PNC Bank Expands Immediate Payments Solutions by Joining the FedNow® Service

PNC Bank, N.A., announced it has expanded its instant payments capabilities by joining the Federal Reserve’s instant payments system, the FedNow Service. 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.

As a leader in the payments industry and a founding member of The Clearing House’s Real-Time Payments (RTP®) network, PNC continues to provide innovative solutions to simplify and streamline the adoption of immediate payments for clients.

“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.”

Immediate payments are experiencing rapid growth as businesses prioritize speed, efficiency and customer satisfaction. Since the introduction of the RTP network in 2017 and the FedNow Service in 2023, immediate payments adoption has surged, driven by use cases like emergency payroll, earned wage access, loan disbursements and gig economy payouts.

“Financial institutions like PNC Bank are accelerating the momentum behind instant payments and highlighting the transformative value they bring to businesses and consumers,” said Mark Gould, chief payments executive for Federal Reserve Financial Services. “Through joining the FedNow Service, PNC Bank helps strengthen our collective ability to deliver immediate and efficient payment solutions across the U.S.”

This 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. Through embedded finance technology and authenticated APIs, clients can initiate various payment types directly from their internal systems, streamlining the payment workflows, enhancing accuracy and significantly reducing operational costs.

PNC Treasury Management offers a platform of innovative, end-to-end technologies and experienced teams that help clients architect and implement a cohesive cash management system for their business. PNC is committed to investing in leading technology and will continue to support its clients as they work to optimize working capital; achieve faster, more secure transactions; and drive their business forward.