Payments fintech, Orum, has marked a significant milestone by establishing a direct connection to the Federal Reserve, a capability typically reserved for traditional banks. On February 28, 2024, Orum announced its live integration with FedACH, with plans to incorporate FedNow and FedWire services in the near future. The achievement follows a rigorous due diligence process and adherence to the Federal Reserve's stringent contracting and IT requirements, positioning Orum as one of the few fintechs with direct access to the Fed's payment system.
CEO and Founder of Orum, Stephany Kirkpatrick, emphasized the transformative impact of this direct connection. By bypassing intermediary layers, Orum can move money faster, more reliably, and offer bank-rate pricing to customers. This breakthrough not only eliminates cost layers and latency issues but also opens doors for reimagining payment processes. Orum's new Deliver API, launched alongside the announcement, provides fintechs with access to major payment rails, bank-rate pricing, and expanded processing windows, enhancing flexibility for west coast customers. With implementation times as short as two weeks, Orum's move signifies a critical step in streamlining payments, particularly in the rapidly evolving landscape of instant payments.
