1st Source Bank Joins U.S. Faster Payments Council
1st Source Bank (NASDAQ: SRCE) has joined the U.S. Faster Payments Council (FPC), an industry-led organization shaping the future of U.S. payment systems. This membership follows the bank's early adoption of the FedNow Service in July 2023 and implementation of Real-time Payments (RTP®) platform in March 2023.
The bank, with assets of $8.9 billion, is strengthening its position in the instant payment space through this strategic membership. As the largest locally controlled financial institution in the northern Indiana-southwestern Michigan area, 1st Source operates 77 banking centers, 18 Specialty Finance Group locations, and various other service locations.
This initiative aligns with the FPC's mission of enabling Americans to make secure, instant payments with immediate funds availability, while focusing on safety, security, and adoption of faster payment solutions.
1st Source Bank (NASDAQ: SRCE) è entrato a far parte del Consiglio dei Pagamenti Rapidi degli Stati Uniti (FPC), un'organizzazione guidata dall'industria che plasma il futuro dei sistemi di pagamento negli Stati Uniti. Questa adesione segue l'adozione precoce del Servizio FedNow nel luglio 2023 e l'implementazione della piattaforma di Pagamenti in Tempo Reale (RTP®) a marzo 2023.
Questa iniziativa è in linea con la missione dell'FPC di abilitare gli americani a effettuare pagamenti sicuri e istantanei con disponibilità immediata dei fondi, concentrandosi sulla sicurezza, sulla protezione e sull'adozione di soluzioni di pagamento più rapide.
1st Source Bank (NASDAQ: SRCE) se ha unido al Consejo de Pagos Rápidos de EE.UU. (FPC), una organización liderada por la industria que está moldeando el futuro de los sistemas de pago en EE.UU. Esta membresía sigue a la adopción temprana del Servicio FedNow en julio de 2023 y la implementación de la plataforma de Pagos en Tiempo Real (RTP®) en marzo de 2023.
El banco, con activos de 8.9 mil millones de dólares, está fortaleciendo su posición en el espacio de pagos instantáneos a través de esta membresía estratégica. Como la mayor institución financiera controlada localmente en el área del norte de Indiana y el suroeste de Michigan, 1st Source opera 77 centros bancarios, 18 ubicaciones del Grupo de Finanzas Especializadas y varios otros lugares de servicio.
Esta iniciativa se alinea con la misión del FPC de permitir a los estadounidenses realizar pagos seguros e instantáneos con disponibilidad inmediata de fondos, mientras se enfoca en la seguridad, la protección y la adopción de soluciones de pago más rápidas.
1st Source Bank (NASDAQ: SRCE)는 미국의 지불 시스템의 미래를 형성하는 산업 주도 조직인 미국 빠른 지불 위원회 (FPC)에 가입했습니다. 이 가입은 2023년 7월에 FedNow 서비스를 조기 채택하고 2023년 3월에 실시간 결제 (RTP®) 플랫폼을 구현한 것에 따른 것입니다.
이 은행은 8.9억 달러의 자산을 보유하고 있으며, 이 전략적 회원가입을 통해 즉시 결제 공간에서의 입지를 강화하고 있습니다. 인디애나 북부 및 미시간 남서부 지역에서 가장 큰 지역 통제 금융 기관으로서 1st Source는 77개의 은행 센터, 18개의 전문 금융 그룹 위치 및 다양한 기타 서비스 위치를 운영하고 있습니다.
이 이니셔티브는 미국인들이 안전하고 즉각적인 결제를 할 수 있도록 하며, 자금이 즉시 사용 가능한 방식으로 지원하는 FPC의 사명에 부합합니다. 여기에는 안전성, 보안 및 더 빠른 결제 솔루션의 채택에 중점을 둡니다.
1st Source Bank (NASDAQ: SRCE) a rejoint le Conseil des paiements rapides des États-Unis (FPC), une organisation dirigée par l'industrie qui façonne l'avenir des systèmes de paiement aux États-Unis. Cette adhésion fait suite à l'adoption précoce du service FedNow en juillet 2023 et à la mise en œuvre de la plateforme de paiements en temps réel (RTP®) en mars 2023.
La banque, avec des actifs de 8,9 milliards de dollars, renforce sa position dans le domaine des paiements instantanés grâce à cette adhésion stratégique. En tant que plus grande institution financière contrôlée localement dans la région du nord de l'Indiana et du sud-ouest du Michigan, 1st Source exploite 77 centres bancaires, 18 emplacements du Groupe de finances spécialisées et divers autres points de service.
