North American Banking Company Agrees to License Open Payment Network Platform to Offer Instant Payments to Customers
Regional Minnesota Bank to work closely with OPN as a key part of its FedNow Pilot
March 30, 2021 – Open Payment Network (OPN), the provider of a secure technology platform that enables instant payments anytime, anywhere, today announced that North American Banking Company, a community bank with locations in the Twin Cities of Minnesota, has signed a multi-year licensing agreement designed to deliver instant payment capabilities to its customers as part of the broader FedNow Pilot.
“Understanding the needs of our customers is critical to the services we offer. Recognizing the value in faster access to funds is clearly a primary focus,” said Michael Bilski, CEO, North American Banking Company. “Working with OPN gives us the opportunity to achieve these goals.”
With OPN’s platform, North American Banking Company will be able to allow customers to receive payments immediately while also providing for advanced messaging capabilities. NABC will do this through Open Payment Network’s secure integration with the FedNow network.
“Michael and North American Banking Company have been visionaries in the banking industry for years,” said Bradley Wilkes, Open Payment Network CEO. “We are honored to work closely with the organization to bring solutions to market for the next century as part of the FedNow benefits.”
About North American Banking Company
North American Banking Company (www.nabankco.com) is a locally owned and operated community bank with over $1 billion in assets with locations throughout the Twin Cities. North American Banking Company was the 27th largest ACH ODFI in the US by transaction volume in rankings released in 2021 but remains true to its community bank roots by providing customized solutions and personalized service to Third Party Senders and Independent Sales Organizations for both ACH and Card processing and Money Services Businesses throughout the US. It is a Member FDIC and Equal Housing Lender.
About Open Payment Network
Open Payment Network™ (OPN) helps financial institutions attract and retain more customers and stay ahead of the competition by enabling them to deliver instant payments anytime, anywhere. By connecting to OPN’s secure technology platform, financial institutions become the gateway for instant payments via Internet and mobile device. The OPN platform integrates with existing core systems and moves payment value and associated data in real time for immediate settlement. Financial institutions can provide access to the OPN API so business customers, fintech developers and internal teams can create applications such as instant mortgage payments, payroll processing, and peer-to-peer payments. Visit www.openpaymentnetwork.us.