by
Catalyst Corporate | Sep 09, 2022
Catalyst Corporate Federal Credit Union is proud to be featured in the Federal Reserve’s FedNow Service Provider Showcase, an online resource designed to connect financial institutions looking to adopt and innovate upon the FedNow Service with service providers offering instant payment solutions.
“We’re thrilled to be part of the FedNow Service Provider Showcase and look forward to helping other organizations implement instant payments,” said Glenn Wheeler, Catalyst Corporate’s vice president of payments products and innovations. “With our solutions, credit unions and their members will be able to access the speed, convenience and other benefits the FedNow Service will provide when it launches in 2023.”
Catalyst Corporate plans to offer the following instant payment services to credit unions that are adopting the FedNow Service:
- Mobile origination (consumer/business)
- Instant pay - send and receive transactions
- Request for pay
- Core integrations and posting
- FedNow Service gateway
- Faster payments manager - send/receive automated settlement
- Seven-day settlement/accounting functionality
- Funds and account verification
“We appreciate the commitment of Catalyst Corporate to enabling FedNow adoption and participating in the showcase,” said Nick Stanescu, Federal Reserve Bank senior vice president and FedNow business executive. “The time is now for organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding.”
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions – regardless of size or geographic location – around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents.
"FedNow" is a service mark of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.
To learn more, visit Catalyst Corporate’s profile in the FedNow Service Provider Showcase on FedNowExplorer.org.