Salem Five Among Financial Institutions to Launch Real-Time Payments Service FedNowSM with Fiserv

Fiserv, Inc. (Fiserv), a leading global provider of payments and financial technology solutions, and its financial institution clients will continue to advance the availability of real-time payments in the U.S. as part of the pilot of the Federal Reserve's real-time payments network, FedNowSM, which is expected to launch in July 2023. A Fiserv client since 2017, Massachusetts-based Salem Five will be among the first financial institutions to implement the FedNow Service, utilizing NOW® Gateway from Fiserv, a leading global provider of payments and financial technology solutions.

"When it comes to moving money, speed matters," said Matt Wilcox, President of Digital Payment Solutions at Fiserv. "Consumers and businesses want more real-time payment options, and financial institutions are ready to deliver. The FedNow Service provides a reliable network through which financial institutions can both receive and send real-time payments on behalf of their customers, and we anticipate strong adoption."

By enabling a single, straightforward point of connectivity to the FedNow Service and other real-time payment networks, Fiserv is making it easier for financial institutions to meet the real-time payment needs of their consumer and small business customers, with use cases ranging from instant receipt of refunds to real-time bill payments.

"Our customers expect 'one click and it's done' experiences, and that's the reason we're focused on real time," said Rob Ames, Head of Digital Delivery at Salem Five. "Real-time payments are integral to the future of Salem Five. The infrastructure we're putting in place today with Fiserv and the FedNow Service will enable innovation and product development for years to come, and we will be ready."

In addition to Salem Five, nearly 20 financial institutions, including Peoples Bank and Mediapolis Savings Bank, have already committed to be part of the FedNow Service pilot program via Fiserv, with a pipeline of additional financial institutions.