Faster Payments
To be competitive in the modern banking paradigm, speed of payment is critical.
Your members, current and prospective, demand instant payment, both in how they send and receive money. What’s more, payment speed is becoming a critical factor driving loan originations and more.
Catalyst has the experience and expertise to bring faster payments to your credit union across a range of solutions, including the FedNow® Service.
Instant payments are a competitive differentiator today and the norm for how payments will get made in the future. Members demand that payments move rapidly, whether they are receiving money from friends or paying bills. The use cases are nearly endless.
- Instant loan funding provides a clear competitive advantage vs. traditional funding
- Instant bill payments avoid fees while maximizing interest earnings
- Instant self-payment allows members to hold funds in preferred accounts until the moment of need
The FedNow instant payment service is the fastest growing new payment method in decades, bringing immediacy to hundreds of payment use cases. Catalyst provides a single-source solution for connection to the FedNow Service with Send, Receive, Request for Pay, and Settlement functionality.
Watch the FedNow Video
Catalyst is deeply experienced with FedNow Instant payments, having been both a pilot and launch partner with the Federal Reserve, and today works with credit unions of all sizes enabling instant payments. Our solution offers APIs and SDKs,allowing us to work with any core processor or digital banking provider to bring FedNow Instant payments to anyone, anywhere.
Read the FedNow brochure
When members pay members, whether splitting a dinner tab or paying the handyman, the clear preference is for fast, secure mobile payments. Catalyst delivers a comprehensive person-to-person (P2P) payment option to keep your credit union at the leading edge and your members coming back for more.
Catalyst’s P2P solution can be up and running quickly, with the full backing of Catalyst and our team of payment experts. We take service, experience and security seriously, helping you deliver on member expectations and let them start seamlessly sending money to anyone, anywhere.
While many credit unions are focusing on FedNow Instant Payments, Catalyst provides a full suite of faster payments solutions, including access to The Clearing House RTP® network. One of the original faster payments solutions in the U.S., RTP provides another rail for moving money quickly, and Catalyst makes it easy.
Through RTP, Catalyst can enable both send and receive transactions, moving money rapidly between accounts at participating financial institutions. RTP can form the real time payment backbone for many different payment types from person-to-person payments to bill payments and more.
Catalyst can make participation in the RTP Network easy and seamless for your credit union. As a funding agent, Catalyst funds and manages positions in the RTP network’s joint Federal Reserve bank account on your behalf. We facilitate settlement and 24/7/365 liquidity management of members’ RTP network participation, ensuring a smooth experience for your institution and your members.