Avidia Bank Joins the FedNow® Service, Advancing U.S. Payment System

 

Avidia Bank announced it is live on the Federal Reserve’s new instant payment rail, the FedNow Service. Avidia is among the first depository institutions and is now able to send and receive instant payments from other participating institutions or support payment activity through settlement or liquidity services.

 

Through the FedNow Service, Avidia Bank is positioned to provide consumers and businesses the option to move funds instantly, offering choice for sending and receiving payments to manage money, make bill payments and avoid late fees.

 

“As an early adopter of the FedNow Service, Avidia Bank demonstrates dedication to innovation,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow program executive. “Their leadership paves the way for industrywide progress, setting an example for others wanting to play a role in supporting a modernized U.S. payment infrastructure.”

 

To participate in the FedNow Service, Avidia Bank completed a multi-step customer testing and certification program in the months leading up to launch. Early adopters of the service include a diverse range of financial institutions and service providers across the U.S.

 

Financial institutions and service providers will continue to onboard throughout 2023 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the U.S.

 

About Avidia Bank:

Avidia Bank is a $2.5 billion community bank headquartered in Hudson, MA with additional branches in Westborough, Framingham, Shrewsbury, Clinton, Leominster, Marlborough, and Northborough. For more than 150 years, the Bank has provided personal, commercial, and residential banking services. Learn more at avidiabank.com. Member FDIC. Member DIF.

 

About the FedNow Service:

The Federal Reserve Banks developed the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments at any time of day, and recipients have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access is provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org (Off-site).