PCBB Provides Settlement Services for Newly Launched FedNow® Service
WALNUT CREEK, Calif. — July 20, 2023— PCBB has officially announced its ability to provide settlement and liquidity services on the newly launched FedNow® Service, the Federal Reserve’s instant payment rail. PCBB is among eleven other early adopter settlement/liquidity providers on the platform and supports payment activity with its robust suite of cash management services.
As a pilot participant and early adopter for the new service, PCBB was able to assist the Federal Reserve in developing an instant payments strategy, roadmap, and adoption approach for the industry. In the months leading up to the FedNow Service launch, PCBB completed a multi-step customer testing and certification process and was “Certified as Ready” by the Federal Reserve ahead of the platform’s launch.
“As an early adopter of the FedNow Service, PCBB 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 industrywide progress, setting an example for others wanting to play a role in supporting a modernized US payment infrastructure.”
As a Faster Payments Council founding member and Faster Payments Task Force member, PCBB has been a thought leader and driver in the faster payments space. In 2021, PCBB integrated Swift’s faster payment network, Swift GPI, to assist customers with speed and transparency for international payments. PCBB is well-positioned to help provide community financial institutions faster payment options by offering the ability to settle transactions and provide a source of liquidity for payments through the FedNow Service.
“FedNow settlement and liquidity services are the newest chapters in the library of Instant Payment solutions PCBB has made available to the community financial institution market,” says Sheila Noll, EVP & Chief Operating Officer at PCBB. “This is an exciting time to be in the payments business, and PCBB is proud to be one of the innovation pioneers assisting in the launch of this new payment rail.”
About the FedNow® Service (FedNowExplorer.org)
The Federal Reserve Banks developed the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments at any time of day, and recipients have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access is provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents.
PCBB believes in the power of local financial institutions to be the catalyst of small business growth and to enable communities to thrive. Our team is committed to providing not only the tools and knowledge our customers need to serve their clients, but also the partnership and trust they deserve.
Our robust suite of competitive services includes cash management and international services, lending services, hedging solutions, and profitability and risk management advisory services. These solutions help community financial institutions maximize revenue, increase efficiency, and manage risk.
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Nancy Ozawa
PCBB
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