Payfinia and MAP on Instant Payments for Credit Unions
Payfinia and MAP are collaborating to integrate instant payment solutions, specifically FedNow and RTP, into over 100 credit unions without the need to replace existing core systems. The initiative, led by industry professionals Keith Riddle from Payfinia and Steve Bone from MAP, aims to simplify and enhance payment services for credit unions, enabling them to offer modern payment solutions to their members.
By leveraging FedNow and RTP, this partnership positions credit unions to compete more effectively in the evolving financial landscape. It allows these institutions to adopt new technology seamlessly, ensuring continuity and enhancing overall service offerings without the traditional disruptions associated with core system overhauls.
Key takeaways
- ▸Payfinia and MAP are integrating FedNow and RTP for credit unions.
- ▸Over 100 credit unions will benefit from this deployment.
- ▸The solution avoids the need for replacing existing core systems.
- ▸Keith Riddle and Steve Bone are leading this initiative.
Why this matters
This collaboration enables credit unions to modernize their payment capabilities without the significant disruptions that come from core system replacements. By adopting instant payment technology, credit unions can provide improved services to their members, potentially attracting new customers in a competitive banking environment and enhancing their operational efficiency.
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