CSI Works to Advance Adoption of Real-Time Payments through FedNow Pilot Participation

Rhea-AI Summary

Computer Services, Inc. (OTCQX: CSVI) is participating in the FedNow Pilot Program aimed at enhancing instant payments in the U.S. This program facilitates industry collaboration for the Federal Reserve's new real-time payment service. CSI will support the development and adoption of the FedNow Service, having previously engaged in the ISO 20022 working group. CEO David Culbertson highlighted that this participation allows CSI to influence the service's features for community financial institutions, enhancing their payment processes.

Positive

• Participation in the FedNow Pilot Program enhances CSI's market position in digital payments.
• CSI will influence the FedNow Service, potentially leading to superior customer offerings.
• CSI's digital payment solutions allow immediate fund clearance and cater to both consumers and businesses.

Negative

• None.

Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end fintech and regtech solutions, is participating in the FedNow Pilot Program to advance instant payments in the U.S. The program is designed to foster industry partnerships in development of the Federal Reserve’s new real-time payments service.

As part of the FedNow Pilot Program, CSI will support development, testing and adoption of the FedNow Service. Prior to joining the pilot program, CSI participated in the Fed International Organization for Standardization (ISO) 20022 working group, a precursor to the pilot program.

“CSI develops innovative technology solutions to provide our customers with the tools needed to create a seamless payment experience,” said David Culbertson, CSI president and COO. “Through CSI’s participation in the FedNow Pilot Program, we will offer our expertise in digital payments to influence and shape the FedNow Service, so it provides the greatest benefit possible to community financial institutions and consumers. And our bank customers will be among the first to process real-time payments using the new platform.”

CSI’s digital payment solutions empower financial institutions with industry-leading tools to deliver fast, simple payment options to customers through the company’s digital banking platforms. The integrated payment solutions provide convenient, secure money movement for both consumer and business accounts. Additionally, CSI’s industry-leading peer-to-peer (P2P) solution delivers the latest payments technology, allowing funds to clear in a matter of seconds.

As a member of the pilot program, CSI will play an instrumental part in shaping the service’s features and functionality to ensure industry readiness. To learn more about the FedNow Pilot Program and the FedNow Service, visit FedNow.org.

About Computer Services, Inc.

Computer Services, Inc. (CSI) delivers core processing, digital banking, managed services, payments processing, print and electronic document distribution, and regulatory compliance solutions to financial institutions and corporate customers, both foreign and domestic. Management believes exceptional service, dynamic solutions and superior results are the foundation of CSI’s reputation and have resulted in the Company’s inclusion in such top industry-wide rankings as IDC Financial Insights FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers lists. CSI has also been recognized by Aite Group, a leading industry research firm, as providing the “best user experience” in its 2019 AIM Evaluation: The Leading Providers of U.S. Core Banking Systems. In addition, CSI's record of increasing its dividend each year for 49 years has earned it a designation as one of the financial media’s “Dividend Aristocrats.” CSI’s stock is traded on OTCQX under the symbol CSVI. For more information, visit csiweb.com.

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FAQ

What is the significance of Computer Services, Inc.'s participation in the FedNow Pilot Program?

CSI's involvement in the FedNow Pilot Program positions it as a key player in developing real-time payment solutions, enhancing its service offerings for financial institutions.

How will CSI influence the FedNow Service?

CSI will support the development and testing of the FedNow Service, shaping its features to benefit community financial institutions and consumers.

What are the expected benefits for CSI's customers from the FedNow Pilot Program?

CSI's customers are expected to be among the first to process real-time payments, improving their payment processing capabilities.

What role did CSI play before joining the FedNow Pilot Program?

Prior to joining the pilot program, CSI participated in the ISO 20022 working group, which laid the groundwork for real-time payment systems.