Orum has announced that it is live with FedACH and will be adding FedNow and FedWire services. The direct connection to the Federal Reserve’s payment rails as a service provider is part of Orum’s new money movement API, Deliver. The Deliver API orchestrates and optimises money movement through Federal Reserve payment rails on behalf of banking institutions.
Orum’s API solution delivers access to all major rails: FedNow, RTP, Same Day ACH, ACH, and Wires, and instant bank account verification. Orum allows businesses to launch instant payments and instant bank account verification in just days, without costly bank integrations or prolonged compliance.
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Clearing the bar for a direct connection for payment processing and settlement is exceptionally difficult. Meeting the criteria for direct access requires organisations to meet and exceed the Federal Reserve’s rigorous diligence, contracting and IT testing requirements, as well as those of sponsoring financial institutions.
Orum now moves money faster and more reliably than before
Many payments platforms and fintechs cannot gain access to all the possible payment rails while also requiring them to navigate technical issues and frequent downtime depending on their banking partner. According to the Ponemon Institute, downtime can cost businesses as much as $500,000 per hour.
Stephany Kirkpatrick, founder and CEO of Orum, said: “We’re thrilled to be among a small number of fintechs capable of supporting live transaction activity through the Federal Reserve’s payment rails. Since our earliest days, we’ve been obsessed with solving the time to money gap for our customers so that they can build the best financial products that improve access to the financial system. By connecting directly to the Federal Reserve Bank, we’re optimising and orchestrating payments to deliver even faster and more reliable payments to our financial institution customers. This allows us to bring unparalleled payment speed and certainty of settlement to the market.”
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