South Bend-based 1st Source Bank announced it has joined the U.S. Faster Payments Council.
The industry-led membership organization was created so Americans could safely and securely pay anyone at any time with near-immediate funds availability. The organization focuses on the larger goals of safety, security and adoption of faster payments.
1st Source adopted the FedNow Service at its launch in July 2023 with send and receive capabilities for clients. FedNow, developed by the Federal Reserve, allows eligible depository institutions to provide instant payment services. The bank has been using the Real-time Payments platform from The Clearing House since March 2023.
Reed Luhtanen, U.S. Faster Payments Council executive director, welcomed 1st Source as a member.
“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,” Reed said in a press release. “We welcome their expertise in the financial sector, and their knowledge of the FedNow Service and the instant payment space as a whole.”
1st Source Corp., parent company of 1st Source Bank, operates 77 banking centers. Founded more than 160 years ago, 1st Source serves customers in Northern Indiana and Southwest Michigan.
