The Federal Reserve System has announced that a new instant payment infrastructure, the FedNow Service, is now live.
FedNow is a new payment network between financial institutions, similar to the check, ACH, and Wire transfer systems that process millions of inter-bank payments each day. We expect that over the long run, FedNow will enable more secure, more efficient, and more reliable payment services and that it will benefit both consumers and businesses. It is anticipated that the small number of early-adopting banks and credit unions will grow steadily.
Tri Counties Bank will first begin accepting incoming FedNow transfers—deposit payments into Tri Counties Bank accounts from other financial institutions—in the coming months.