PLANO, Texas – Catalyst Corporate FCU is reporting it has now certified to process both Send and Receive transactions through the Federal Reserve’s instant payment rail, the FedNow Service.
“Expanding capabilities to cover both Send and Receive enables credit unions across the country to offer comprehensive instant payments to their members,” Catalyst Corporate stated. “Early certification for FedNow Send and Receive services underscores Catalyst's commitment to delivering market-leading end-to-end digital payments with seamless interoperability across instant payment rails.”
In addition, the corporate said that by leveraging Aptys Solutions’ Instant Pay and Aptys Connect, Catalyst offers a frictionless, end-to-end payments solution through RESTFul API connectivity to any core, online or mobile banking platform and offers flexible settlement through Catalyst’s or a credit union’s Fed account.
‘Holistic Solution’
Catalyst further stated that its “holistic solution” offers exclusive benefits, such as 24/7 liquidity management from a line of credit, extended settlement hours for greater interest earnings, and a special FedNow sub-account to simplify reporting and reconciliation.
"As pioneer participants in FedNow Services, we are pleased to achieve another important landmark on our faster payments strategic roadmap,” said COO Brad Ganey. “The total package gives credit unions the ability to deliver the speed and convenience their members have come to expect when sending and receiving payments.”
According to Catalyst, its 2020 acquisition of Aptys Solutions, which processes billions of transactions annually for more than 5,500 financial institutions across the United States, further established Catalyst’s role as a leader in faster payments and positioned credit unions for future success.
Among the First
Catalyst noted that both it and Aptys were among the first round of organizations to go live when the FedNow Service launched July 20, 2023.
Currently, more than 50 financial institutions have chosen the Aptys solution for FedNow Services, it added.
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