Community Bankers’ Bank to Help Shape the Future of Instant Payments
MIDLOTHIAN, VA, February 2, 2021 – Community Bankers’ Bank (CBB) will be a leader in the industry’s charge to provide American consumers and businesses with instant payments services that deliver control, convenience and certainty by participating in a pilot program for the Federal Reserve’s upcoming instant payments offering, the FedNowSM Service.
The FedNow Service will provide an important 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 are pleased that we’ll help the Federal Reserve develop its first major new payment system in four decades,” said Gary R. Shook, President & CEO of CBB. “We look forward to working side by side with the Fed and other pilot participants to help ensure the service meets stakeholder needs.”
CBB will help shape the FedNow Service’s features and functions, provide input into the overall user experience, ensure readiness for testing and be the first to experience the FedNow Service before its general availability. In the initial advisory phase, participant input will help to further define the service and adoption roadmap, industry readiness approaches and overall instant payments strategy.
“FedNow” is a service marks of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.