The Federal Reserve Banks plan to replace their existing system with a scalable, flexible, open system solution to meet both current and emerging requirements for electronic payment processing. Together, the 12 Reserve Banks are one of the US’ largest processors of payments, including paper and electronic checks, for financial institutions.
Under the agreement, Unisys will assist the Federal Reserve Banks transition to a solution capable of handling rapidly growing volumes of electronic checks and images. The Unisys solution is designed to provide a more streamlined and robust processing environment.
We are committed to building a payment processing solution that effectively addresses the migration of financial institutions to electronic checks and images, and we believe that the approach we are taking through this contract with Unisys will help us achieve that objective, said Pat Barron, retail payments product director, Federal Reserve System, and first vice president and COO, Federal Reserve Bank of Atlanta.
Unisys will deploy its open payments platform for the Federal Reserve Banks. The platform supports the processing of multiple types of file and message-based e-payments from numerous sources.
