Tech provider Fiserv started prepping select clients for the July launch of the Federal Reserve’s real-time payment network, FedNow, in the first quarter.

“With the launch of FedNow, we’ll help [clients] participate in the new wave of real-time payments optimized on our NOW network that connects bank to each other, to all payment rails and to essential applications,” Chief Executive Frank Bisignano said today during Fiserv’s earnings call.

Fiserv’s clients, including $6 billion New England-based mutual bank Salem Five, are participating in the FedNow pilot program and will be ready to implement the new payments rail come July, according to a Fiserv release. Fiserv’s NOW Gateway network is a technical and operational infrastructure designed to facilitate quick access to real-time payments rails.

“The infrastructure we’re putting in today with Fiserv and FedNow service will enable innovation and product development for years to come, and we will be ready,” Rob Ames, head of digital delivery at Salem Five, said in the release.

“We have six banks in the pilot phase and over 20 financial institutions committed to go live post-FedNow launch in July,” Bisignano said during the call.

Q1 earnings results

In the first quarter, Fiserv’s adjusted revenue increased 10% year over year to $4.3 billion and its fintech-related revenue increased 2% YoY but fell 4% sequentially to $792 million, according to the bank’s earnings release.

Fiserv attributes the fintech revenue growth to “timing and a strong first quarter last year, creating a higher comparison point. Implementations from the healthy series of wins over the past few years will provide growth in the second half of this year,” Bisignano said.

This quarter, the tech provider recorded 12 fintech wins, including a contract expansion with fintech One, a startup backed by Walmart.

“Ramping this opportunity will represent a high-profile achievement and scale that could attract other banks and merchants,” Bisignano said.

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