FAIRFAX, Va., March 30, 2021 /PRNewswire/ -- CGI (NYSE: GIB)
(TSX: GIB.A) today announced that it has been selected by the
Federal Reserve Bank to participate in the pilot program for the
FedNow Service, a new real-time payments rail. The pilot brings
together banking industry leaders to support development, testing
and adoption of the FedNow Service, as well as encourage
development of services that leverage FedNow Service
functionality. As part of the pilot, CGI will
support Vantage Bank Texas, a CGI All
Payments client, to deliver real-time payments to its client
community.
Through involvement in the FedNow Pilot Program, participating
financial institutions and industry partners will help shape the
product's features and functions, provide input into the overall
user experience, ensure readiness for testing and be the first to
experience the FedNow Service before its general availability. In
the initial advisory phase, participant input will help to further
define the service and adoption roadmap, industry readiness
approaches and overall instant payments strategy.
The CGI All Payments shared service payments platform helps
banks rapidly deploy the orchestration, processing and network
connectivity required to meet evolving market needs. Delivered as a
package or cloud-based platform-as-a-service, CGI All Payments
deploys quickly and allows clients to be first adopters of the
FedNow service. With a core ISO 20022-native database, API-driven
workflows and certified interfaces, CGI clients have gone from
kick-off to go-live in as little as four months, allowing return on
investment and future business growth to begin quickly.
"As the FedNow pilot shows, real-time payments and ISO 20022
adoption are becoming the norm around the world," said David L. Henderson, CGI President, Global IP
Solutions. "For our clients, we help accelerate modernization
and improve payments efficiency with automation, templates and
smart business rules. Whether a bank is looking to deliver
distinctive payments experiences, provide real-time payment options
or meet compliance mandates, we are working side-by-side with our
clients, like Vantage Bank Texas, to ensure they can exceed
customer expectations and support FedNow on day one."
About CGI All Payments
CGI All Payments is
cloud-proven payments platform built on global industry standards
to ensure our client's payments business is future-proof. We help
banks to increase revenue by reducing transaction costs and
time-to-market for new revenue streams. A bank's customers also
benefit from a wide range of payment choices and the ability to
transfer and receive funds in real-time 24/7/365. As an integrated
software platform for processing real-time, wire and ACH payments,
CGI All Payments' built-in workflow engine helps automate the
processing of payment transactions to reduce manual processing
while improving straight-through processing (STP) rates across all
payment types.
About CGI
Founded in 1976, CGI is among the largest
independent IT and business consulting services firms in the world.
With 76,000 consultants and other professionals across the globe,
CGI delivers an end-to-end portfolio of capabilities, from
strategic IT and business consulting to systems integration,
managed IT and business process services and intellectual property
solutions. CGI works with clients through a local relationship
model complemented by a global delivery network that helps clients
digitally transform their organizations and accelerate results. CGI
Fiscal 2020 reported revenue is C$12.16
billion and CGI shares are listed on the TSX (GIB.A) and the
NYSE (GIB). Learn more at cgi.com.
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SOURCE CGI Technologies and Solutions, Inc.