Following this announcement, CUSO aims to support payment modernisation tools, as well as embedded fraud controls through the use of an open payments platform for credit unions and industry collaborators.
In addition, Payfinia will continue to focus on meeting the needs, preferences, and demands of users and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
According to officials of the company, demand for low-friction, account-to-account (A2A) transfers continues to grow, representing the bulk of instant payments that are processed through the network. At the same time, limited resources, legacy systems, fraud mitigation, and the overall costs to implement new payment tools represent primary challenges that hinder community-based institutions from adopting instant payment capabilities in a secure and efficient manner. Through this launch. Payfinia will focus on developing an ecosystem that overcomes these limitations, which will enable an open-provider approach that meets the diverse needs and demands of community FIs and customers.
In order to support this strategy, Star One Credit Union invested USD 4.5 million to accelerate the development of CUSO and drive the product roadmap. The credit union also sent a series of USD 500.000 FedNow instant payment transactions to Payfinia’s business account. The company previously collaborated with Tyfone and Star One Credit Union in order to design Instant Payment Xchange, an open, payments-as-a-service (PaaS) framework, which was certified to send and receive instant transactions on the FedNow Service.
In addition, Payfinia will also partner with a range of firms in order to embed instant payment capabilities within their digital experiences, while also accelerating use cases for clients and businesses, including core processors, third-party digital platform providers, and fintechs. In addition, for enhanced resilience and to broaden options for our partners, Payfinia is set to integrate IPX platform capabilities with The Clearing House RTP network in early 2025.
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