January 26, 2021
Bankers’ Bank Joins FedNowSM Pilot Program
Madison, WI – Bankers’ Bank, a correspondent bank that specializes in providing technology solutions to community banks, announce their selection as a participant in The Federal Reserve Banks’ FedNow Pilot Program.
Bankers’ Bank’s selection by the Federal Reserve aligns with their strong and long-standing commitment to move payments modernization forward in the U.S. The program is designed to support development, testing and adoption of the FedNow Service – as well as to encourage development of services and use cases that leverage FedNow functionality. Recognition of the Bank’s commitment to this effort only strengthens the resolve in achieving the most resilient, modern and scalable solutions possible. In choosing participants, the Federal Reserve sought to ensure the program is representative of various types of institutions and service providers, connection types, settlement arrangements and experience levels which Bankers’ Bank applauds.
“We are thrilled to be part of this pilot program that will continue to expand access to instant payments to our bank partners and the communities they serve. Bankers’ Bank is proud of our leading role as a payments innovator for community banking,” said Barb Gross, SVP – Chief Information Officer of Bankers’ Bank.
Bankers’ Bank continues their dedication to shaping payments for community banking through their participation in this pilot program, along with their Funding Agent solution for The Clearing House RTP which went live in June 2020. Through their direct involvement in the FedNow Pilot Program, participating financial institutions and processors will help shape features and functions, provide input into the overall user experience and ensure readiness for testing and be the first to experience FedNow during the closed-loop product phase prior to go-live.
About Bankers’ Bank
Bankers’ Bank, is a bank-owned correspondent based in Madison, Wisconsin, since 1981. Bankers’ Bank is the Midwest’s leading provider of banking services to community banks, with offices in the Madison, Chicago, Des Moines, and Indianapolis areas serving the four-state region and beyond. As an independent source of non-competing financial services, the Bank serves a market of over 700 financial institutions. The Bank does not serve the public so it never competes with client banks for business. More information is available on our website at www.BankersBank.com.
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions – regardless of size or geographic location – in near real time, around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments conveniently, and recipients will have full access to funds within seconds, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be 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 FRBservices.org.