May 22, 2019
Early adopter: Clearing House real-time payments lands first small bank
Avidia Bank in Hudson, Mass., is set to become the first small bank to join The Clearing House’s real-time payment system, even as many other community banks are continuing to pressure the Federal Reserve to offer its own faster payments service.
The $1.6 billion-asset bank is adding the real-time payment network to its payment options for both commercial clients and the fintechs it serves, said Bob Conery, chief operating officer at Avidia. The bank already offers a faster payments service, a push-to-card system that allows customers to send money to people or small businesses through their cards. It’s part of the reason the bank is keen to jump on board with the Clearing House’s network.