1st Source Bank Joins U.S. Faster Payments Council

Rhea-AI Summary

1st Source Bank (NASDAQ: SRCE) has joined the U.S. Faster Payments Council (FPC), an industry-led organization shaping the future of U.S. payment systems. This membership follows the bank's early adoption of the FedNow Service in July 2023 and implementation of Real-time Payments (RTP®) platform in March 2023.

The bank, with assets of $8.9 billion, is strengthening its position in the instant payment space through this strategic membership. As the largest locally controlled financial institution in the northern Indiana-southwestern Michigan area, 1st Source operates 77 banking centers, 18 Specialty Finance Group locations, and various other service locations.

This initiative aligns with the FPC's mission of enabling Americans to make secure, instant payments with immediate funds availability, while focusing on safety, security, and adoption of faster payment solutions.

Positive

• Early adopter of both FedNow Service and Real-time Payments (RTP®) platform
• Strong asset position of $8.9 billion
• Extensive network of 77 banking centers and multiple specialty locations
• Strategic positioning in faster payments technology through FPC membership

Negative

• None.

News Market Reaction – SRCE

+3.10%

1 alert

+3.10% News Effect

On the day this news was published, SRCE gained 3.10%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

South Bend, Indiana--(Newsfile Corp. - February 4, 2025) - 1st Source Bank (NASDAQ: SRCE) is pleased to announce that it has joined the U.S. Faster Payments Council (FPC). This industry-led membership organization is helping to shape the future of the U.S. national payment system. It was created so Americans can safely and securely pay anyone, anywhere, at any time with near-immediate funds availability. Additionally, it focuses on the larger goals of safety, security and adoption of all faster payments.

This is not the first time that 1st Source Bank has stepped up as a leader in the instant payment space. 1st Source was one of the first banks to adopt the innovative FedNow Service at its launch in July 2023 with both send and receive capabilities for clients. FedNow, developed by the Federal Reserve, allows eligible depository institutions to provide instant payment services. Additionally, the Bank has been using the Real-time Payments (RTP®) platform from The Clearing House since March 2023. Now, with the addition of the FPC membership, 1st Source brings valuable insights to the table while putting themselves in a position to be on the cutting edge of faster payment technology information.

"1st Source Bank takes pride in our leadership role in the instant payment space, and we are excited about joining the Faster Payments Council," said Andrea Short, President & CEO of 1st Source Bank, and President of 1st Source Corporation. "Our dedication to innovation will be bolstered by the diverse perspectives of this group of organizations as we tackle the complex intricacies of faster payments in the United States."

"The Faster Payments Council is thrilled to have 1st Source Bank join as a member," said Reed Luhtanen, Executive Director of the U.S. Faster Payments Council. "1st Source's commitment to improvement, modernization and collaboration in the instant payment space aligns well with the FPC's mission of making faster payments a reality for all in the United States. We welcome their expertise in the financial sector, and their knowledge of the FedNow Service and the instant payment space as a whole."

Faster Payments Council (FPC)

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1st Source Corporation, parent company of 1st Source Bank, has assets of $8.9 billion and is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. The Corporation includes 77 banking centers, 18 1st Source Bank Specialty Finance Group locations nationwide, nine Trust and Wealth Advisory Services locations, 10 1st Source Insurance offices, and three loan production offices. For more than 160 years, 1st Source has been committed to our mission of helping our clients achieve security, build wealth and realize their dreams. For more information, visit https://www.1stsource.com/.

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SOURCE STRING: 1st Source Corporation

Contact: 
Hannah Nichols 
NicholsHa@1stsource.com
574-235-2128

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/239576

FAQ

When did 1st Source Bank (SRCE) join the U.S. Faster Payments Council?

1st Source Bank joined the U.S. Faster Payments Council in February 2024, as announced in their press release.

What is the current asset value of 1st Source Bank (SRCE)?

1st Source has assets of $8.9 billion, as stated in the press release.

When did 1st Source Bank (SRCE) implement the FedNow Service?

1st Source Bank was among the first banks to adopt the FedNow Service at its launch in July 2023.

How many banking centers does 1st Source Bank (SRCE) operate?

1st Source Bank operates 77 banking centers, along with 18 Specialty Finance Group locations nationwide.

When did 1st Source Bank (SRCE) start using the Real-time Payments platform?

1st Source Bank began using the Real-time Payments (RTP®) platform from The Clearing House in March 2023.