PORTSMOUTH, N.H.– Service Credit Union said it is now live on the Federal Reserve’s FedNow Service. The new offering follows deployment of a software integration solution developed by Vertifi Software, LLC.
While the credit union will initially only receive instant payments from other participating institutions, it intends to add sending capabilities soon thereafter, Service CU said.
“The FedNow Service will revolutionize how our members move money. Soon they will be able to transfer funds on weekends, holidays, and outside of standard business hours—none of which is possible for online payments on other existing rails,” said Michael Porter, VP-operations and foreign exchange at Service Credit Union. “And, when the U.S. Department of the Treasury’s Bureau of Fiscal Service, a FedNow Service participant responsible for issuing federal payments including tax refunds and Social Security benefits, and other agencies responsible for large volumes of recurring and one-time payments begin to send on this rail, the benefits will be immediately transparent to all.”
The largest credit union in New Hampshire, Service Credit Union said it worked closely with Vertifi Software to build the transaction processing gateway that integrates the credit union’s core and digital banking systems with the FedNow Service. Service Credit Union has been a member of Vertifi’s parent company, Eastern Corporate FCU (EasCorp), for more than 30 years, and together provide payment, investment, statement, and other correspondent and technology services to the credit union.
“As FedNow Instant Payment Pioneers ourselves, we are thrilled to support our long-time partners at Service Credit Union in their adoption of this new, transformative payments rail,” said Asim Mian, CEO of Vertifi. “Like Vertifi, Service understands that digital innovations improve not only banking processes, but also member service. In the coming years, Service and Vertifi will develop new tools for this instant payments infrastructure that meet and exceed their consumer and business members’ desire for payment convenience, speed, and security.”