Ibanera Launches FedNow for Real-Time Payments Across the US

Miami, Florida, June 11, 2024 (GLOBE NEWSWIRE) — Ibanera, a trailblazing digital banking platform, is now empowered with the long-awaited real-time payments in the US with the Federal Reserve’s FedNow network, ushering in a new era of modern payments nationwide. This strategic collaboration marks a monumental leap forward for Ibanera’s API driven banking ecosystem, supporting fintechs and businesses with lightning-fast transactions, available 24/7/365.

With the digital payment landscape in the US experiencing exponential growth, projected to soar from US$2.04 trillion in 2023 to US$3.53 trillion by 2027, Ibanera’s integration into the FedNow service amplifies its fintech prowess, delivering unparalleled innovation to its American clientele.

Michael Carbonara, CEO of Ibanera, emphasized the transformative impact of this partnership. “FedNow represents the latest developments in our relentless pursuit of redefining the boundaries of digital banking, particularly with peer-to-peer payments. Our introduction of real-time payments through FedNow is part of Ibanera’s long-term strategy to lead in the development of the new digital economy with cutting-edge financial tools, ensuring businesses and consumers alike experience the immediacy and flexibility they deserve around the clock.”

While real-time payment systems have been in existence since the 1970s, their adoption in the US has skyrocketed in recent years, with transactions projected to surge by 600% between 2020 and 2025, culminating in an estimated US$7.4 billion in transaction volume by 2025.

As a fintech innovator within the FedNow network, Ibanera brings to the table a robust infrastructure that prioritizes security and compliance, instilling users with unwavering confidence as they engage in swift and efficient transactions synonymous with real-time payment systems.

About Ibanera:

Ibanera is a leading digital banking platform, celebrated for its commitment to secure and innovative financial solutions. With a global footprint and regulatory compliance across multiple jurisdictions, Ibanera continues to push the boundaries of what is possible in the fintech landscape.

About FedNow:

The Federal Reserve’s FedNow Service is an instant payments infrastructure that allows participating banks and credit unions to send and receive transactions within seconds on behalf of their customers — 24 hours a day, seven days a week.

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