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Catalyst Corporate | Dec 19, 2023
Neighborhood CU Joins Growing Number of Early Adopters Receiving and Settling
FedNow Instant Payments through Catalyst
Dallas/Fort Worth-based Neighborhood Credit Union is now live and receiving instant payment transactions on the Federal Reserve’s FedNow Service through Catalyst Corporate Federal Credit Union. The $1.1 billion Neighborhood CU launched its service to members on September 26 joining the growing number of early adopter credit unions to complete onboarding with Catalyst.
“One of our core values is to serve as a trusted, forward-thinking institution for our membership, so offering digital capabilities to enhance their experience with us is a top priority,” said James Frankeberger, chief financial officer at Neighborhood Credit Union. “Being an early adopter of the FedNow Service aligns with this value and reaffirms Neighborhood CU’s commitment to member excellence,” he added. “This priority launched our search for a trusted partner.”
“We’re pleased to have Neighborhood CU join the growing number of credit unions live on the FedNow Service through Catalyst,” said Brad Ganey, chief operating officer at Catalyst. “Their vision as an early adopter allowed us to hit the ground running, working directly with the credit union’s external service bureau – Symitar EASE™ – to establish connectivity to the Jack Henry core processing system.”
As a founding member of the U.S. Faster Payments Council and one of the first 57 organizations to go live at launch, Catalyst has positioned itself at the forefront of the national initiative, bringing a wealth of value and expertise to the credit union partnerships it serves.
“Our involvement in the instant payments movement allows us to convert first-hand knowledge into an unparalleled solution backed by advanced technology,” Ganey said. “Together with our fintech subsidiary, Apyts Solutions, we’re able to stay abreast of emerging technology and state-of-the-art functionality, while keeping our finger on the pulse of faster payments; the best of both worlds.”
Catalyst’s holistic offering provides full FedNow functionality, with certified send and receive solutions, as well as a flexible settlement option. Exclusive benefits include extended settlement hours for greater interest earnings, a special FedNow sub-account to simplify reporting and reconciliation and an interactive digital payments experience packed with faster payments resources.
Catalyst has many credit unions live or in various stages of discussion for the FedNow Service and is actively onboarding additional credit unions. For more information on sending, receiving and settling FedNow instant payments though Catalyst, visit catalystcorp.org/fast.