by
Catalyst Corporate | Jul 25, 2023
In an era where time is of the essence, the world is witnessing a rapid transformation in the realm of financial transactions. Traditional payment methods are being revolutionized by faster payment systems, promising greater efficiency, convenience and security. The recent launch of the FedNow® Service has been the stepping stone for faster payments. Additionally, Catalyst Corporate announced Tucson, Arizona-based Pima Federal Credit Union is now live and successfully receiving instant payment transactions on the Federal Reserve’s FedNow® Service through Catalyst, adding to this significant milestone.
At Catalyst Corporate’s upcoming Faster Payments Essentials workshop on August 22 at the Coyote Hills golf course in Orange County, California, payments experts and attendees will gather to delve into the intricacies of faster payment operations.
Faster payments: the need for speed
The cornerstone of these new faster payments is the ability to conduct transactions in real-time. The workshop will shed light on the use cases for instant, seamless payments that empower businesses and consumers alike. Instant payment solutions, like the FedNow Service and Moli P2P, enable immediate transfers, ensuring faster access to funds and reduced transaction delays. Catalyst Corporate’s payments team will showcase advancements in their faster payment infrastructure, emphasizing the significance of interconnectivity to achieve a global real-time payment ecosystem.
The power of API integration
Application Programming Interface (API) integration plays a pivotal role in faster
payments. APIs facilitate the seamless connection between financial systems, enabling faster and more efficient payment processing. The workshop highlights the importance of standardized APIs to achieve connectivity among payment platforms. By adopting open API standards, financial institutions and fintech companies can collaborate effectively, leading to enhanced member experiences and quicker payment flows.
Onboarding, implementation and support
The FedNow Service is the first new payments rail developed in 50 years. The key for credit unions wanting to launch the FedNow Service is a seamless onboarding and implementation process, along with ongoing support. Learn from Catalyst’s payment experts who have field experience onboarding credit unions from testing to production. Catalyst's team will simplify and guide your credit union through the steps to implement instant payments.
In conclusion, Catalyst Corporate’s Faster Payments Essentials workshop will unveil a world of possibilities in the realm of faster payments. As the payments landscape continues to evolve, insights from this workshop will pave the way for strategies and collaboration among industry players for a faster, more interconnected, and inclusive financial world.
Catalyst Corporate strives to keep you, and your credit union, informed of the latest faster payments developments. Join us to be a part of this important conversation. View workshop details and register to attend today.