ABNB Federal Credit Union describes its first months on the FedNow® Service
ABNB Federal Credit Union
ABNB (Off-site) is a federal credit union located in Hampton Roads, Virginia and northeastern North Carolina that services members locally and across the country. ABNB began offering instant payments to its members through the FedNow Service in May 2024. Cassandra Tucker, who serves as director of operations at ABNB Federal Credit Union, had this to say as a recent adopter of the service:
“I first learned about the FedNow Service during an industry conference and was immediately impressed. I realized this is the future of moving money. When I took my proposal back to the team, the biggest deciding factor for us was knowing instant payments are going to take off — these transactions increase efficiency and provide consumers much more flexibility, plus the control that we all deserve when it comes to our money.
“We prioritized the FedNow Service not only as a strategic initiative, but an operational initiative. For us, instant payments meant becoming more efficient in terms of resource management, enabling us to do more with a small team. We went live on the FedNow Service in May 2024, enabling our members to receive instant payments securely. I’m not sure I’ve had a rollout go as smoothly during my career — money is flowing in seamlessly and our members are happy.
“We’re excited to enable send in the coming months because we want our members to have the most access to instant payments possible, without limit. Members will be able to log in to our mobile banking platform and select how quickly they want to send their money. By allowing them to choose the speed of that transaction, they can decide if and when they want to use instant payments. This option is especially important when you consider our member base, many of whom are lower income and underserved, and benefit from more flexibility in managing money. For this reason, we are seeing a lot of early movement in earned wage access.
“In the future, we plan to build off current use cases to offer options like loan funding. By providing instant payouts, we will become more competitive in the indirect loan market, especially on holiday weekends and times when other types of transfers experience delayed clearing. These services will help set us apart from other organizations that do not offer instant payment funding options, both in our market and as we enter new ones.
“When I think back to when I first learned about the FedNow Service, it feels like we’ve come a long way. Now we get to see the real-life benefits for our members every day. And we’re seeing the FedNow Service beginning to create an environment for other industries to build and grow upon. I don’t expect that trajectory to change — instant payments are more efficient, seamless, secure, better for our members, and better for our credit union. We are already seeing that the growth has been exponential.
“When the FedNow Service joined the market, it accelerated everything and created a drive to build. That’s what’s going to help propel us to these use cases, and new ones that we can’t even think of today.”
Want to see what other organizations have to say about the FedNow Service? Read more FedNow customer testimonials here.