Arvest Bank is pleased to announce we have been selected to participate in the Federal Reserve Banks FedNow pilot program.
FedNow is a new instant payment service being developed by Federal Reserve Banks that will enable financial institutions of all sizes to provide safe, efficient payment services in real-time. The goal of the service is to provide customers greater flexibility in managing their funds and to make time-sensitive payments more conveniently, among other aims.
Arvest joins more than 100 banks, credit unions and payments technology providers in the program. Arvest’s role as a participant will help support development, testing and adoption of this new service. This includes providing input on features and functionality, shaping the customer experience and ensuring industry readiness. FedNow is currently expected to go live in 2023.
“The ability to move and receive money instantly, at any time of the day, is becoming the expectation for consumers here in the U.S.,” said Tristan Thompson, payments strategy director for Arvest Bank. “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.
“Participating in this pilot program further solidifies our commitment to payments innovation and advancing digital banking to continue to meet the needs and expectations of the customers in the communities we serve.”
More information is available at fednow.org.