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Arvest Aims to Accelerate Implementation of Real-Time Payments

·3-min read

Bank Announces Membership in U.S. Faster Payments Council

FAYETTEVILLE, Ark., October 21, 2021--(BUSINESS WIRE)--Arvest Bank is pleased to announce it has joined the U.S. Faster Payments Council (FPC).

This announcement signals another step in Arvest’s multi-year transformation strategy that includes innovation in emerging and faster payments. This comes on the heels of Arvest’s acceptance into the Federal Reserve’s FedNow Pilot Program, which is being built to allow customers access to payment services 24 hours a day, seven days a week.

"The U.S. Faster Payments Council has brought together a collection of forward-thinking organizations that share the vision of advancing faster payments in the U.S.," Arvest payments strategy director Tristan Thompson said. "Joining the FPC shows Arvest’s commitment to driving payment innovation and will further enable us to provide even better payment experiences for our customers.

"Giving our customers faster access to their funds or offering additional ways for them to make a secure payment are two examples of how faster payments can benefit our customers."

The FPC is a singular nonprofit trade association that was a result of the Federal Reserve’s Faster Payments Task Force, which was formed to help make the U.S. payments system faster, more secure and more efficient.

The mission of the FPC is to enable a system in which Americans can safely and securely pay anyone anywhere, at any time and with real-time funds availability. It works to:

  • Increase awareness of the benefits and opportunities surrounding faster payments

  • Drive the faster payments infrastructure towards ubiquity

  • Foster a high-quality and secure user experience for all

FPC membership is open to all stakeholders in the U.S. payment system. That includes financial institutions, payment network operators, technology providers, consumer organizations and business end users. Current members include American Express, Citibank, Consumer Financial Protection Bureau, Microsoft Corporation, National Retail Federation, The Home Depot, Visa and Walmart Inc. among dozens of others.

About Arvest

Arvest Bank operates more than 230 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a group of 14 locally managed banks, each with its own board and management team. These banks serve customers in more than 130 communities, with extended weekday banking hours at many locations. Arvest provides a wide range of banking services including loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing. Arvest also is one of a select few banks in the nation to have its mobile app – Arvest Go – certified by J.D. Power for providing an outstanding mobile banking experience. Arvest is an Equal Housing Lender and Member FDIC.

About Arvest Wealth Management

Arvest Wealth Management offers wealth management, trust services and insurance products. Investments and Insurance Products: Not a Deposit, Not Guaranteed by the Bank or its Affiliates, Not FDIC Insured, Not Insured by Any Federal Government Agency, May Go Down in Value. Trust services provided by Arvest Bank.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211021005722/en/

Contacts

Kathy Carlock
Director of Corporate Communications
Arvest Bank
(479) 871-4350
kcarlock@arvest.com
arvest.com

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