FedNow® Service
FOR IMMEDIATE RELEASE
July 1, 2024
Casco Federal Credit Union Joins the FedNow® Service, Advancing U.S. Payment System
Casco FCU announced it is live on the Federal Reserve’s instant payment rail, the FedNow Service. Casco FCU is now able to receive instant payments from other participating institutions or support payment activity through settlement or liquidity services.
Through the FedNow Service, Casco FCU is positioned to provide consumers and businesses the option to move funds instantly, offering choice for sending and receiving payments to manage money, make bill payments and avoid late fees.
“As a FedNow Service participant, Casco FCU demonstrates dedication to advancing the U.S. payments infrastructure,” said Nick Stanescu, executive vice president and chief executive of the FedNow Service. “We count on financial institutions to help build the FedNow Service network and make instant payments widely available to consumers and businesses across the country.”
To participate in the FedNow Service, Casco FCU completed a multi-step customer testing and certification program. The FedNow Service network includes a diverse range of financial institutions and service providers across the U.S.
“We are excited to be one of the first credit unions in Maine to join FedNow Service,” said Marti Allen, president and chief executive officer of Casco FCU. “With new technologies emerging every day, staying on top of the latest trends is critical to benefitting our members.”
Financial institutions and service providers will continue to onboard throughout 2024 and beyond, helping the FedNow Service build a strong instant payments infrastructure across the U.S.
About Casco Federal Credit Union
Casco FCU is a not-for-profit financial institution that accepts deposits, makes loans, and provides a wide array of other financial services and products. Since its establishment in 1954, it has remained dedicated to being a trusted financial partner within the community by enhancing the well-being of members and employees.
About the FedNow Service
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 9,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org (Off-site).
For media inquiries or further information, please contact:
Wendy Bowen
Marketing Manager
207-839-5588
wbowen@cascofcu.com