Narmi is proud to announce it is now supporting live transactions on the Federal Reserve’s instant payment rail, the FedNow Service. Now, Grasshopper, the client-first digital bank built to serve the business and innovation economy, is 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 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 only minimal setup with the IBS core. Additionally, all staff workflows for instant payments are handled directly in Narmi’s 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, with the Bank’s On-Core fintech clients being 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.”
About Narmi
New York City-based Narmi’s digital platform empowers financial institutions to unlock the very latest capabilities in digital banking and account opening, enabling them to move faster, tap new growth opportunities, and achieve true digital transformation. The Narmi platform was built with the customer experience in mind, empowering financial institutions with an experience that is always effortless, current, and dependable. As a result, Narmi’s customers are seeing as much as 3x account growth in less than 30 days and 4x deposit growth in as little as 90 days. Additionally, Narmi’s financial institution clients are winning awards like Bankrate’s Best Online Bank and Nerdwallet’s Best Bank for Online Experience. For more information, please visit narmi.com.
About Grasshopper
With total assets of approximately $820 million, Grasshopper is a client-first digital bank serving the business and innovation economy. Grasshopper replaces the traditional one-size-fits-all approach to banking with a suite of products and services tailored to specific industries, and a passionate team of experts with deep expertise in their fields. Grasshopper’s banking solutions cover small business, startups, venture capital and private equity firms, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, SBA lending, and commercial real estate lending. Headquartered in New York City, the bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For more information, visit the bank’s website at www.grasshopper.bank or follow on LinkedIn and Twitter.
