by
Catalyst Corporate | Feb 13, 2024
Early Adopter Pima Federal Now Offers Both ‘Send’ & ‘Receive’
Instant Payment Capabilities
Tucson, Arizona-based Pima Federal Credit Union became the first credit union to send transactions through Catalyst on the Federal Reserve’s FedNow® Service, launching this second phase of its instant payment service on January 28. Pima Federal was also the first credit union to go live receiving FedNow transactions through Catalyst this past summer.
“As a day one adopter when FedNow launched in July 2023, we were proud to provide our members with the ability to receive FedNow payments. We quickly recognized the importance of adding the send option,” said Celyna Cervantes, Chief Experience Officer at Pima Federal. “It was part of our roadmap with Catalyst from the beginning. We’re excited to offer full FedNow functionality as a way to expand our digital payment services.”
“From the start, Pima has been a strong partner in onboarding the FedNow Service, so working with them to become Catalyst’s first credit union on Send was a straightforward, collaborative process,” said Brad Ganey, Chief Operating Officer at Catalyst. “The pioneer mindset both organizations share made reaching this strategic landmark significant for everyone involved.”
Catalyst’s end-to-end solution also offers exclusive settlement 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 an alternative, credit unions may use their own Fed account for settlement.
"We’re pleased to provide a comprehensive offering with advanced capabilities that not only brings credit unions the speed and convenience of instant payments, but also seamlessly integrates with the FedNow Service, core processors and online and mobile banking platforms,” said Ganey. “We have already begun to see a noticeable shift in strategy – a lot of credit unions are thinking long-term and choosing to implement both Send and Receive together.”
Catalyst has many credit unions in the queue for its Send and Receive solutions and is actively onboarding additional credit unions to the service. For more information on sending, receiving and settling FedNow instant payments though Catalyst, visit catalystcorp.org/fast.