Patelco Credit Union, with its headquarters in Dublin, California, has recently launched a real-time payments service through the Instant Payment Xchange platform provided by Payfinia. This US-based independent payments firm.

This new service leverages the Federal Reserve’s FedNow Service to enable instant payment transfers for Patelco members. By mid-July, the credit union had processed over USD 5.4 million in such transactions, all achieved within approximately two months from implementation according to Payfinia representatives.

Targeting Wealth Management Account Holders Initially

Initially, the FedNow Receive capability has been made available exclusively to members holding wealth management accounts. This ensures immediate access to funds at any time for these specific account holders.

Payfinia’s IPX platform was chosen by Patelco because of its flexibility and compatibility with existing risk frameworks, enabling a phased implementation that kept the credit union within its internal risk thresholds while accelerating the adoption of real-time payment features.

According to Patelco officials, this move towards instant payments is driven by increased member expectations for faster fund access. They also see it as a stepping stone for further digital payments expansion.

Payfinia highlighted that Patelco’s implementation demonstrates how financial institutions can adopt FedNow services through a modular approach, emphasizing the role of embedded security features in managing fraud risks during real-time transactions.