CGI selected for the Federal Reserve Bank's FedNow Service pilot

Rhea-AI Summary

CGI (NYSE: GIB) has been chosen by the Federal Reserve Bank to join the FedNow Service pilot program, which aims to develop a real-time payments infrastructure. CGI will assist Vantage Bank Texas in delivering real-time payment solutions using CGI All Payments. This participation will allow CGI and its partners to shape the service's features, ensuring a smooth transition for banks adopting the technology. The CGI All Payments platform facilitates quick deployment for banks and enhances payment processing efficiency.

Positive

• Selected for FedNow Service pilot program, enhancing market credibility.
• Collaboration with Vantage Bank Texas to facilitate real-time payments.
• CGI All Payments platform allows rapid deployment and innovation in payment services.
• Potential to improve revenue by reducing transaction costs for banks.

Negative

• None.

FAIRFAX, Va., March 30, 2021 /PRNewswire/ -- CGI (NYSE: GIB) (TSX: GIB.A) today announced that it has been selected by the Federal Reserve Bank to participate in the pilot program for the FedNow Service, a new real-time payments rail. The pilot brings together banking industry leaders to support development, testing and adoption of the FedNow Service, as well as encourage development of services that leverage FedNow Service functionality. As part of the pilot, CGI will support Vantage Bank Texas, a CGI All Payments client, to deliver real-time payments to its client community.

Through involvement in the FedNow Pilot Program, participating financial institutions and industry partners will help shape the product's features and functions, provide input into the overall user experience, ensure readiness for testing and be the first to experience the FedNow Service before its general availability. In the initial advisory phase, participant input will help to further define the service and adoption roadmap, industry readiness approaches and overall instant payments strategy.

The CGI All Payments shared service payments platform 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 clients to be first adopters of the FedNow service. With a core ISO 20022-native database, API-driven workflows and certified interfaces, CGI clients have gone from kick-off to go-live in as little as four months, allowing return on investment and future business growth to begin quickly.

"As the FedNow pilot shows, real-time payments and ISO 20022 adoption are becoming the norm around the world," said David L. Henderson, CGI President, Global IP Solutions. "For our clients, we help accelerate modernization and improve payments efficiency with automation, templates and smart business rules. Whether a bank is looking to deliver distinctive payments experiences, provide real-time payment options or meet compliance mandates, we are working side-by-side with our clients, like Vantage Bank Texas, to ensure they can exceed customer expectations and support FedNow on day one."

About CGI All Payments
CGI All Payments is cloud-proven payments platform built on global industry standards to ensure our client's payments business is future-proof. We help banks to increase revenue by reducing transaction costs and time-to-market for new revenue streams. A bank's customers also benefit from a wide range of payment choices and the ability to transfer and receive funds in real-time 24/7/365. As an integrated software platform for processing real-time, wire and ACH payments, CGI All Payments' built-in workflow engine helps automate the processing of payment transactions to reduce manual processing while improving straight-through processing (STP) rates across all payment types.

About CGI
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 76,000 consultants and other 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 2020 reported revenue is C$12.16 billion and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.

 

View original content:http://www.prnewswire.com/news-releases/cgi-selected-for-the-federal-reserve-banks-fednow-service-pilot-301257707.html

SOURCE CGI Technologies and Solutions, Inc.

FAQ

What is CGI's role in the FedNow Service?

CGI has been selected to participate in the FedNow Service pilot program, helping shape its features and support Vantage Bank Texas with real-time payment solutions.

When was CGI selected for the FedNow Service pilot program?

CGI was selected for the FedNow Service pilot program on March 30, 2021.

What benefits does CGI All Payments provide?

CGI All Payments enables banks to quickly deploy real-time payment capabilities and reduces transaction costs, enhancing overall efficiency.

Which bank is CGI collaborating with for the FedNow Service?

CGI is collaborating with Vantage Bank Texas as part of the FedNow Service pilot program.