Celebrating a huge milestone today: @unit_co_'s technology now processes 100% of payments directly with the Federal Reserve payment systems, to deliver the best service to our customers - banks and the technology companies they partner with 🎉 Last month, we processed 6.47m+ transactions (12% monthly growth) and 353.6m+ API calls. Apple builds great products because its tech goes from the bare metal to the user interface. Our financial infrastructure is not "middleware". It runs from the user interface to the Fed, with ZERO dependency on legacy systems. Our team built it in <6 years, and <$50m of investment. The Fed website lists only 21 companies that maintain such technology, including FIS & Fiserv: Something cool I learned recently: FedDirect was a response to the Y2K bug. Before it, banks connected to the Fed via DOS. Yes, the old-school black screen with green letters 💾. There were concerns about mass payment failures when systems interpret “00” as 1900. So the Fed accelerated development of FedLine Direct - a secure & scalable IP-based protocol. So how did we get to 100%? In 2020-2021, Unit signed up for 2 years and A LOT of investment to be a Fed-certified payment technology provider: 1. Hardware: we procured physical hardware & software infrastructure required by the Federal government, like IBM ConnectDirect, IBM MQ. 2. Software: we had to code to Fed specifications for each protocol, and integrate with each one of the dedicated 3rd parties, then design and build our software around each one of the protocols. We maintain multiple connections to ensure service continuity even under extreme load and support continued platform growth. 3. Exams: we undergo exams regularly. For example, we recently implemented the Fed’s latest wire protocol. As part of certification, the Fed sends our systems a set of messages and tests our responses. We did it for good reasons, that paid off: 1. FLEXIBILITY & CONTROL: being close to the metal lets you actually innovate. Our payment systems can access and set the fields of each one of the protocols, and control even over account number allocation (Unit supports 15 digit account numbers). We have already implemented improved cutoff times and batch frequency, allowing customers to send ACH and check files multiple times per day with flexible timing. 2. RECONCILIATION: the reconciliation for ALL banks and technology that use Unit is nearly 100% automatic. Every payment that is sent is accounted for in settlement files that are sent to our bank partners, and the settlement accounts in the bank are zeroed out at the end of each day. Financial experiences are only as good as the infrastructure that powers them. We’re proud to be part of a small and trusted list of companies that fully operate on FedDirect.