Patelco Credit Union has launched a new real-time payments service for its members, utilizing Payfinia’s Instant Payment Xchange (IPX) platform to enable 24/7 instant payments via the Federal Reserve’s FedNow Service.
The deployment of Payfinia’s IPX platform by Patelco Credit Union was completed in less than 80 days. As of mid-July, the credit union had processed over $5.4 million in instant payment transactions through the new service.
Patelco Credit Union, headquartered in Dublin, California, manages nearly $10 billion in assets and serves approximately 500,000 members across Northern and Southern California. The credit union selected Payfinia’s IPX, an open, real-time payments framework, to introduce instant payment capabilities, enhance cash flow for members, and implement advanced security measures against fraud.
Armand Abhari, Senior Vice President at Patelco Credit Union, stated, “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. 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 offers the Receive instant payments service to members with wealth management accounts, facilitating real-time transfers around the clock and immediate access to funds. The credit union has indicated plans to expand the offering to include Send use cases later in the year.
Keith Riddle, general manager of Payfinia, commented, “Patelco’s successful launch of instant payments is a testament to the fully embedded, secure design of Payfinia’s IPX platform. They are an example of a credit union adapting to its members’ rapidly evolving needs, while still ensuring the highest level of security and addressing the risk of fraudulent activity. We are pleased with Patelco’s immediate success and anticipate expanding the offering in the future.”
Payfinia Inc. is an independent payment services firm focused on providing community financial institutions (CFIs) access to and ownership of their instant payments services. Its primary offering, the Instant Payments Xchange (IPX), is designed as a secure, scalable, and affordable real-time money movement service. Payfinia also collaborates with third-party digital providers to integrate instant payments within traditional payment solutions, aiming to extend technological capabilities for providers and enhance the payments ecosystem for CFIs.
