Orum Announces Integration with Federal Reserve Services

Published about 2 months ago

Orum, a leading provider of seamless payment solutions, has confirmed going live with FedACH and plans to incorporate FedNow and FedWire services soon. This development is a part of the company’s new money movement API, Deliver.

The Orum Deliver and Federal Reserve Partnership

Deliver, Orum’s new API, facilitates and optimizes money transfers using the Federal Reserve’s payment rails for banking institutions. The direct link to the Federal Reserve’s payment rails is a significant milestone, given the high standards required for such connection. Organizations must surpass the Federal Reserve’s stringent diligence, contracting, and IT testing prerequisites, along with those of sponsoring financial institutions.

This accomplishment is particularly notable as many payment platforms and fintech companies struggle to access all possible payment rails due to technical difficulties and frequent downtime with their banking partners. According to Ponemon Institute, such downtime can cost businesses up to $500,000 per hour.

Orum’s Stand in the Fintech Industry

Stephany Kirkpatrick, founder and CEO of Orum, expressed her delight at being among a select few fintech companies capable of supporting live transaction activity via the Federal Reserve’s payment rails. She highlighted Orum’s commitment to addressing the ‘time to money’ gap for customers, enabling them to develop top-notch financial products that enhance access to the financial system.

By directly connecting to the Federal Reserve Bank, Orum can optimize payments and ensure faster, more reliable transactions for its financial institution clients. This connection provides unparalleled payment speed and certainty of settlement in the market.

The Launch of Orum’s Deliver API

The introduction of Orum’s Deliver API allows the fintech innovator to offer bank-rate pricing and extended processing times. This API launch comes shortly after Orum introduced Verify, a unique solution that instantaneously verifies bank accounts. The Verify API, which utilizes the FedNow Service and RTP, covers all U.S. bank accounts. It replaces traditional services reliant on batched data, flawed probabilistic scoring, and outdated micro-deposits.