Intuit Completes FedNow® Service Certification to Accelerate Instant Payments for Small and Mid-Market Businesses
Intuit advances its delivery of faster money access by joining the Federal Reserve's instant payments network
New integration enables instant money movement across Intuit's money product portfolio, helping businesses eliminate wait times, optimize cash flow, and get paid faster
Intuit (NASDAQ:INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, Mailchimp, and Intuit Enterprise Suite, today announced it has completed the Federal Reserve's certification and readiness program for the FedNow® Service. This milestone marks Intuit's readiness to expand instant payments, enabling businesses to get paid faster, access funds immediately, and manage cash flow with greater certainty.
By leveraging the FedNow Service, Intuit is able to partner with financial institutions to send instant payment transactions on behalf of its customers. This flexible participation model allows Intuit to help accelerate the adoption of a more modern U.S. payment infrastructure, providing businesses with the ability to manage their cash flow with greater speed and the financial confidence of instant settlement.
"Money movement should be instant, reliable, and work seamlessly whether you're a consumer paying a bill or a business paying an employee," said James Barrese, Senior Vice President of Fintech at Intuit. "By connecting to the FedNow network, we're building toward a world where money moves in real time across Intuit's entire ecosystem, between people, businesses, and the financial institutions that serve them. That's what happens when you bring payments, payroll, and banking together on one platform: customers don't just get their money faster, they gain more confidence in every financial decision."
Accelerating How Businesses Get Paid, Pay, and Grow
Intuit's FedNow certification enables the use of modern financial data standards to support seamless, real-time communication across the banking network. This capability will be integrated across the Intuit platform to solve critical cash flow challenges, including:
- Instantly Payable Invoices: Reducing the multi-day wait for ACH funds to settle, helping businesses get paid up to 4 times faster.
- Real-Time Payroll: Enabling payroll services right when the job is done, allowing employers to pay workers instantly via the FedNow Service.
- On-Demand Bill Pay: Using FedNow instant payment features to eliminate processing delays, helping businesses avoid late fees and manage vendor relationships more effectively.
"Intuit's FedNow certification highlights how organizations are driving innovation across the payments ecosystem. By enabling instant payments, they're helping businesses grow, efficiently manage operations, and better serve their customers. As more providers embed these capabilities into their platforms, we're seeing continued progress toward a future of instant and transparent money movement for businesses of all sizes," said Mark Gould, chief payments executive for Federal Reserve Financial Services.
Driving Global Prosperity Through a Unified Money Platform
For more than 40 years, Intuit has been the platform businesses and consumers trust to handle their most important high-stakes financial decisions, focusing on orchestrating the manual scramble that happens between earning a dollar and putting it to use. By synthesizing tax, credit, banking, invoice, and payroll data, Intuit provides a 360-degree view of its customers' financial lives that traditional institutions rarely see in one place. This unique data advantage allows Intuit's platform to act as an intelligent orchestration layer, automatically selecting the most efficient settlement rails including the FedNow® Service to optimize for speed and cost. Whether managing $2 trillion in annual invoices or providing fast access to $105 billion in tax refunds a year, Intuit delivers market-leading solutions for fast money, lending, and banking that provide trust and confidence in financial decisions.
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About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, and Intuit Enterprise Suite, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.
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Jen Garcia, [email protected]