Eastern Corporate Federal Credit Union (EasCorp) is taking a giant step forward in the FedNow Service Pilot Program this week when it joins several other financial institutions in testing end-to-end transmission of payment messages using the FedNow instant payment service.
The FedNow Service will allow individuals and businesses to send and receive payments within seconds at any time of the day, on any day of the year, such that the receiver of a payment can use the funds immediately. The FedNow Service is expected to launch mid-year 2023, during the May to July 2023 time frame, heralding the inexorable transformation to the ways in which payments are cleared and financial settlement occurs among financial institutions in the United States.
According to EasCorp president/CEO, Cynthia Nelson, “Following more than 18 months of development, EasCorp is excited to be part of the initial group of institutions engaged with the Federal Reserve in testing the transmission of payment messages. FedNow Service officials recognized our readiness for this next step and that is a testament to the hard work and expertise of our software development staff within EasCorp’s CUSO, Vertifi Software.”
Vertifi intends to provide its instant payments service users with an affordable, application-agnostic gateway solution that requires no special infrastructure investment according to the CUSO’s CEO, Asim Mian. “Our team also will provide EasCorp’s member credit unions and others with customized guidance, planning and implementation of their instant payments road map.”
For its part, EasCorp will provide around-the-clock instant payments settlement services so that member credit unions do not need to invest in special infrastructure or additional staffing.
Ms. Nelson echoed Mr. Mian’s sentiment and added that a major announcement regarding an instant payments support program for EasCorp and Vertifi’s more than 600 service users is forthcoming.
To learn more about EasCorp and Vertifi’s Instant Payments Solution, visit