Patelco Credit Union Deploys Payfinia's Instant Payment Xchange Platform, Enabling Real-Time Payments via FedNow Receive Service
Payfinia, an independent payment services firm providing an open payments framework, announced today it partnered with Patelco Credit Union (Patelco) to successfully launch a new real-time payments service, enabling members to receive instant payments 24/7 through the Federal Reserve's FedNow® Service. The credit union deployed Payfinia's Instant Payment Xchange (IPX) platform in less than 80 days and has processed more than $5.4 million in instant payment transactions as of mid-July.
Headquartered in Dublin, Calif., Patelco has nearly $10 billion in assets and approximately 500,000 members in and around Northern and Southern California. The credit union selected Payfinia's open, real-time payments framework, IPX, to provide its members with a proven money-movement solution that enables instant payment capabilities, improves cash flow and provides an advanced, layered security approach to mitigate fraud.
'Payfinia's IPX platform was designed with an ease of enablement that allowed us to go live very quickly, while still maintaining the credit union's risk thresholds with a measured, phased deployment,' said Armand Abhari, Senior Vice President, Patelco Credit Union. 'We recognize the evolving needs of our members, including the increasing demand to move money quickly. Together with Payfinia, we were able to accelerate our path to instant payments and the response from our members has been overwhelmingly positive. Payfinia's open payment platform also provides Patelco with a firm foundation for future payments innovation.'
Currently, Patelco's Receive instant payments offering is available to members with wealth management accounts, enabling real-time transfers 24/7 and immediate access to funds. The credit union has future plans to expand the offering to include Send use cases later this year.
'Patelco's successful launch of instant payments is a testament to the fully embedded, secure design of Payfinia's IPX platform,' said Keith Riddle, general manager of Payfinia. 'They are a shining example of a credit union that is adapting to its members' rapidly evolving needs, while still ensuring the highest level of security and eliminating the risk of fraudulent activity. We are thrilled with Patelco's immediate success and look forward to expanding the offering in the future.'
About Patelco Credit Union
Patelco Credit Union is a not-for-profit credit union committed to serving the financial health and well-being of its membership. With more than $9 billion in assets, Patelco empowers its 500,000 members to live their best financial lives by offering personalized solutions, advice, and expertise. Patelco has received numerous multi-year awards for excellence from leading consumer and business organizations, including Newsweek's America's Best Regional Banks and Credit Unions and Bankrate's Best Credit Unions, and was named a Best-In-State Credit Union in 2025 by Forbes. The company was founded in 1936 with $500 by Pacific Telephone and Telegraph Company employees and is based in Dublin, Ca. For more information, visit https://www.patelco.org/.
About Payfinia Inc.
Payfinia Inc. is an independent payments company, providing community financial institutions (CFIs) access to and ownership of their instant payments services. Payfinia's flagship product offering, the Instant Payments Xchange (IPX), is a secure, scalable and affordable real-time money movement service. Additionally, Payfinia partners with third-party digital providers to integrate instant payments with traditional payment and money movement solutions, extending the technology provider's capabilities, while also providing community financial institutions (CFIs) a more robust payments ecosystem. To learn more about Payfinia, visit payfinia.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20250716375533/en/
CONTACT: MEDIA CONTACT:
Anna Stanley
[email protected]
251.517.7857
KEYWORD: UNITED STATES NORTH AMERICA OREGON
INDUSTRY KEYWORD: CONSULTING BANKING ACCOUNTING TECHNOLOGY PROFESSIONAL SERVICES PAYMENTS OTHER TECHNOLOGY SOFTWARE NETWORKS MOBILE/WIRELESS FINANCE
SOURCE: Payfinia Inc.
Copyright Business Wire 2025.
PUB: 07/16/2025 07:45 AM/DISC: 07/16/2025 07:45 AM
http://www.businesswire.com/news/home/20250716375533/en
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