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[Irondale, AL] – Corporate America Credit Union (CACU) announced it is live on the Federal Reserve’s new instant payment rail, the FedNow Service. Corporate America is among the first depository institutions and is now able to send and receive instant payments from other participating institutions or support payment activity through settlement or liquidity services.
Through the FedNow Service, CACU 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 avoid late fees.
“As an early adopter of the FedNow Service, Corporate America Credit Union 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 industry wide 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, CACU 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.
“As an organization we are thrilled to offer this new payment rail to our more than 500 members," said Lisa Coffey, CACU Chief Innovation Officer. “Staying competitive and on the cutting edge of technology to satisfy member needs is top-of-mind and we strongly encourage all credit unions to discuss connecting to this service with us.”