The parent company of Fidelity Investments had announced the spin-off of Akoya as an independent company that will be jointly owned by Fidelity, The Clearing House Payments Co. and 11 of its member banks.
Development of the Federal Reserve’s planned real-time payments system will be run out of Boston by a top leader at the Boston Fed.
With access to a real-time payments system an important selling point for some business customers, Massachusetts’ community banks find themselves at a fork in the road following the Federal Reserve’s decision to launch its own payments network.
The Federal Reserve announced today it will challenge a banking industry-backed group for real-time payments customers by developing its own system.
Avidia Bank, a small $1.6 billion-asset bank based in Hudson, joined The Clearing House’s real-time payments system. It’s a step few, if any, community banks in the country have dared to go down and Avidia executives say it will make it a leader in the payments space.
