’s t3 virtualized payments testing platform has been made available to financial institutions preparing to join the FedNow Service allowing them to robustly test their payment systems end to end and to help ensure a smooth transition to the new system.

Iliad’s virtualized FedNow Testing Solution enables users to quickly prepare the organization’s internal systems for FedNow. Financial institutions can harness our ‘receive’ option if they only want to allow customers to accept incoming payments. Alternatively, we offer a ‘send and receive’ option for banks that wish to support both incoming and outgoing payments.

On top of this, there are a number of key features which provide users with confidence and control including:

• Business Rule Validation
• Message Validation
• Testing Financial and Non-Financial Messages
• Pre-packaged tests with the opportunity to build your own
• Dashboards with reporting and interrogation capability
• Maintained and supported afterwards as FedNow evolves

The t3 platform can virtualize an organization’s entire payments infrastructure in a single browser-based platform, including FedNow Service, Fedwire®, TCH RTP, Card authorizations, and Open API allowing institutions using the platform to additionally extend the solution to support broader payments testing across their organizations.

We are delighted to be a FedNow Service Provider and look forward to helping financial organizations across the US to implement instant payments. With our payments testing solutions, participating institutions will be able to access the speed, convenience and wider benefits the FedNow Service will provide when it launches in July.

We are a global leader in testing and certification and have been implementing real-time payment testing across the world since 2005. Our technology platform helped 11 of the first 13 UK banks to prepare for the “Faster Payments” initiative. 18 years later in 2023, we are a first choice option for financial institutions wanting to launch Instant Payments including the FedNow initiative.

To learn more, visit Iliad Solutions profile in the FedNow Service Provider Showcase.

 

Additional information:

Iliad’s t3 platform provides several key payments testing features to US banks preparing for FedNow Service participation including:

BESPOKE

• Supports the testing of all FedNow’s message scenarios.
• Allows the development of the participant’s own tests to ensure the environment is ready.
• Manual testers can run automation using Iliad’s test studio and palettes with a blend of test data.

ADVANCED

• FedNow Service message version updated prior to FedNow Service releases.
• Supports multiple communication protocols including HTTPS, TCP/IP, MQ.
• Powerful “presentation of results” enables Users to identify where errors have occurred.
• Test results are readily available, easy to understand and immediately show users where problems lie and their causes.
• Use of centrally managed data rather than localized silos ensures data persistence and availability, while eliminating the possibility of losing test data and configurations.

CONTROL

• Fully simulates the FedNow Service and a participant.
• Enables FedNow participants to thoroughly test downstream applications impacted by real-time payments.
• Conditional-based test scenarios with matching response rules. (PACS.002 etc.)
• Tagging of Test Data to allow for test automation and comprehensive regression testing.

AGILE

• Provides consistent assurance.
• Complements Agile methodologies and DevOps to allow full and continuous automated regression testing.
• Test Data Management – single source of test data, reusability, importation and exportation of data.
• Test Systems/Workspaces: easy to use and configure as needed – supports unlimited users across multiple environments. (Dev, SIT, etc).

Learn more about Iliad’s FedNow Testing Solution.