by
Catalyst Corporate | Nov 13, 2023
Vantage West CU Receiving and Settling FedNow Instant Payments
through Catalyst
Arizona-based Vantage West Credit Union is now live and receiving instant payment transactions on the Federal Reserve’s FedNow® Service through Catalyst Corporate Federal Credit Union. The $2.8 billion Vantage West launched its service to members on September 24, the latest early adopter credit union to onboard with Catalyst.
“Integration with the FedNow Service allows us to continue strengthening our digital product offerings by providing value to our membership through innovative money movement channels,” said Matt Schenk, vice president of operational excellence at Vantage West. “We’re committed to making it easy for our members to do business with us, and the addition of the FedNow Service reaffirms our commitment to excellence. Our next step is to add send and request for pay capabilities, with the timing of that to be determined at a later date.”
“We worked diligently with our fintech subsidiary and technology provider, Aptys Solutions, to ensure the scalable, technically-sound deployment of FedNow’s receive and settlement services to Vantage West’s 175,000 members,” said Brad Ganey, chief operating officer at Catalyst. “We’re pleased they selected Catalyst as their FedNow service provider and entrusted us with this milestone transition toward the future of payments.”
As a founding member of the U.S. Faster Payments Council and an initial FedNow pilot program participant, Catalyst has positioned itself at the forefront of the national initiative, bringing a wealth of expertise to the corporate’s dedicated faster payments team and the credit union partnerships they serve.
“Our involvement in the instant payments movement allows us to convert first-hand knowledge into an unparalleled solution backed by advanced technology,” Ganey said. “We’ve combined that with a strategic focus on credit union awareness and streamlined, core-agnostic integration capabilities to help increase instant payments adoption across the industry.”
Catalyst’s holistic solution offers exclusive benefits, such as extended settlement hours for greater interest earnings, a special FedNow sub-account to simplify reporting and reconciliation and an interactive digital payments experience packed with faster payments resources.
Catalyst has hundreds of early adopter credit unions in the queue for the FedNow Service and is actively onboarding additional credit unions. For more information on sending, receiving and settling FedNow instant payments though Catalyst, visit catalystcorp.org/fast.