F.N.B. Corporation Revolutionizes Banking with New Automated Payment Switch Service

In a groundbreaking move in the financial sector, F.N.B. Corporation (NYSE: FNB), the parent company of First National Bank, has launched an automated service known as Payment Switch. This innovative feature is designed to streamline the process of managing recurring payments for customers. By utilizing this service through the FNB Direct Mobile Banking App, users can seamlessly transfer their recurring ACH or debit card payments to FNB, enhancing customer convenience and solidifying FNB's goal of becoming their primary bank.

Simplifying Customer Experiences

With the introduction of the Payment Switch, F.N.B. Corporation aims to resolve common pain points that consumers face when opening new bank accounts or switching financial institutions. Traditionally, changing payment details requires customers to visit multiple merchant websites, which can be time-consuming and frustrating. However, through the Payment Switch feature, FNB customers can now automatically update their payment methods across various merchants and service providers in real time, all from one user-friendly platform accessible within the FNB Mobile Banking experience.

In the words of F.N.B. Corporation’s Chairman, President, and CEO, Vincent J. Delie, Jr., “Our digital strategy is designed to drive client primacy and increase market share through a uniquely full-service banking experience that starts with a fast, simple onboarding process.” The Payment Switch not only simplifies account opening but also enables customers to easily relocate their recurring payments to FNB, further establishing the bank’s status as an industry leader. This initiative is part of FNB’s overarching strategy that includes a Clicks-to-Bricks approach, integrating traditional banking with state-of-the-art digital solutions.

Targeting Significant Market Needs

The Payment Switch feature caters to a significant portion of the American market, covering approximately 80 to 90 percent of all recurring payment volumes nationwide. This means that services such as streaming, food deliveries, ride-sharing, car payments, and utility bills can be managed effortlessly by FNB customers, enhancing their control over how they settle their accounts.

Notably, the Payment Switch service was the result of FNB's partnership with fintech company Atomic, with whom they have an ownership interest due to their shared vision for technological innovation. This collaboration reflects FNB’s commitment to continuously improving the payment processes involved in banking.

Innovations and Future Developments

In parallel with the launch of Payment Switch, F.N.B. Corporation has also rolled out instant payment capabilities, allowing both consumer and commercial clients to receive funds within moments. Employing secure electronic funds transfer technology, transactions can be completed in under 15 seconds and are available 24/7. Upcoming enhancements will also enable business clients to send instant payments, further positioning FNB as a convenient choice in the banking landscape.

FNB’s electronic payment initiatives are crucial to their Clicks-to-Bricks strategy, which strives to deliver a unified customer experience across digital and traditional banking channels. Their proprietary platform, eStore, allows both consumers and businesses to explore financial solutions, receive tailored product suggestions, and access valuable educational resources—all from a single interface.

Additionally, the introduction of temporary digital debit cards at account opening is yet another step towards enhancing digital convenience for customers awaiting their physical cards.

A Comprehensive Banking Experience

F.N.B. Corporation offers an extensive array of financial products and services across several states, with total assets surpassing $50 billion. Its reach includes major metropolitan areas, providing both consumer and commercial banking services through a robust subsidiary network, led by First National Bank of Pennsylvania, founded in the mid-19th century. Among its offerings are corporate banking solutions, such as investment real estate financing and government lending, as well as complete mortgage and consumer lending solutions.

For more information about F.N.B. Corporation and its full suite of services, visit their official website at www.fnbcorporation.com. As technology continues to transform the banking experience, consumers can expect F.N.B. to remain at the forefront of innovation, striving to cater to their evolving needs with each new offering.