EasCorp featured in the Federal Reserve’s new FedNow℠ Service Provider Showcase
BURLINGTON, MA (March 10, 2022) — EasCorp is proud to be featured in the Federal Reserve’s new FedNow Service Provider Showcase, an online resource designed to connect financial institutions looking to adopt and innovate upon the FedNow Service with service providers offering instant payment solutions.
“We’re excited to be part of the FedNow Service Provider Showcase and look forward to helping credit unions adopt and implement instant payments,” said Robert Bartol, Senior Vice President of EasCorp. “With our payments solution, credit unions and their members will be able to access the speed, convenience and other benefits the FedNow Service will provide when it launches in 2023.” EasCorp will provide the settlement services for FedNow transactions for its member credit unions. EasCorp, through its CUSO Vertifi will also provide a solution to manage the formatting and exchange of payment messages with the FedNow Service’s network thus eliminating the need for any expensive network, server or application infrastructure and delivering the FedNow service more affordably.
“We appreciate the commitment of EasCorp to enabling FedNow adoption and participating in the showcase,” said Nick Stanescu, Federal Reserve Bank senior vice president and FedNow business executive. “The time is now for organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding.”
To learn more, visit EasCorp’s profile https://explore.fednow.org/explore-the-city?id=10&building=showcase-theater&page=3&postId=29&vendor=eastern-corporate-fcu-(eascorp) in the FedNow Service Provider Showcase on FedNowExplorer.org.
About EasCorp Federal Credit Union
Eastern Corporate Federal Credit Union (EasCorp) is a corporate credit union serving 275 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. Through its CUSO, Vertifi Software, LLC, EasCorp provides remote deposit capture, check, statement rendering services, and more to over 600 financial institutions. For more information, visit 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.