PLANO, Texas–Catalyst Corporate said it will soon begin offering mobile P2P (person-to-person) payment services to credit unions. The P2P service will allow credit union members to send money to anyone, anytime, using any mobile device with Aptys Solutions’ PayMōli app, according to Catalyst.
“Many credit unions were contemplating offering P2P to their members over the next year or so. Outbreak of the coronavirus, however, has made contactless payment methods more important,” said Brad Ganey, chief operating officer at Catalyst Corporate. “There is now more urgency to provide this option.”
Catalyst Corporate noted the move to offer the service comes following its recent acquisition of Georgia-based Aptys Solutions. Catalyst Corporate – in cooperation with other corporate credit unions – said it formed the consortium to create new payment technology solutions.
Aptys Solutions is a fintech company positioned for real-time processing. Aptys Solutions already serves more than 4,000 financial institutions nationwide and brings instant marketplace leadership and leverage. “It also brings state-of-the-art technology and instant efficiency to credit unions served by Catalyst Corporate,” Ganey said. “With this innovative advancement, Catalyst Corporate will provide a mobile P2P payments platform specifically designed to help credit unions meet the needs of their members.”
Safe & Easy
According to Catalyst Corporate, PayMōli is safe, easy-to-implement and affordable, and the credit union-focused solution is being offered as an alternative to the large bank P2P options.
“Because the solution is being offered through Catalyst’s platform of services, credit unions can expect it to be easier to adopt and more affordable than other P2P options currently available in the marketplace,” Ganey said.
PayMōli allows credit union members to send transactions over secure financial institution payment channels and will offer real-time connectivity with FedNow, The Clearing House and others in the future.
“The plan is to evolve as the industry evolves,” Ganey said.
Catalyst Corporate said it is already gearing up to help credit unions offer a P2P solution that gives credit unions a competitive advantage – while keeping members and their money in the credit union network.
For info: www.catalystcorp.org.