Oklahoma City, Oklahoma-based The Bankers Bank (TBB) has been selected to participate in a pilot program for the Federal Reserve’s upcoming instant payments offering, FedNow, which will provide an important payments infrastructure when it becomes available in 2023. The goal of FedNow is to develop an instant payments service that enables financial institutions of every size and location to provide safe and efficient instant payment services in real time, around the clock, every day of the year. The Bankers Bank is enthusiastic about providing more competition in instant payments to create lower costs and better efficiency. Interoperability between networks should give financial institutions, businesses and consumers choice in payment methods.
“The Bankers Bank’s priority is to provide our customers with cost-effective instant payments services that deliver control, convenience and certainty,” says Troy Appling, president and CEO. “We are proud to be one of only 110 banks nationwide chosen to be involved with the Federal Reserve in the development of the first major new payment system in four decades.”
As part of the pilot program, TBB will work with the Federal Reserve on 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. TBB will be collaborating with Edmond, Oklahoma-based F&M Bank, which was also chosen to participate in the pilot program.
For more information on the Federal Reserve’s FedNow program, click here.
