- First Internet Bank announced its participation in a pilot program for the FedNow Service, the Federal Reserve’s instant payments network
- This collaboration further evidences a commitment to digital banking and faster payments on the part of First Internet Bank
- FedNow Service alleviates pain points often associated with instant payments for consumers, small businesses
- Consumers more control over their personal finances, with the ability to avoid late fees and overdrafts
- With real-time payments, small businesses receive funds immediately, increasing cash flow
- First Internet Bank sought to deliver a more flexible banking model to meet the evolving needs of personal and small business customers
