Salem Five Among Financial Institutions Set to Launch the FedNowSM Service with Fiserv
April 12 2023 - 9:00AM
Business Wire
Nearly 20 financial institutions, including
Salem Five, Peoples Bank and Mediapolis Savings Bank, are readying
to move the industry forward with commitments to offer real-time
payment services as part of the FedNow pilot program
Fiserv, Inc. and its financial institution clients will continue
to advance the availability of real-time payments in the U.S. as
part of the pilot of the Federal Reserve’s real-time payments
network, FedNowSM, which is expected to launch in July 2023. Salem
Five will be among the first financial institutions to implement
the FedNow Service, utilizing NOW® Gateway from Fiserv, a leading
global provider of payments and financial technology solutions.
“When it comes to moving money, speed matters,” said Matt
Wilcox, President of Digital Payment Solutions at Fiserv.
“Consumers and businesses want more real-time payment options, and
financial institutions are ready to deliver. The FedNow Service
provides a reliable network through which financial institutions
can both receive and send real-time payments on behalf of their
customers, and we anticipate strong adoption.”
By enabling a single, straightforward point of connectivity to
the FedNow Service and other real-time payment networks, Fiserv is
making it easier for financial institutions to meet the real-time
payment needs of their consumer and small business customers, with
use cases ranging from instant receipt of refunds to real-time bill
payments.
A Fiserv client since 2017, Massachusetts-based Salem Five is
piloting the FedNow Service as part of its commitment to deliver
in-demand capabilities to its customers. This partnership with
Fiserv reflects Salem Five’s multi-decade commitment to provide
people and businesses with technology that makes managing money
easier.
“Our customers expect ‘one click and it’s done’ experiences, and
that’s the reason we’re focused on real time,” said Rob Ames, Head
of Digital Delivery at Salem Five. “Real-time payments are integral
to the future of Salem Five. The infrastructure we’re putting in
place today with Fiserv and the FedNow Service will enable
innovation and product development for years to come, and we will
be ready.”
In addition to Salem Five, nearly 20 financial institutions,
including Peoples Bank and Mediapolis Savings Bank, have already
committed to be part of the FedNow Service pilot program via
Fiserv, with a robust pipeline of additional financial
institutions.
Fiserv offers unparalleled options and support for financial
institutions seeking real-time network connectivity. In addition to
the FedNow Service, financial institutions can access real-time
payments networks including Zelle Network® and The Clearing House’s
RTP® network via NOW Gateway, which was designed with the technical
and operational infrastructure to facilitate quick and easy access
to real-time networks.
Fiserv will manage transactions end-to-end for clients that
connect to the FedNow Service through NOW Gateway, streamlining
operations for the financial institution. Financial institutions
that prefer to manage their own transaction settlement have the
option of connecting to the FedNow Service via Payments Exchange
from Fiserv.
In a world moving faster than ever before, Fiserv helps clients
deliver solutions in step with the way people live and work today –
financial services at the speed of life. Learn more at
fiserv.com.
Additional Resources:
- FedNow Ignites Payment Conversation – fisv.co/FedNowBlog
About Salem Five
Salem Five Bank (www.salemfive.com) is a mutual bank founded in
1855. Whatever the need and whatever the goal, Salem Five’s
banking, investment and insurance professionals have the expertise
to move customers forward. Salem Five has more than $6 billion in
assets and 33 retail branches in Essex, Middlesex, Norfolk and
Suffolk counties. Divisions include Salem Five Mortgage Company,
one of the largest mortgage lenders headquartered in New England;
Salem Five Wealth Management & Trust, which offers fiduciary
wealth management services to institutions and high-net-worth
individuals, financial and retirement income planning, portfolio
review and money management; and Salem Five Insurance Services,
which provides personal and commercial insurance. Salem Five
deposits are insured through the FDIC. Salem Five Mortgage
Company’s NMLS # is 4662. Equal Housing Lender. Securities are
offered through LPL Financial, member FINRA/SIPC. Life insurance
products are offered through LPL Financial or its licensed
affiliates. Insurance and investment products are not FDIC insured,
not bank guaranteed, may lose value, not a deposit, and not insured
by any federal government agency.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and
information in a way that moves the world. As a global leader in
payments and financial technology, the company helps clients
achieve best-in-class results through a commitment to innovation
and excellence in areas including account processing and digital
banking solutions; card issuer processing and network services;
payments; e-commerce; merchant acquiring and processing; and the
Clover® cloud-based point-of-sale and business management platform.
Fiserv is a member of the S&P 500® Index and one of Fortune®
World’s Most Admired Companies™. Visit fiserv.com and follow on
social media for more information and the latest company news.
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version on businesswire.com: https://www.businesswire.com/news/home/20230412005394/en/
Media Relations: Ann Cave Vice President, External
Communications Fiserv, Inc. 678-325-9435 ann.cave@fiserv.com
Media Relations: Mark Jelfs Senior Manager, External
Communications Fiserv, Inc. 262-737-8244 mark.jelfs@fiserv.com
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