of the FedNow Service
Enabling instant money movement – 24/7 – 365 days of the year.
In this ever-changing world we know businesses and our partners want faster, and more efficient payments. Today, FreedomPay is excited to unleash the power of the Federal Reserve Financial Services‘ FedNow Service to deliver instant payments, and lower costs to merchants of all sizes across the United States.
Funds will settle between financial institutions in real-time which means merchants will have access to funds in seconds and available for merchants in three ways:
- QR Code: Merchants will have the ability to generate a dynamic payment QR code enabling customers to scan and pay. In parallel with the customer filling out payment information, FreedomPay’s platform will communicate transaction status updates to the selling system or the point of sale and inform the system once payment has been confirmed.
- Mobile Wallet: Securely tokenize and store bank payment credentials within a mobile wallet. Merchants will tender a sale as normal and the user simply selects the bank payment from the mobile wallet and taps their phone. Easy. Simply. Secure. And fast.
- Direct Integration: Merchants will also be able to integrate the wallet directly into their mobile app, allowing their most dedicated customers to pay rapidly in-store, without slowing lines with web interfaces.
FreedomPay’s solution will also support direct payments to mobile point of sale solutions with direct NFC to NFC communications.
When combining the value of the FedNow service with our traditional credit card payments support, loyalty and incentive capabilities, business intelligence, omnichannel analytics and so much more, FreedomPay is truly unleashing the power of a single interconnected global platform.