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Arlington, VA (February 29, 2024) — National Cooperative Bank (NCB), a leading financial institution dedicated to providing banking solutions to cooperatives and socially responsible organizations nationwide, is pleased to announce that it has been approved by the Federal Reserve to be added to the growing list of financial institutions that offer FedNow Service.
The FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows eligible depository institutions of different sizes across the U.S. to provide instant payment services. NCB will offer this service as a settlement provider to our correspondent banking credit union customers along with the wires, ACH, and cash activity we settle as a correspondent bank.
