Corporate America Credit Union (CACU) is among the first in the industry to complete testing and certification for the FedNowSMService, the Federal Reserve’s new instant payment offering launching in July 2023. The service will enable financial institutions to offer 24x7x365 instant payments, allowing customers to send and receive money immediately.
“We are excited that early adopters of all sizes across the country are making strides in their operational readiness for live transactions through the system,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNowService program executive. “Completing certification is a key milestone for participating organizations to validate their ability to deliver instant payment services.”
To achieve certification, CACU met the requirements of the FedNow Service testing program and attested that they are prepared to meet the requirements to successfully operate in a 24x7x365 instant payments environment.
“We are thrilled to complete this certification and encourage our members to really explore the FedNow service through CACU. As we know, consumers want fast delivery and FedNow delivers that,” said Chief Innovation Officer Lisa Coffey. “If you’re a credit union reading this – we encourage you to explore this new payment channel so your members can take advantage of receiving these immediate payments. Instant payments are the way of the future and we must remain relevant to stay competitive.”
CACU offers both in-person and virtual payment strategy sessions for credit unions to explore why faster payment methods are important for all credit unions, no matter the size. If you’re interested or have questions about FedNow, please email services@corpam.org.