SUNNYVALE, Calif. –With FedNow now live, Star One Credit Union has introduced “Instant Pay” offering for members.
By utilizing the new FedNow service, the credit union noted payments will be made and received easily in seconds through its online banking or mobile banking application, and funds will settle between participating financial institutions in real time, giving members immediate access to money they receive.
“Star One continuously seeks opportunities to offer new innovations to our members,” said Minal Gupta, Star One’s vice president of remote services. “We recognize that moving money quickly and safely has become a top priority for our members, which is why we committed early on to collaborating with the Federal Reserve to make this new solution available to the Star One membership.”
Among the First
Star One noted it was among the first in the industry to complete testing and certification for the FedNow Service. To achieve certification, Star One said it completed a comprehensive testing curriculum, including fulfilling a checklist of requirements to confirm the ability to transmit and process ISO 20022 messages, and attested to being prepared to meet the requirements to successfully operate in a 24x7x365 instant payments environment.
“We are excited that early adopters of all sizes across the country are making strides in their operational readiness for live transactions through the system,” Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive said in a statement. “Completing certification is a key milestone for participating organizations to validate their ability to deliver instant payment services.”
Investing in Technology
Added Gupta, “We wanted to be among the first financial institutions to go live on the FedNow Service because we saw a clear vision for this service. At the same time, we want to demonstrate our commitment to investing in technology that benefits our members.”
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