Strategic investment and collaboration expand instant payment capabilities and advance payments innovation in the credit union ecosystem
Payfinia, an independent payment services firm providing an open payments framework, announced a strategic partnership with Dublin, Calif.-based Patelco Credit Union (‘Patelco’ – $9.5 billion in assets and more than 550,000 members), marked by the credit union’s investment* in the Payfinia Credit Union Service Organization (CUSO). As part of the partnership, Patelco’s Chief Technology Officer, Kal Majmundar, has joined the Payfinia CUSO Board of Directors, further strengthening collaboration between the organizations as they advance the future of embedded payments for credit unions.
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As a member of Payfinia’s Board, Majmundar contributes more than two decades of technology leadership spanning high-growth startups and Fortune 500 organizations to help guide Payfinia’s continued growth and advance innovation in the payments ecosystem. At Patelco, Majmundar leads enterprise technology and transformation initiatives across application development, data governance, infrastructure, information security, project management, systems integration, payments and operations. His leadership bolsters Patelco’s mission of improving the financial health and well-being of its wide membership base through technology-driven innovation.
“At Patelco, we are committed to delivering modern financial experiences that evolve alongside our members’ needs,” Majmundar said. “Through our investment in Payfinia and participation on the CUSO Board, we are helping shape the future of embedded payments while delivering payment experiences that are faster, more secure and seamless for our members and business partners.”
Over the past year, Patelco has leveraged Payfinia’s Instant Payment Xchange (IPX) platform to expand its real-time payment capabilities across consumer and business banking. IPX’s open, flexible architecture enables financial institutions to accelerate payment innovation, streamline fintech connectivity, support back-office workflows such as instant loan disbursements through loan origination system integrations, and unify fraud and risk management controls across payment workflows. In addition to enhancing payment capabilities, the partnership positions Patelco to support emerging payment experiences from digital wallets to QR-code payments and expanded business payment services.
“Patelco brings tremendous technology leadership and strategic vision to Payfinia,” said Keith Riddle, CEO of Payfinia. ” Its investment demonstrates a shared commitment to building the next generation of payment infrastructure and embedded payment experiences for credit unions. We are especially excited to welcome Kal to our Board, where his deep expertise in enterprise technology, digital transformation and innovation will help guide our continued growth and ensure we’re delivering solutions that help credit unions succeed in the quickly growing payments ecosystem.”
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