FedNow Developments

What is FedNow?

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). 

FedNow at FMB...

We are already receiving FedNow transactions and have been for some time. We will be implementing FedNow SEND soon. This will be available in addition to the Spin (debit card) transfers.

FedNow Integration for Person-to-Person (P2P) Payments
CSI Digital Banking's FedNow Service is integrated with CSI’s SPIN P2P service.
The FedNow Service allows for instant payment processing. When used, funds are moved directly and immediately between financial institution accounts, enabling your customers to send, receive, and access funds within seconds.
Please review the information below on how to begin using FedNow with SPIN.