Narmi is proud to announce it is now supporting live transactions on the Federal Reserve’s instant payment rail, the FedNow Service. Grasshopper, the client-first digital bank built to serve the business and innovation economy, is now able to receive payments instantly from other participating institutions or support payment activity through settlement or liquidity services, marking the first step in Grasshopper’s instant payments strategy.

Through the FedNow Service, Grasshopper is positioned to provide its on-core financial technology (fintech) clients with the option to receive payments in real-time, offering enhanced cash flow management, immediate access to funds, and improved operational efficiency. The ability to receive instant payments is particularly crucial for fintechs and small and medium-sized enterprises (SMEs) that depend on timely transactions to sustain and grow their operations.

"Implementing the FedNow Service will allow us to deliver real-time payment capabilities to our clients through a seamless digital experience," said Luther Liang, Director of Product at Grasshopper Bank. "This capability has the potential to transform how businesses manage their finances, ensuring they can receive payments in seconds, not days."

Narmi's seamless integration with FIS’s IBS core via the Code Connect platform enabled Grasshopper Bank's efficient FedNow Service implementation. By managing real-time payment validation and transaction posting, Narmi simplified the go-live process, requiring minimal setup with the IBS core. Additionally, all staff workflows for instant payments are handled directly within the Narmi Admin Platform, allowing Grasshopper to manage return requests and instant payment needs smoothly in one place.

By leveraging Narmi's technology, Grasshopper is equipped to offer a robust and reliable instant payment solution that meets the highest standards of performance and security. The Bank’s On-Core fintech clients are the first to receive access, followed by its For the Benefit Of (FBO) and direct business banking clients in the coming months. As a part of Grasshopper’s commitment to driving innovation, the Bank will be introducing the FedNow Service alongside other innovative treasury management solutions.

“We are thrilled to support Grasshopper in bringing the FedNow Service to their clients,” said Chris Griffin, Co-Founder of Narmi. “The ability to receive instant payments not only allows Grasshopper to offer superior payment experiences to their clients, but also positions them for long-term success as instant payments become the industry standard.”