Arvest Bank will be joining forces with a Federal Reserve Bank program designed to equip financial institutions with instant payment services 24/7.
Say more: This new pilot program, FedNow, was created to give banks and financial institutions, both big and small, access to safe, real-time payment processing infrastructure. This means customers will be able to send instant payments and recipients can have full access to funds within seconds.
Quote: “Instant payments have vast benefits for both consumer and business customers. That includes convenience, more control of funds in the form of quicker access to earned pay, improved cash flow and predictability for businesses," said Tristan Thompson, Payments Strategy Director for Arvest Bank
The program is expected to launch in 2023 and be deployed in phases. For more on how this works, visit HERE.