Faster Payments
To be competitive in modern banking, payment speed is critical.
The world has moved on from payments that took hours, days or weeks - from consumers to businesses, today's payments are expected to occur in seconds. Faster payment drives member engagement, creates new product opportunities, introduces new revenue potential and much more.
Catalyst has the experience and expertise to bring faster payments to your credit union across a range of solutions, including the FedNow® Service, RTP and peer-to-peer payments.
Faster payments are a competitive differentiator today and are quickly becoming the norm for how payments will get made. Faster payments benefit stakeholders throughout your credit union, from consumer members to businesses, from employees to partners. The use cases are nearly endless.
- Instant loan funding provides a clear competitive advantage vs. traditional funding
- Instant bill payments avoid fees while maximizing interest earnings
- Instant self-payment allows members to hold funds in preferred accounts until the moment of need
- Gig-worker payments can happen daily or even more often as expenses arise
- Government payments from retirement disbursements to tax payments
The FedNow Service is the fastest growing new payment method in decades, bringing immediacy to hundreds of payment use cases. Catalyst provides a single-source solution for connection to the FedNow Service with Send, Receive, Request for Pay, and Settlement functionality.
When making payments, whether between individuals or groups, consumers or business, it's important that those payments be easy, flexible and fast. Catalyst's P2P and small business payment solution is platform agnostic, connects with a broad range of payment networks and allows seamless payment directly from your digital systems to any recipient.
Catalyst provides a full suite of faster payment solutions, including access to The Clearing House RTP® network. One of the original faster payment solutions, RTP provides another rail for moving money quickly, and Catalyst makes it easy.
Through RTP, Catalyst can enable both send and receive transactions, moving money rapidly between accounts at participating financial institutions.
As a Funding agent, Catalyst funds and manages positions in the RTP network’s joint Federal Reserve bank account on your behalf. We facilitate settlement and 24/7/365 liquidity management of members’ RTP network participation, ensuring a smooth experience for your institution and your members.