PLANO, Texas–Catalyst Corporate Federal Credit Union has launched PayMōli this week, a person-to-person solution it said is an “easy onramp to the marketplace.”
Catalyst Corporate said PayMōli is easy to implement, allowing credit union members to transfer funds from their account to a friend's account quickly and securely.
“Catalyst Corporate has been working toward this launch date since it initially acquired Georgia-based Aptys Solutions last year,” said COO Brad Ganey.
Now a CUSO owned by a consortium of corporate credit unions, Catalyst Corporate said Aptys Solutions is dedicated to developing technology-based solutions that help credit unions compete in the faster payments arena.
“With Catalyst Corporate‘s solution, there are no installations at a credit union,” the corporate said. “Members access P2P services through the PayMōli mobile app that credit unions can offer with their own branding.
Ganey added that PayMōli is processed through ACH, so there are no new operational steps, and there are no third-party middlemen removing funds from member accounts.
The Benefits
According to Catalyst Corporate, the benefits of
PayMōli include:
- A quick, easy-to-implement P2P solution for credit union members
- A custom-branded app that is simple to download and allows members to perform P2P transactions in a safe and secure manner
- Processed as ACH
- Keeps members’ funds in their checking or savings account
- Ongoing enhancements will bring new features, such as a real-time option via debit card rails in second quarter 2021
“Offering a safe mobile payment solution gives your credit union a competitive advantage and keeps your members and their money at your credit union,” Ganey said.