Clear Mountain Bank announces its participation in a pilot program for the Federal Reserve’s upcoming instant payments offering – the FedNowSM Service.
As a participant, the bank will help lead the industry’s charge to provide American consumers and businesses with instant payments services that deliver control, convenience, and certainty.
The FedNow Service will provide an important payments infrastructure when it becomes available in 2023 or 2024. Financial institutions and their service providers will be able to use the service as a springboard to bring the benefits of safe, efficient instant payments to communities across the country.
“We are proud that we’ll help the Federal Reserve develop its first major new payment system in over four decades,” said David M. Thomas, Clear Mountain Bank president and CEO. “We look forward to working side by side with the Fed and other pilot participants to help ensure the service meets stakeholder needs.”
Clear Mountain Bank will help shape the FedNow Service’s features and functions, provide input into the overall user experience, ensure readiness for testing, and be the first to experience the FedNow Service before its general availability. In the initial advisory phase, participant input will help to further define the service and adoption roadmap, industry readiness approaches and overall instant payments strategy.
About the FedNow Service
The Federal Reserve Banks are developing the FedNowSM Service to facilitate nationwide reach of instant payment services by financial institutions – regardless of size or geographic location – in near real time, around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments conveniently, and recipients will have full access to funds within seconds, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information on the FedNow Pilot Program and the FedNow Service, visit FedNow.org.
“FedNow” is a service mark of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.
About Clear Mountain Bank
Clear Mountain Bank is a locally owned and managed community bank that has been serving North Central West Virginia and western Maryland for more than 125 years. The bank provides a comprehensive array of digital and traditional banking products and services to meet the needs of its personal, business, commercial, mortgage and financial planning customers. The bank is widely recognized for excellence in financial services, including a 5-star superior rating for financial strength and stability from BauerFinancial. Additional information is available at www.clearmountainbank.com.
