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.”