First Federal Welcomes Real-Time Payments with FedNow Integration

First Federal Welcomes Real-Time Payments with FedNow Integration

July 22, 2024

First Federal has announced its integration with FedNow, the Federal Reserve's instant payment service. First Federal can now receive real-time payments, boosting financial management options for both personal and business banking clients in McMinnville and surrounding areas.

The FedNow Service, a new era of convenience, enables financial institutions across the United States to provide their customers with safe and efficient payment services that operate 24/7, 365 days a year. This new service allows First Federal to process payments received within seconds, offering unprecedented speed that benefits managing your cash flow.

"Joining the FedNow community as a receiver marks a milestone in our commitment to leveraging technology that enhances customer experience and meets modern financial needs," said Jim Schlotfeldt, President and CEO. "This integration reflects our dedication to innovation and strengthens our capability to support our customers with the tools necessary for tomorrow's fast-paced financial environment."

Customers of First Federal can expect several benefits from the integration of FedNow, including:

• Rapid Transactions: Payments are settled within seconds, which is ideal for urgent or crucial financial needs.
• Around-the-Clock Accessibility: Available 24/7, this service ensures you can manage payments received outside traditional banking hours.
• Streamlined Efficiency: The instant processing of payments received not only minimizes wait times but also empowers you to manage your finances on your terms, reducing reliance on standard bank operating hours.

For more information about how FedNow can benefit you, please visit First Federal’s website at www.firstfedweb.com or contact a local branch.