Patelco Credit Union, based in Dublin, California, has recently introduced a real-time payments service utilizing the Instant Payment Xchange platform from Payfinia, an independent US-based payments firm.

This new feature allows Patelco members to receive instant payments via the Federal Reserve’s FedNow Service. By mid-July, over USD 5.4 million in instant payment transactions had been processed through this platform, and it was completed within an impressively short period of less than 80 days.

Targeting Wealth Management Account Holders Initially

The initial rollout of the FedNow Receive capability is focused on members with wealth management accounts, enabling them to receive funds instantly at any time. The plans for extending Send functionality are anticipated later this year.

Officials from Patelco highlighted that their choice of Payfinia’s IPX platform was driven by its flexibility and compatibility with existing risk frameworks. They emphasized the phased implementation approach, which allowed them to stay within internal risk thresholds while rapidly integrating real-time payment capabilities.

A representative from Patelco noted that the move towards instant payments aligns with growing member expectations for faster access to funds and is being seen as a stepping stone toward further digital expansion. They also mentioned that the platform’s embedded security features were crucial in managing fraud risks while facilitating these real-time transactions.

Payfinia officials considered Patelco’s implementation an exemplary model for financial institutions considering FedNow services through a modular approach, emphasizing the importance of security and risk management in such deployments.