CGI certified to support instant payments on the new nationwide FedNow® Service

Rhea-AI Summary

CGI's All Payments solution has been certified to support transaction activity for financial institutions on the FedNow Service, contributing to their operational readiness for instant payment services. CGI has been actively developing FedNow Service-specific capabilities and is working to onboard clients. The CGI All Payments solution provides connectivity and allows banks to deploy quickly and become adopters of the FedNow Service.

FAIRFAX, Va., Sept. 20, 2023 /PRNewswire/ -- CGI (NYSE: GIB) (TSX: GIB.A) today announced that the CGI All Payments solution has been certified to support transaction activity for financial institutions that make payments on the Federal Reserve Bank's new instant payments system, FedNow^® Service. 

"We are excited that early adopters across the country are making strides in their operational readiness for transacting through the service since we launched in July," said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. "Completing certification is a key milestone for participating organizations to validate their ability to deliver instant payment services."

CGI has been actively developing FedNow Service-specific capabilities since joining the FedNow Service Pilot Program in 2021. With four decades of deep expertise and industry knowledge in the global payments sector, CGI contributed to the development and market readiness of this new system throughout the certification process. CGI was certified to support sending and receiving FedNow Service credit transfers and requests for payment.

"CGI is an active member of the FedNow community and is working to onboard clients and empower them to deliver instant payment services to their customers at a pace that's right for them," said Robert Coakley, Vice-President Consulting, Delivery, and CGI Lead for Payment Solutions.

The CGI All Payments solution provides connectivity to this new rail, which helps banks rapidly deploy the orchestration, processing and network connectivity required to meet evolving market needs. Delivered as a package or cloud-based platform-as-a-service, CGI All Payments deploys quickly and allows banks to become adopters of the FedNow Service. With a core ISO 20022-native database, API-driven workflows and certified interfaces, CGI clients have deployed from kick-off to go-live in as little as four months, allowing return on investment and future business growth to begin faster.

About CGI
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 91,500 consultants and professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. CGI Fiscal 2022 reported revenue is $12.87 billion and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.

 

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SOURCE CGI Technologies and Solutions, Inc.