SOUTH BEND – 1st Source Bank announced it has joined the U.S. Faster Payments Council (FPC). This industry-led membership organization is helping to shape the future of the U.S. national payment system, according to the release from 1st Source Bank. FPC was created so Americans can safely and securely pay anyone, anywhere, at any time with near-immediate funds availability. Additionally, it focuses on the larger goals of safety, security and adoption of all faster payments, according to the release.
1st Source was one of the first banks to adopt the FedNow Service at its launch in July 2023 with both send and receive capabilities for clients. FedNow, developed by the Federal Reserve, allows eligible depository institutions to provide instant payment services. Additionally, the Bank has been using the Real-time Payments (RTP) platform from The Clearing House since March 2023.
“1st Source Bank takes pride in our leadership role in the instant payment space, and we are excited about joining the Faster Payments Council,” said Andrea Short, president and CEO of 1st Source Bank, and president of 1st Source Corporation. “Our dedication to innovation will be bolstered by the diverse perspectives of this group of organizations as we tackle the complex intricacies of faster payments in the United States.”
“The Faster Payments Council is thrilled to have 1st Source Bank join as a member,” said Reed Luhtanen, executive director of the U.S. Faster Payments Council. “1st Source’s commitment to improvement, modernization and collaboration in the instant payment space aligns well with the FPC’s mission of making faster payments a reality for all in the United States. We welcome their expertise in the financial sector, and their knowledge of the FedNow Service and the instant payment space as a whole.”