Will Old Glory Bank participate in FedNow?

FedNow was developed by the Federal Reserve as a service for banks and credit unions to use in providing their customers with instant payment options. We understand that our customers may have concerns about the Federal Reserve, however their initiative with the FedNow Service is to help smaller banks compete with Venmo (which is owned by PayPal) and Zelle (which is owned by the nation's largest 7 banks). FedNow provides a low-cost solution for smaller banks, so that they don't have to pay fees to large companies like Venmo and Zelle.


That said, Old Glory Bank has no current intention of participating in the FedNow service because we have our own solution, called Old Glory Pay. This is a closed-loop solution, that is fully internal to Old Glory Bank. Payments sent through Old Glory Pay from one OGB customer to another never leave the Old Glory Bank system. Old Glory Pay settles transactions more quickly, is less expensive than the "big guys," and is the only solution that is cancel-proof and truly honors PSL - Privacy, Security, Liberty. 

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