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Affinity Plus launches real-time payment service

Friday 23 August 2024 13:04 CET | News

US-based Affinity Plus Federal Credit Union has announced the launch of a new real-time payment solution via the FedNow and RTP networks to enable members to access funds instantly. 

 

In a bid to support members in receiving secure and instant payments from a range of financial institutions and service providers across the US, Affinity Plus introduced an additional real-time payment service. The newly launched solution is set to benefit all members, notably small businesses and gig workers.

Affinity Plus has announced the launch of a new real-time payment solution via the FedNow and RTP networks to enable members to access funds instantly.

The decision to provide the service can be attributed to the increased need for instant payment processing in the market, as it ensures improved cash flow management and transaction certainty. This can be especially advantageous for gig workers, who currently make up 36% of the US workforce and are projected to rapidly increase in the upcoming years. By providing real-time payments, Affinity Plus aims to deliver financial stability and flexibility while expediting emergency insurance payouts and supporting disaster relief fund recipients.

How does Affinity Plus plan to support the gig economy?

According to Affinity Plus’s officials, the real-time payment service intends to enable the organisation to support all members in managing their cash flow more efficiently whilst ensuring timely access to funds and optimising their overall financial well-being. Currently, financial institutions are entering real-time payment networks, with instant transactions being set to become more broadly available to businesses and consumers across the US. In addition, Affinity Plus is proactively working on improving the region’s payment infrastructure by leveraging these networks to grow its member solutions.

As a not-for-profit, member-owned cooperative, Affinity Plus is centring its efforts on providing services that simplify banking for its users, many of whom are low-income families and individuals. The latest announcement comes as an addition to the organisation’s suite of member-focused products, including early pay, which enables members to access regular paychecks up to two days early.

Source: Link


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Keywords: real-time payments, instant payments, product launch, gig economy, financial institutions, payment processing
Categories: Payments & Commerce
Companies: Affinity Plus
Countries: United States
This article is part of category

Payments & Commerce

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Affinity Plus

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