PNC Bank N.A., which is headquartered in Pittsburgh and operates as the main banking subsidiary of its parent company, The PNC Financial Services Group Inc., expanded its instant payments capabilities by joining the Federal Reserve’s instant payments system, the FedNow Service.
“PNC Treasury Management has seen firsthand the transformative value immediate payments solutions can bring to organizations,” said Sarah Billings, executive vice president and head of global payments for PNC Bank. “Business models today are enabled by immediate payments, and we are committed to supporting the growth of the payments ecosystem across the U.S.
“By joining the FedNow payments network, we are driving value for clients,” Billing said on Oct. 21.
The FedNow Service is a real-time payment infrastructure developed by the Federal Reserve that enables participating U.S. financial institutions to send and receive instant payments 24/7, 365 days a year.
Immediate payments adoption has surged, driven by use cases like emergency payroll, earned wage access, loan disbursements, and gig economy payouts, according to Mark Gould, chief payments executive for Federal Reserve Financial Services.
“Financial institutions like PNC Bank are accelerating the momentum behind instant payments and highlighting the transformative value they bring to businesses and consumers,” Gould said. “Through joining the FedNow Service, PNC Bank helps strengthen our collective ability to deliver immediate and efficient payment solutions across the U.S.”
Tuesday’s announcement builds on PNC’s existing portfolio of payments products and solutions, which include payables, receivables, Direct to Debit Card, Real Time Payments, Zelle Disbursements, and proprietary disbursement solutions Intelligent Routing and ePayments, the company said.