Consumers National Bank Joins the FedNow® Service, Advancing U.S. Payment System
Consumers National Bank announced it is live on the Federal Reserve’s new instant payment rail, the FedNow Service. Consumers Bank is among the first depository institutions and is now able to receive instant payments from other participating institutions or support payment activity through settlement or liquidity services.
Through the FedNow Service, Consumers National Bank 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, Consumers National Bank 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 U.S. payment infrastructure.”
To participate in the FedNow Service, Consumers Bank 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.
“Consumers National Bank continually strives to be an early adopter of innovative products and services that enhance our customer experience. We are proud to provide the Federal Reserve’s FedNow Service,” said Ralph J. Lober II, President and CEO of Consumers National Bank.
Financial institutions and service providers will continue to onboard throughout 2023 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the U.S.
About Consumers National Bank
Consumers provides a complete range of banking and other investment services to businesses and clients through its twenty-one full-service locations and one loan production office in Carroll, Columbiana, Jefferson, Mahoning, Stark, and Summit counties in Ohio. Its market includes these counties as well as the sixteen contiguous counties in northeast Ohio, western Pennsylvania, and northern West Virginia. Information about Consumers National Bank can be accessed on the internet at www.consumers.bank. Member FDIC Equal Housing Lender NMLS #561314
About the FedNow Service
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. For more information, visit FedNowExplorer.org (Off-site).