Patelco Credit Union (‘Patelco’), based in Dublin, Calif., has experienced tremendous success during the initial launch of the FedNow® Service. In partnership with Payfinia, the $10 billion-asset credit union serving more than 500,000 members has quickly become one of the top receivers by transaction volume on the FedNow network since going live.

Armand Abhari, Senior Vice President, Patelco Credit Union shared that being able to offer member instant payments though FedNow will meet evolving member expectations for speed and convenience and enhance member satisfaction.

“Our members expect Patelco to offer the most innovative products to help them in their financial journey,” Abhari said. “Instant payments significantly enhance member satisfaction by providing immediate access to funds, 24/7/365 convenience, and greater financial control. Using Payfinia’s Instant Payment Xchange (IPX) platform, our members will be in a position to send and receive money instantly, outside of traditional banking hours—and have immediate confirmation of transactions, all of which align with rising expectations in today's digital economy.”

“Having the IPX platform is a strategic move that reflects the growing demand for fast, secure, and seamless money movement in the credit union space.  Additionally, Patelco can stay competitive in a rapidly shifting digital payments environment.”

The decision to implement IPX was centered around three core priorities: delivering real-time payment capabilities, enhancing cash flow efficiency, and securing access to advanced fraud mitigation controls once members begin to send instant payments. Patelco went live with IPX in under 80 days and processed more than $5.4 million in instant payment transactions within the initial launch period.

The credit union experienced strong interest from members leveraging external wealth management accounts, giving members access to receive payments instantly and securely at any time. According to Patelco, plans to expand its real-time payments service later this year to include “Send” use cases will enable members to initiate instant payments in addition to accepting them.

“Payfinia’s IPX platform allowed us to go live very quickly and easily, enhance the member experience for receiving instant disbursements, while still maintaining our risk thresholds with a measured, phased deployment,” Abhari added. “We recognize the evolving needs of our members, including the increasing demand to move money quickly. Our members have been overwhelmingly positive in their comments to us. The open payment platform also provides Patelco with a firm foundation for future payments innovation.”

Keith Riddle, general manager of Payfinia, said, “Patelco’s successful launch of instant payments is a testament to the fully embedded, secure design of our IPX platform. 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.”