EasCorp advances to next phase of FedNow℠ Service Development
BURLINGTON, MA (September 30, 2022) — 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
About EasCorp Federal Credit Union
Eastern Corporate Federal Credit Union (EasCorp) is a corporate credit union serving credit unions throughout the United States from offices in Burlington and Woburn, Massachusetts. EasCorp provides credit unions with a variety of deposit, loan, and investment services, ALM modeling, and security safekeeping services. Its wholly-owned subsidiary, Vertifi® Software, a Credit Union Service Organization, delivers state-of-the-art payment system technologies, including a new FedNow® Service gateway, and innovative digital solutions to the financial services industry. For more information, visit www.eascorp.org.
About the FedNow Service
The Federal Reserve Banks are developing 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 will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be 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.
“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.