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Catalyst Corporate | Dec 18, 2023
Catalyst Corporate is now certified to process both Send and Receive transactions 24/7/365 through the Federal Reserve’s instant payment rail, the FedNow® Service. Expanding capabilities to cover both Send and Receive enables credit unions across the country to offer comprehensive instant payments to their members.
Early certification for Send and Receive capabilities underscores Catalyst's commitment to delivering market-leading end-to-end digital payments with seamless interoperability across instant payment rails. Leveraging Aptys Solutions' Instant Pay and Aptys Connect, Catalyst offers a frictionless, end-to-end payments solution with RESTFul API connectivity to any core, online or mobile banking platform and flexible settlement through Catalyst’s or a credit union’s Fed account.
Catalyst’s holistic solution offers exclusive benefits, such as 24/7 liquidity management from a line of credit, extended settlement hours for greater interest earnings, and a special FedNow sub-account to simplify reporting and reconciliation.
"As pioneer participants in the FedNow Service, we are pleased to achieve another important landmark on our faster payments strategic roadmap. The total package gives credit unions the ability to deliver the speed and convenience their members have come to expect when sending and receiving payments,” said Brad Ganey, Chief Operating Officer at Catalyst.
Catalyst made a strategic investment in Aptys Solutions in 2020, a leading fintech that processes billions of transactions annually for 5,500 financial institutions across the United States. This investment further established Catalyst’s position as a leader in faster payments and prepared credit unions for future success. Catalyst and Aptys were among the first round of early adopters to go live the day the service launched, July 20.
"We are thrilled to announce the successful completion of the next phase in our strategic initiative to extend FedNow Send services to financial institutions nationwide,” said Naseer Nasim, President and Chief Executive Officer of Aptys. “This milestone marks a significant achievement for our company and benefits all our valued customers."
For more information on sending, receiving and settling FedNow instant payments through Catalyst, visit catalystcorp.org/fast/.