Cette initiative est en accord avec la mission du FPC de permettre aux Américains d'effectuer des paiements sûrs et instantanés avec une disponibilité immédiate des fonds, tout en mettant l'accent sur la sécurité, la protection et l'adoption de solutions de paiement plus rapides.
1st Source Bank (NASDAQ: SRCE) ist dem U.S. Faster Payments Council (FPC) beigetreten, einer von der Industrie geführten Organisation, die die Zukunft der US-Zahlungssysteme mitgestaltet. Diese Mitgliedschaft folgt auf die frühe Einführung des FedNow-Service im Juli 2023 und die Implementierung der Echtzeit-Zahlungsplattform (RTP®) im März 2023.
Die Bank mit Vermögenswerten von 8,9 Milliarden US-Dollar stärkt ihre Position im Bereich der Sofortzahlungen durch diese strategische Mitgliedschaft. Als größte lokal kontrollierte Finanzinstitution im nördlichen Indiana und südwestlichen Michigan betreibt 1st Source 77 Bankzentren, 18 Standorte der Specialty Finance Group und verschiedene andere Dienstleistungsstandorte.
Diese Initiative steht im Einklang mit der Mission des FPC, den Amerikanern die Möglichkeit zu geben, sichere, sofortige Zahlungen mit sofortiger Verfügbarkeit von Mitteln zu leisten, wobei der Schwerpunkt auf Sicherheit, Schutz und der Einführung schnellerer Zahlungslösungen liegt.
- Early adopter of both FedNow Service and Real-time Payments (RTP®) platform
- Strong asset position of $8.9 billion
- Extensive network of 77 banking centers and multiple specialty locations
- Strategic positioning in faster payments technology through FPC membership
- None.
Insights
The strategic significance of 1st Source Bank joining the U.S. Faster Payments Council extends beyond mere industry participation. As a regional bank with
The business implications are multifaceted. First, participation in faster payments infrastructure can generate new revenue streams through transaction fees while reducing operational costs associated with traditional payment methods. Second, early adoption and expertise in instant payments provides a competitive advantage in attracting commercial clients, particularly in sectors where rapid fund movement is crucial.
The risk-reward equation is particularly favorable here. While implementing faster payment systems requires investment in technology and compliance frameworks, the defensive value is substantial. Regional banks that delay modernizing their payment capabilities risk losing market share to larger institutions and fintech competitors. By participating in the FPC, 1st Source gains early insight into regulatory developments and industry standards, allowing for more efficient resource allocation in technology investments.
For investors, this represents careful strategic planning rather than a transformative development. While the immediate financial impact may be modest, it positions the bank well for the ongoing evolution of payment systems and demonstrates management's forward-thinking approach to maintaining competitive relevance.
South Bend, Indiana--(Newsfile Corp. - February 4, 2025) - 1st Source Bank (NASDAQ: SRCE) is pleased to announce that it has joined the U.S. Faster Payments Council (FPC). This industry-led membership organization is helping to shape the future of the U.S. national payment system. It was created so Americans can safely and securely pay anyone, anywhere, at any time with near-immediate funds availability. Additionally, it focuses on the larger goals of safety, security and adoption of all faster payments.
This is not the first time that 1st Source Bank has stepped up as a leader in the instant payment space. 1st Source was one of the first banks to adopt the innovative FedNow Service at its launch in July 2023 with both send and receive capabilities for clients. FedNow, developed by the Federal Reserve, allows eligible depository institutions to provide instant payment services. Additionally, the Bank has been using the Real-time Payments (RTP®) platform from The Clearing House since March 2023. Now, with the addition of the FPC membership, 1st Source brings valuable insights to the table while putting themselves in a position to be on the cutting edge of faster payment technology information.
"1st Source Bank takes pride in our leadership role in the instant payment space, and we are excited about joining the Faster Payments Council," said Andrea Short, President & CEO of 1st Source Bank, and President of 1st Source Corporation. "Our dedication to innovation will be bolstered by the diverse perspectives of this group of organizations as we tackle the complex intricacies of faster payments in the United States."
"The Faster Payments Council is thrilled to have 1st Source Bank join as a member," said Reed Luhtanen, Executive Director of the U.S. Faster Payments Council. "1st Source's commitment to improvement, modernization and collaboration in the instant payment space aligns well with the FPC's mission of making faster payments a reality for all in the United States. We welcome their expertise in the financial sector, and their knowledge of the FedNow Service and the instant payment space as a whole."
Faster Payments Council (FPC)
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1st Source Corporation, parent company of 1st Source Bank, has assets of
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SOURCE STRING: 1st Source Corporation
Contact:
Hannah Nichols
NicholsHa@1stsource.com
574-235-2128
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/239576
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