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CITIZENS BANK

Citizens Bank to pilot instant-payment service

Posted

Citizens Bank of Las Cruces (CBLC) is positioned to be a leader in the banking  industry’s charge to provide American consumers and businesses with instant-payment services that deliver control, convenience and certainty by participating in a pilot program for the Federal Reserve’s upcoming instant-payments offering, the FedNow Service.

FedNow will provide payments infrastructure when it becomes available in 2023 or 2024. Financial institutions and their service providers will be able to use the service as a springboard to bring the benefits of safe, efficient instant payments to communities across the country.

“We’re proud to help the Federal Reserve develop its first major new payment system in four decades,” said Travis Tarry, vice president for branch administration “We look forward to working side by side with the Fed and other pilot participants to help ensure the service meets stakeholder needs.”

CBLC will help shape FedNow’s features and functions, provide input into the overall user experience, ensure readiness for testing and be the first to experience FedNow before its general availability. In the initial, advisory phase, participant input will help further define the service and adoption roadmap, industry-readiness approaches and overall instant-payment strategies.

For more information on the FedNow Pilot Program, visit FedNow.org.