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Catalyst Corporate | Jan 18, 2024
Washington-based Industrial Credit Union is now live and receiving instant payment transactions on the Federal Reserve’s FedNow® Service through Catalyst Corporate Federal Credit Union. Launching its service to members on December 19, the $375 million credit union is the first to onboard Catalyst’s service with Corelation as their core processor.
“Industrial Credit Union recognizes the value of instant payments in today’s market. The FedNow Service is poised to become an industry leader, and we are excited to work directly with Catalyst to get in on the ground level,” said Dain Stevens, vice president of digital services at Industrial Credit Union. “The ability to leverage Catalyst’s payments and technical expertise made the decision easy.”
“We’re pleased to have Industrial join the list of credit unions live on the FedNow Service through Catalyst. Their connectivity to the Corelation core processor opens the door and simplifies onboarding for all other Corelation credit unions,” said Brad Ganey, chief operating officer at Catalyst. “This successful implementation underscores Catalyst’s commitment to streamlining the integration process for credit unions on any core, online or mobile banking system.”
As a founding member of the U.S. Faster Payments Council and one of the first 57 organizations to go live at launch of the FedNow Service, Catalyst is positioned at the forefront of the national initiative, bringing a wealth of value and expertise to its credit union partnerships.
“Collaborating with our fintech subsidiary, Aptys Solutions, enables us to stay abreast of emerging technology and state-of-the-art functionality, so that we are operationally ahead of credit union demand and adoption trends,” Ganey said. “We have been immersed in planning and development of this payment rail for about eight years, and we have a dynamic roadmap that builds on functionality as use of the channel grows.”
“We are excited to support this new real time payment option for our credit unions,” said Dawn Sirras, chief technology officer at Corelation, Inc. “The FedNow KeyBridge integration further expands our partnership with Catalyst, and we are pleased to welcome Aptys to the Corelation family.”
Catalyst’s holistic offering provides certified send and receive solutions for the FedNow Service, 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.
For more information on sending, receiving and settling FedNow instant payments though Catalyst, visit catalystcorp.org/fast.