ACBB Completes Certification for Federal Reserve’s New Instant Payment Service
June 20, 2023
ACBB is among the first in the industry to complete testing and certification for the FedNowSM Service, the Federal Reserve’s new instant payment offering launching in July 2023. The service will enable financial institutions to offer 24/x7/x365 instant payments, allowing customers to send and receive money immediately.
“We are excited that early adopters of all sizes across the country are making strides in their operational readiness for live transactions through the system,” says said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. “Completing certification is a key milestone for participating organizations to validate their ability to deliver instant payment services.”
To achieve certification, ACBB met the requirements of the FedNow Service testing program and attested that itthey isare prepared to meet the requirements to successfully operate in a 24/x7/x365 instant payments environment.
“As a partner of community financial institutions, ACBB is committed to supporting the FedNow Service instant payment network. We recognize the value and importance of this new network to help transform how community FIs thrive in the markets they serve. The FedNow Service presents new opportunities for these institutions to retain and grow depository relationships by supporting their retail and business customers with innovative products and use-cases” says Craig Howie, ACBB President & CEO.
ACBB is a trusted provider of 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.