The Federal Reserve FedPayments Improvement program invites Photon Commerce as a member
The US Federal Reserve’s FedPayments Improvement program, as well as its Ecosystem Accelerator, as invited Photon Commerce to join.
Photon Commerce is proud to be featured in the Federal Reserve’s FedNow Service Provider Showcase, an online resource designed to connect financial institutions looking to adopt and innovate upon the FedNow Service with service providers offering instant payment solutions.
“We’re thrilled to be part of the FedNow Service Provider Showcase and look forward to helping other organizations implement instant payments,” said Michael Young. “With our solutions, financial institutions, businesses, and consumers will be able to access the speed, convenience and other benefits the FedNow Service will provide when it launches in 2023.”
“We appreciate the commitment of Photon Commerce to enabling FedNow adoption and participating in the showcase,” said Nick Stanescu, Federal Reserve Bank senior vice president and FedNow business executive. “The time is now for organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding.”
To learn more, visit Photon Commerce’s profile in the FedNow Service Provider Showcase on FedNowExplorer.org.
Instant Payments Solutions
Photon Commerce provides the following instant payment services to organizations that are adopting the FedNow Service:
Photon has already launched API solutions for providing account-to-account and B2B instant payments, as well as automating Straight-Through-Processing of invoices and remittances for streamlining Accounts Payable and Accounts Receivable. Its APIs deliver interoperability between The Clearing House Real-Time Payments, and the FedNow instant payments services through ISO® 20022 compliance. Organizations that need to adopt ISO 20022 leverage Photon’s automation to convert any payment, invoice, remittance, or PDF into a standardized ISO 20022 message automatically within seconds.
Photon delivers the following:
Instantly convert any invoice, including a PDF, into a FedNow Service instant payment, RTP, or Request for Payment.
Captures and digitizes the $25T in US B2B spend originating from any invoice, delivering 1-click invoice pay even for international invoices. This solution cuts 18-25% of fraud by significantly reducing unrecognized charges.
Enrich payments data with itemized SKU data for any transaction, even when merchants do not share it.
Automatically GL-code transactions down to each line item.
Accelerate loyalty, rewards, cashback, and engagement of customers down to SKUs. Transaction data is then turned into marketing data, identifying new opportunities for new customers.
Enable Straight-Through-Processing for invoices with typical speeds reaching 5 seconds. The Fed and Microsoft report that 75% of all invoices and b2b transactions are manually processed today (Source: https://fedpaymentsimprovement.org/news/blog/modernizing-b2b-payments-the-time-for-digitalization-is-now/)
Complement cards with real-time APIs for T&E and spend management.
Transforms any pdf invoice, statement, remittance, or receipt into an ISO 20022 standard, irrespective of format, origin, vendor, language, or country.
APIs to instantly create stablecoin and cryptocurrency digital wallets, KYC/KYB accounts, link bank accounts, facilitate A2A instant payment transfers, and provide Same Day ACH payments.
Enable 1 click bill pay, wires, and remittances
Photon’s customers include leading fintech companies, banks, neobanks, card issuers, travel and expense management platforms, eCommerce platforms, b2b eCommerce, b2b Buy-Now-Pay Later financing companies, logistics, freight factoring, and core payments processors.
About Photon Commerce
Photon Commerce works with the FIS, Visa, Brex, and fintech leader to deliver instant payments, invoices, remittances, and embedded financing. Photon's AI captures, understands, and standardizes any invoice from around the world, enabling seamless receivables and supply chain finance.
Photon is a leader in B2B payments automation, instant payments, and invoice Straight-Through-Processing. Photon Commerce provides payments APIs to payments processors, fintech, financial institutions, and treasury management platforms to automate instant payments, invoices, remittances, Accounts Payable, Accounts Receivable, Supply Chain Finance, and Receivables Finance.
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year.
Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments.
Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents.
For more information, visit FedNowExplorer.org
"FedNow" is a service mark of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.
