Bridge Community Bank announced it is live on the Federal Reserve’s new instant payment rail, the FedNow Service. Bridge Community Bank is among the first depository institutions and is now able to send and receive instant payments to and from other participating institution customers or support payment activity through settlement or liquidity services.
Through the FedNow Service, Bridge Community Bank is positioned to provide consumers and businesses the option to move funds instantly, offering choice for sending and receiving payments to manage money, make bill payments and other funds transfers that benefit from instant.
“As an early adopter of the FedNow Service, Bridge Community Bank demonstrates dedication to innovation,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow program executive. “Their leadership paves the way for industrywide progress, setting an example for others wanting to play a role in supporting a modernized U.S. payment infrastructure.”
To participate in the FedNow Service, Bridge Community Bank completed a multi-step customer testing and certification program in the months leading up to launch. Early adopters of the service include a diverse range of financial institutions and service providers across the U.S.
Bob Steen, CEO stated “This is the first new payment rail since the Automated Clearing House (ACH) electronic direct deposit over 40 years ago. This will change the way payments are made between people, business and at the point of sale. Bridge has been working on this for many years and is pleased to be early in this payment revolution for the benefit of our customers.”
Financial institutions and service providers will continue to onboard throughout 2023 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the U.S.
About Bridge Community Bank
Bridge Community Bank is an employee-owned bank with locations in Mount Vernon, Solon and Mechanicsville and currently celebrating the bank’s 120th year. The bank was a very early adopter of check imaging technology and same day ACH and is now positioned to provide faster and more secure payments for its customers, both individuals and business.
About the FedNow Service
The Federal Reserve Banks developed the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments at any time of day, and recipients have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access is provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org (Off-site).