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Hudson-based Avidia Bank made a bold move last month, becoming the first community bank in the country to join The Clearing House’s real-time payments network and in the process showing how the relationship between fintechs and banks may soon start to shift.
The move gives the bank’s customers the ability to send, clear and settle payments immediately and at all times – 24 hours a day, seven days a week and 365 days of the year.
While most community banks have been hesitant to sign up to a real-time payment processing system, Hudson-based Avidia has jumped in with both feet.
Avidia Bank, a small $1.6 billion–asset bank based in Hudson, chose a path last week that few, if any, community banks in the country have dared to go down.
Avidia Bank is celebrating its 150th anniversary throughout 2019. Avidia Bank is the combination of two longstanding community banks: Hudson Savings Bank and Westborough Bank, both founded in 1869. Avidia recently celebrated 10 years of coming together as Avidia. Now in 2019, it is celebrating its 150th anniversary of providing community banking to the MetroWest and Central Massachusetts communities.
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.