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FedNow Launches

North American Banking Company now processing FedNow transactions

FedNow

The FedNow Service--the new instant payment infrastructure developed by the Federal Reserve-- has officially launched! 

July 19, 2023 marked the first time North American Banking Company processed transactions in real time through the new instant payment system developed by the Federal Reserve. North American Banking Company was one of 57 early adopter organizations that had completed formal testing and certification on the FedNow Service prior to the launch.

FedNow is an instant payment system that allows users to send and receive payments 24 hours a day, 7 days a week, 365 days a year. This means that users can make payments instantly, without having to wait for traditional banking hours or for payments to clear. This is a huge advantage for businesses, who often need to make payments quickly in order to keep operations running smoothly.

With FedNow, our customers can make instant payments, 24/7, 365 days a year. This means that our customers will no longer have to wait for days to receive their payments. Instead, they will receive their payments instantly.

North American Banking Company has been accepting Real Time Payment (RTP®) transactions operated by the Clearing House for over a year. We are excited to add FedNow transactions as well now to drive innovation in the payment industry. FedNow will open up new opportunities for businesses to develop new payment services and products.

Popular “Use Cases” for our merchant clients include person-to-person funds transfer, instant loan disbursements, instant E-Wallet funds loads, instant gaming payouts and instant rebates. Our single connection allows our merchant clients to process instant transactions for both RTP® and FedNow through one convenient and cost-effective implementation--saving time and money. Reach out to your North American Banking Company customer contact to learn more about how instant payments can help your business.

We are thrilled to be part of the FedNow launch and believe that it will bring many benefits to our customers. We look forward to exploring new opportunities and continue to drive innovation in the payment industry with FedNow.