ANNIVERSARIES Congratulations to the banks celebrating September and October anniversaries as chartered institutions! September 136 years, est. 1887 State Exchange Bank — Mankato 125 years, est. 1898 Peoples Bank & Trust Co. — McPherson 123 years, est. 1900 First State Bank — Ransom 94 years, est. 1929 Farmers State Bank — Fairview October 127 years, est. 1896 Elk State Bank — Clyde 120 years, est. 1903 Haviland State Bank — Haviland 117 years, est. 1906 Stockgrowers State Bank — Maple Hill 117 years, est. 1906 Grant County Bank — Ulysses 117 years, est. 1906 Bank of Commerce & Trust Co. — Wellington 113 years, est. 1910 Union State Bank — Olsburg 39 years, est. 1984 Community National Bank — Seneca 35 years, est. 1988 Bankers’ Bank of Kansas — Wichita 31 years, est. 1992 The Trust Company — Manhattan among banks, payment processors and technology providers. Banks should partner with financial technology providers specializing in real-time payments, leveraging their expertise and infrastructure. Collaborative efforts will accelerate the integration process and provide customers with seamless experiences. How Financial Technology Partners Can Help Prepare Banks for the FedNow Service In the fast-paced world of financial technology, banks often rely on partnerships to enhance their capabilities and stay ahead of industry developments. Regarding the FedNow Service, banks can significantly benefit from the support and expertise of their core banking technology partners. Banks should work with their core banking partner to ensure seamless integration of their existing systems with the FedNow network. This involves developing and implementing necessary APIs to facilitate real-time payment processing. By collaborating on technical integration, financial technology partners can help institutions minimize disruptions and streamline the adoption of the FedNow instant payments. Technology partners should also collaborate with banks to enhance the user experience for their customers using FedNow Instant Payments, including developing intuitive and user-friendly interfaces and payment platforms that enable customers to send and receive real-time payments seamlessly. Technology partners should stay at the forefront of technological advancements and market trends to offer innovative solutions that help banks leverage the full potential of the FedNow Service. The New Era of Instant Payments The FedNow Service’s real-time capabilities empower banks to provide their customers with faster, more efficient services while driving economic growth and innovation. By preparing their technological infrastructure, focusing on security and compliance, educating customers and fostering collaborations, banks can ensure a smooth transition to the new era of instant payments, meet the growing consumer demand and encourage competition and innovation in the payment industry. Gain additional insight into bankers’ thoughts on real-time payments and where they ranked on their list of priorities by downloading CSI’s 2023 Banking Priorities Executive Report at www.csiweb.com/bp23. Greg Aumann is a Sr. Product Manager for ACH, Wire and FedNow. He is responsible for ensuring the applications remain competitive and compliant in today’s rapidly evolving payments landscape. Greg also holds accreditations as an AAP — Accredited ACH Professional and CTP — Certified Treasury Professional. In addition, Greg is an active participant in payment industry work groups working to help advise the industry on the future of payments. Greg is also a member EPCOR’s Education Committee working to help provide guidance, direction and support for EPCOR’s Payments Education offerings. 16 In Touch
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