Star One Credit Union to Help Shape the Future of Instant Payments
Star One will be a leader in the industry's charge to provide its members with instant payments services that deliver control, convenience and certainty by participating in a pilot program for the Federal Reserve's upcoming instant payments offering, the FedNow℠ Service.
The FedNow Service will provide an important payments infrastructure when it becomes available in 2023. Financial institutions and their service providers will be able to use the service as a springboard to bring the benefits of safe, efficient instant payments to communities across the country.
"We are proud that we'll help the Federal Reserve develop its first major new payment system in four decades," said Kathy Sullivan, VP Deposit Services. "We look forward to working side by side with the Federal Reserve and other pilot participants to help ensure the service meets member needs."
Star One will help shape the FedNow Service's features and functions, provide input into the overall user experience, ensure readiness for testing and be the first to experience the FedNow Service before its general availability. In the initial advisory phase, participant input will help to further define the service and adoption roadmap, industry readiness approaches and overall instant payments strategy.
For more information on the FedNow Pilot Program and the FedNow Service, visit FedNow.org.
"FedNow" is a service mark of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.