Conduent to Offer U.S. Federal Reserve’s FedNow℠ Service for Instant Payments

As a technical integrator, Conduent is the first Business Process Solutions company to use the national network from the FedNow Service to connect companies and government agencies with their customers and constituents

FLORHAM PARK, N.J., July 20, 2023 (GLOBE NEWSWIRE) -- Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, today announced it is expanding its digital payment solutions by offering the U.S. Federal Reserve’s FedNow Service for instant payments. FedNow Service, the agency’s first new payment platform in nearly 50 years, significantly expands access to instant, safe and secure transactions with financial institutions and their customers in the United States.

• As part of the FedNow Service launch on July 19, Conduent completed successful payment transactions and payment requests with multiple clients, including a tolling authority, two state agencies and a global telecommunications company.
  
  
• Serving as a technical integrator for digital payments, Conduent is the only Business Process Solutions (BPS) provider to participate in the FedNow Service launch, and it is the first BPS to offer access to FedNow Service to its clients through Conduent’s Integrated Payments Hub.
  

Financial institutions of all sizes, including regional and small banks, as well as the businesses and agencies and the millions of consumers served by financial institutions will now have more flexibility and more access to safe, secure, irrevocable immediate payments.

“Congratulations to the Federal Reserve on the successful launch of FedNow Service, an important milestone for our country’s broader financial system. By offering the benefits of FedNow Service, Conduent is proud to help expand access to accelerated, secure payments, regardless of banking relationships,” said Cliff Skelton, President and Chief Executive Officer, Conduent. “Adding FedNow Service to our capabilities is another example of how Conduent drives digital transformation and empowers today’s digital economy where speed, convenience and security are paramount.”

By offering new instant payment capabilities, Conduent can help businesses across a range of industries and government agencies eliminate paper, reduce costs, improve security and bolster customer satisfaction while providing immediate payment options to their end-users. For example, transportation authorities can offer motorists instant payments to satisfy tolling and parking fees. Refunds and rebates can be sent to consumers avoiding check costs. Government agencies can mitigate fraud with account ownership authentication expediting the validation process for benefits.