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

Core Viewpoint - 1st Source Bank has joined the U.S. Faster Payments Council (FPC) to enhance its leadership in the instant payment sector and contribute to the development of the U.S. national payment system [1][3]. Company Overview - 1st Source Corporation, the parent company of 1st Source Bank, has total assets of $8.9 billion and is the largest locally controlled financial institution in the northern Indiana-southwestern Michigan area [4]. - The corporation operates 77 banking centers, 18 specialty finance group locations, nine trust and wealth advisory services locations, 10 insurance offices, and three loan production offices [4]. Industry Participation - The FPC is an industry-led organization aimed at improving the safety, security, and adoption of faster payments in the U.S. [1]. - 1st Source Bank was an early adopter of the FedNow Service, which allows for instant payment services, and has been utilizing the Real-time Payments (RTP®) platform since March 2023 [2]. Leadership and Commitment - The leadership of 1st Source Bank emphasizes its commitment to innovation and collaboration in the instant payment space, aligning with the FPC's mission [3]. - The bank's participation in the FPC is expected to provide valuable insights and enhance its position in the evolving landscape of faster payment technologies [2][3].