Gateway Bank is now live on the Federal Reserve’s instant payment rail, the FedNow Service, allowing customers to receive instant payments from other participating institutions or support payment activity through settlement or liquidity services.
Through the FedNow Service, consumers and businesses now have the option to move funds instantly, making it easier to manage money, make bill payments, and avoid late fees.
“As a FedNow Service participant, Gateway Bank demonstrates dedication to advancing the U.S. payments infrastructure,” said Nick Stanescu, executive vice president and chief executive of the FedNow Service. “We count on financial institutions to help build the FedNow Service network and make instant payments widely available to consumers and businesses across the country.”
To participate in the FedNow Service, Gateway Bank completed a multi-step customer testing and certification program. The FedNow Service network includes a diverse range of financial institutions and service providers across the U.S.
Financial institutions and service providers will continue to onboard throughout 2024 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the U.S.
For more information, get in touch with our team.