Arvest Bank is participating in a pilot program, called FedNow, with the Federal Reserve Bank to test a new instant payment service for consumers.
Under the initiative, financial institutions of all sizes will be able to provide safe, efficient instant payment services and give customers greater flexibility in managing their funds. The program is projected to start in 2023.
Arvest is one of more than 100 banks, credit unions and payment-technology providers in the program. As a participant, Arvest will help support development, testing and adoption of the new service.
"The ability to move and receive money instantly, at any time of the day, is becoming the expectation for consumers here in the U.S.," said Tristan Thompson, payments strategy director for Arvest.
Arvest operates more than 270 bank branches in Arkansas, Oklahoma, Missouri and Kansas.