FedNow Payments Are Added to Dragonfly Financial Technologies’ Digital Composable Banking Solution

FinTech company Dragonfly Financial Technologies Corp., which specializes in digital banking and treasury management, today introduced FedNow Payments, enabling banks to utilize the newly introduced FedNowÒ Service. The FedNow Service, a brand-new instant payment infrastructure created by the Federal Reserve, was introduced in late July 2023 and enables financial institutions of all sizes to offer secure and effective immediate payment services nationwide. A stand-alone product that can be added to any bank’s digital offering is Dragonfly’s FedNow Payments.

Instantaneous, round-the-clock payments are made possible by Dragonfly’s FedNow Payments. This leads to quicker payroll processing, easier-to-understand bill payments, better cash flow, better reconciliation, cash forecasting, and liquidity management, as well as increased transaction efficiency overall. Because of the solution’s compatibility with current payment systems, integrating it with different digital banking platforms and financial service providers will be easy. Real-time payments are expected to provide $184 billion in total net savings for consumers and enterprises, in addition to facilitating increased economic output estimated to be worth $173 billion in formal GDP.