ACBB Supports the FedNow® Service, Advancing U.S. Payment System
July 21, 2023
ACBB announced yesterday it is now supporting live transactions on the Federal Reserve’s new instant payment rail, the FedNow Service. ACBB is among the first service providers supporting transaction activity for financial institutions on the service.
Through the FedNow Service, ACBB is positioned to offer financial institution customers access to instant payments, helping them remain competitive and offer best-in-class service for their customers.
“As a service provider of the FedNow Service, ACBB demonstrates dedication to innovation,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. “Financial institutions benefit from the ability to offer instant payments through the seamless experience offered by service providers; these critical organizations expand the reach of instant payments and pave the way for industrywide progress.”
To support transaction activities for financial institutions participating in the FedNow Service, ACBB completed a multi-step customer testing and certification program in the months leading up to launch. Early adopters of the service include a diverse range of financial institutions and service providers across the U.S.
“Instant payments are becoming table-stakes for all financial institutions, particularly for community banks and credit unions. Being able to support these new payment networks will drive new product use cases as well as influence retention and growth of depository relationships. ACBB is delighted to be a part of the FedNow Service ecosystem, and a resource to help support connectivity and liquidity needs for our clients.” commented William J. Booth, SVP Head of Product Strategy & Innovation
Financial institutions and service providers will continue to onboard throughout 2023 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the U.S.
About ACBB
ACBB is a trusted provider of advisory, lending, payments and correspondent banking services, dedicated to empowering financial institutions with innovative solutions for success in today’s dynamic banking landscape. With a rich history and a reputation for reliability, security, and excellence, ACBB has built strong partnerships with numerous institutions across the industry.
We believe in the power of collaboration and work closely with our clients to develop customized strategies that drive growth and profitability. Our team of seasoned professionals provides personalized guidance, support, and industry insights, ensuring our clients have the tools to make informed decisions.
As technology continues to shape the industry, ACBB remains at the forefront of innovation. We leverage cutting-edge solutions to streamline operations, enhance efficiency, and deliver seamless experiences to our clients and their customers.
Our mission is to empower financial institutions to succeed and thrive. With a commitment to integrity, excellence, and making a positive impact on the industry, ACBB is the trusted partner for unlocking the full potential of banking operations and achieving new heights of success.
About the FedNow Service
The Federal Reserve Banks developed 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 can send and receive instant payments at any time of day, and recipients have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access is 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 (Off-site).
