REDWOOD CITY, Calif.–(BUSINESS WIRE)–OCR Labs is proud to be featured in the Federal Reserve’s FedNow Service Provider Showcase, an online resource designed to connect financial institutions looking to adopt and innovate upon the FedNow Service with service providers offering instant payment solutions.
“We’re thrilled to be part of the FedNow Service Provider Showcase and look forward to helping other organizations implement instant payments,” said Bryan Smythe, President- Americas, OCR Labs. “With our solutions, financial institutions, businesses, consumers will be able to access the speed, convenience and other benefits the FedNow Service will provide when it launches in 2023.”
OCR Labs plans to offer the following instant payment services to organizations that are adopting the FedNow Service:
OCR Labs is a global leader in Remote Identity Validation Technology. Our RIVT capabilities enable the secure flow of instant payments for financial institutions, businesses and individuals. Based on enterprise-class artificial intelligence, our fully automated platform verifies the identity of users in seconds so that all FedNow participants can safely send and receive funds in real time, around the clock, every day of the year.
“We appreciate the commitment of OCR Labs to enabling FedNow adoption and participating in the showcase,” said Nick Stanescu, Federal Reserve Bank senior vice president and FedNow business executive. “The time is now for organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding.”
About OCR Labs Global
OCR Labs Global helps you quickly scale your business globally. Our fully-automated solution verifies new users in seconds with just their face and smartphone – in over 220 countries and territories with any D document – without the burden of human intervention.
We empower true identity for people around the world. Through our Zero Bias AI™ technology, we are pioneering the use of generative AI to train deep neural network systems to protect against discrimination on the basis of race, age and gender. We are the first company to achieve 99.99% accuracy in independent lab testing.
Our advancements in Natural Vision Processing (NVP) are enabling machines to autonomously see and perceive as humans, and excel in ways that humans cannot.
OCR Labs Global is trusted by startups, governments, and global enterprises including HSBC, Vodafone, BMW, Virgin Money, and ANZ for borderless and inclusive identity verification. Founded in Australia in 2018, OCR Labs Global is a Series B venture-backed company with headquarters in London and offices in North America, Asia and Europe.
For more information, visit https://ocrlabs.com/
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org.
“FedNow” is a service mark of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.
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