Federal Reserve Selects PCBB for FedNow℠ Pilot

PCBB is selected as a pilot bank in the development of the Federal Reserve’s instant payment service.

WALNUT CREEK, Calif. – February 4, 2021 – PCBB  is one of 110 selected institutions to participate as a pilot bank for the FedNow instant payments service. The bankers’ bank will help in the development and assessment of the FedNow Service to facilitate functionality and user experience for accelerated industry adoption. 

The Fed’s solution for faster payments will provide a holistic ecosystem of financial institutions and payment providers for 24-7 service, 365 days of the year. The FedNow Service will enable an instant payment solution to be available within seconds anywhere in the US through FedNow-participating providers. 

“We are thrilled to be a participant in the FedNow Service pilot program. This gives us an opportunity to assist the Federal Reserve in developing an instant payments strategy, roadmap, and adoption approaches for the industry. We are committed to providing banking solutions, including advancements in payments, to our community financial institutions. Recently, we integrated with Fiserv’s WireXchange®: FX platform and Swift GPI, and this is another step forward in that digital evolution,” states Sonia Portwood, EVP, Business Development and Strategic Execution of PCBB.  

Because faster payments are increasingly in demand, financial institutions are looking for effective ways to integrate their payment platforms. The FedNow Service is the best way to do that. “Our bank customers are looking for faster payment solutions with the increasing payment needs from their customers. We look forward to working with the Federal Reserve on FedNow to help define the features, functionality, and user experience for the highest level of industry adoption,” says Allen Sztukowski, SVP, Operations at PCBB.