~Credit union settles $5.4 million of immediate payments during initial launch period~
Payfinia, an independent payment services firm providing an open payments framework, announced today it partnered with Patelco Credit Union (Patelco) to successfully launch a new real-time payments service, enabling members to receive instant payments 24/7 through the Federal Reserve’s FedNow Service. The credit union deployed Payfinia’s Instant Payment Xchange (IPX) platform in less than 80 days and has processed more than $5.4 million in instant payment transactions as of mid-July.
Headquartered in Dublin, Calif., Patelco has nearly $10 billion in assets and approximately 500,000 members in and around Northern and Southern California. The credit union selected Payfinia’s open, real-time payments framework, IPX, to provide its members with a proven money-movement solution that enables instant payment capabilities, improves cash flow and provides an advanced, layered security approach to mitigate fraud.
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“Payfinia’s IPX platform was designed with an ease of enablement that allowed us to go live very quickly, while still maintaining the credit union’s risk thresholds with a measured, phased deployment,” said Armand Abhari, Senior Vice President, Patelco Credit Union. “We recognize the evolving needs of our members, including the increasing demand to move money quickly. Together with Payfinia, we were able to accelerate our path to instant payments and the response from our members has been overwhelmingly positive. Payfinia’s open payment platform also provides Patelco with a firm foundation for future payments innovation.”
Currently, Patelco’s Receive instant payments offering is available to members with wealth management accounts, enabling real-time transfers 24/7 and immediate access to funds. The credit union has future plans to expand the offering to include Send use cases later this year.
“Patelco’s successful launch of instant payments is a testament to the fully embedded, secure design of Payfinia’s IPX platform,” said Keith Riddle, general manager of Payfinia. “They are a shining example of a credit union that is adapting to its members’ rapidly evolving needs, while still ensuring the highest level of security and eliminating the risk of fraudulent activity. We are thrilled with Patelco’s immediate success and look forward to expanding the offering in the future.”
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