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FAQs
Explore our frequently asked questions and our answers to them.
FedNow®
FedNow - What is it all about?
The FedNow Service, developed by the Federal Reserve, is a novel platform for immediate payments designed to enhance the speed and convenience of everyday transactions, initially launching in the United States. Financial institutions, including banks and credit unions of various scales, have the opportunity to enroll in the FedNow Service, enabling them to provide innovative instant payment solutions to their clientele
What are the various scenarios / applications for adopting FedNow?
Various scenarios and applications for FedNow encompass Account-to-Account transactions, Consumer-to-Business Bill Pay, Peer-to-Peer transfers, Business-to-Business payments, Consumer-to-Business interactions, Business-to-Consumer transactions, and Government and Municipal Payments, among others. Although FedNow initially launched with a limited set of use cases, it is anticipated to expand and evolve over time.
How many financial institutions are participating in the FedNow initiative?
As of January 2024, over 400 financial institutions are participating in the FedNow initiative, and this figure continues to increase.
What are the key characteristics of ISO 20022?
FedNow is built upon ISO 20022, a dynamic standard for financial messages that fosters interoperability among financial institutions, market infrastructures, and banks' customers. ISO 20022 facilitates the incorporation of more comprehensive, well-structured transaction data in payment messages, with the goal of enhancing the overall customer experience.
BlitzzPay Suite
What is the pricing structure of BlitzzPay Solutions?
We provide a highly adaptable pricing model for the BlitzzPay suite of solutions. The pricing for BlitzzPay API and BlitzzPay Simulator is flexible, with options including fixed monthly fees or costs based on the number of scenarios and message volume. Additionally, there are distinct cost structures for the cloud-based and on-premise versions. As for BlitzzPay Analytics, it entails fixed fees along with customization and implementation charges for specific use cases. Please reach out to contact@nimbusnext.com for more details.
What are the different deployment options supported?
BlitzzPay API and BlitzzPay Simulator are accessible through the Microsoft Azure Cloud platform, offering a seamless and secure environment for their deployment. Moreover, organizations have the flexibility to deploy containerized images of these solutions within their own cloud OR on-premise infrastructure, ensuring compatibility with their existing systems. BlitzzPay Analytics requires client's cloud OR on-premise implementation, allowing businesses to integrate it seamlessly with their existing applications and data sources. This ensures that organizations can harness the full power of BlitzzPay Analytics within their own infrastructure, leveraging valuable insights and data-driven decision-making capabilities
Is there an ISO 20022-based FedNow test data generator available?
Certainly, we offer a customizable Test Data Generator capable of generating various FedNow messages in ISO 20022 format. The ability to produce bulk messages can be particularly valuable for stress testing purposes.
What other services do you provide to accelerate FedNow adoption?
In addition to our suite of BlitzzPay solutions, we offer a range of complementary services aimed at expediting the adoption of the FedNow® service. Our comprehensive service portfolio includes application development, integration, and modernization, all designed to empower businesses in their journey toward embracing FedNow. By leveraging these services, organizations can accelerate their transition, seamlessly integrate with FedNow, and modernize their existing systems to fully leverage the potential of instant payments. You can find more details about our services at www.nimbusnext.com.
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