PLANO, Texas–Catalyst Corporate Federal Credit Union and its fintech CUSO, Georgia-based Aptys Solutions, are reporting they have partnered with Corelation to provide client credit unions streamlined access to instant payments through the Federal Reserve Banks’ new FedNow Service.
According to Catalyst, credit unions running Corelation’s KeyStone core processing system can connect to the FedNow Service through Catalyst’s end-to-end solution for sending, receiving and settlement of FedNow transactions. Catalyst’s solution went live July 19, as the Fed launched its new payments rail.
‘Now a Reality’
“The FedNow Service is now a reality, and financial institutions are showing strong interest in onboarding the service, especially with significant participation from pilot program financial institutions and the U.S. Department of the Treasury,” said Catalyst COO Brad Ganey. “This partnership was a natural extension of Catalyst’s existing relationship with Corelation for core-integrated deposit services through our TranzCapture service suite.
“Adding the FedNow integration catapults Corelation credit unions to the front of the implementation queue, as connectivity with the Fed and Corelation has already been fully developed and tested,” Ganey continued. “With Catalyst’s holistic instant payment solution, Corelation clients avoid some of the implementation challenges credit unions face when trying to establish connectivity.”
Solidified Role
Catalyst said its 2020 acquisition of Aptys Solutions, a fintech that processes billions of transactions annually for 5,500 financial institutions across the country, solidified Catalyst’s role as a faster payments leader and positioned credit unions for future success.
“Catalyst and Aptys were both among the first round of early adopter organizations to complete certification in the FedNow Service and their solution was the first to go live in the Fed’s 11th District,” the organization stated.
The Benefits
According to Catalyst, additional benefits of the Catalyst/Aptys solution for Corelation clients include:
- Connectivity to the FRB and to any core, online or mobile banking platform
- Easy reconciliation and research through a dedicated sub-account for FedNow transactions
- Greater interest earnings with extended hours to settle funds compared to Fed 24/7 liquidity management from line of credit
- Dedicated planning, implementation and ongoing support Connectivity to The Clearing House RTP Network and Moli P2P mobile app
For info: catalystcorp.org.
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