TORONTO, ON--(Marketwired - Jul 21, 2017) - nanopay Corporation, a secure, real-time payments platform provider, submitted a proposal for review to the United States Federal Reserve's Faster Payments Task Force. nanopay and its digital cash platform, which delivers the benefits of traditional cash at a fraction of the cost of existing payment options and seamlessly integrates into existing financial systems, was a contributing member and proposer to help the Task Force assess and develop alternative approaches to implement a faster and more secure payment system in the United States by 2020. nanopay's proposal received extremely impressive marks, scoring Effective or Very Effective on 33 of the 36 extensive evaluation criteria.
"The current payments process in the U.S. is slow, costly and provides very limited data on the purpose of the payment," said Laurence Cooke, founder and CEO of nanopay. "A faster payment system is vital to maintain economic vitality and competitiveness, and it must continually evolve to meet the needs of a digitally interconnected, real-time and information-driven economy. The score our proposal received demonstrates that nanopay's technology effectively addresses these pain points and provides secure, instant, low-cost and data-rich payments. We're pleased to help the Task Force with this historic opportunity to develop a real-time payment system in the U.S. and see this as a catalyst to help other U.S. companies realize this vision as well."
The Federal Reserve process began more than three years ago in collaboration with industry stakeholders to define the assessment criteria for potential proposers to the Task Force, which originally had 25 proposers. nanopay is one of the remaining 16 successful proposers that have met and exceeded all of the assessment criteria. The Faster Payments Task Force is composed of representatives from a broad group of stakeholders across the payments community, including financial institutions, non-bank payment providers, merchants and corporate businesses, federal and state government agencies, regulators and industry trade organizations.
nanopay's technology improves methods for speed, cost, security, scalability, payer authorization, fraud prevention, ease of implementation and data encryption. Its proposal represents an innovative way to deliver faster payments for B2B, P2P, B2P and P2B use cases as well as clearing and settlement between banks. A key benefit of nanopay's platform is the ease with which it can integrate with existing legacy systems prevalent throughout U.S. banks and credit unions without changes to the FI's core or creating a costly payments hub. Accessed through open API's, nanopay enables banks to deliver modern solutions without significant integration costs across a wide variety of applications. nanopay's platform includes ISO 20022 messaging, which offers banking partners next generation payments without a significant investment.
The Task Force's process evaluated solution proposals against the below criteria for achieving safe and faster payments:
1. Identify target use cases for faster payments, leveraging experience in other countries
2. Develop a range of possible design options that would address speed requirements and other needed features in each of the target use cases
3. Assess each design option for its effectiveness in meeting identified use-case needs
4. Explore high-level business requirements, technical requirements and business cases
5. Provide a high-level work plan for potential paths forward
Based on its assessment, the Task Force recommends establishing a formal governance framework, developing infrastructure to support faster payments and creating a faster payments system that is future-focused. Furthermore, it should be able to address evolving security threats, meet changing end-user needs and foster continuous innovation through new technologies. The Task Force is issuing a call to action to all payments stakeholders to come together to make the faster payments vision a reality and evaluate more future-proof solutions like nanopay's frictionless® digital cash platform that will evolve with the payments landscape.
With the release of the final Task Force report, nanopay is actively engaging banks, payment service providers and other partners looking to implement a real-time clearing and settlement payment system. The nanopay platform will integrate easily into existing banking systems and provide real-time account to account payments.
To speak with a nanopay payment specialist or learn more about nanopay, visit http://www.nanopay.net/.
About nanopay
Founded in 2013, nanopay is a Fintech company based in Toronto that provides a real-time payments platform to enable banks, payment service providers and businesses to modernize their payment systems and deliver instantaneous and secure global payments. nanopay's platform was built for payment innovation with solutions for cross-border & B2B payments, digital cash and settlement in capital markets.
At the heart of the nanopay platform is its unique patented technology, acquired from the Royal Canadian Mint in 2015, which securely stores and moves value between users, instantly and without intermediaries. nanopay's open and flexible APIs ensure easy integration and reduces the time, cost and complexity of implementations. nanopay's platform has been live in Canada since June 2016.
Contact Information:
Media Contact
Paige Thornton
Uproar PR for nanopay
312-878-4575 x 240