HUNTSVILLE, Ala.– Redstone Federal Credit Union has selected Fiserv’s Zelle to provide it with person-to-person (P2P) payments solutions, including account-to-account transfers with other services.
Fiserv said the solution will allow Redstone FCU to send money to other people and transfer money between their own accounts with greater speed, ease and convenience.
“When the Huntsville, Ala.-based credit union identified a growing interest among members in P2P and real-time payments, it evaluated how to offer these capabilities to members, and how to do so safely,” the company said.
Member Inquiries
Redstone has selected Turnkey Service for Zelle from Fiserv along with TransferNow from Fiserv for account-to-account transfers.”
“We follow payments closely and are always watching to see which ones click with members,” said Terri Bentley, senior executive vice president at Redstone Federal Credit Union. “Our members had been inquiring about P2P payments, and we saw that we had a gap in the area of real-time money movement. Fiserv provided the tools we needed to fill the gap and offer members the capabilities to meet their needs, customized within our digital banking solution.”
According to Fiserv, Turnkey Service for Zelle will enable P2P payments for Redstone members.
“This solution streamlines the onboarding process for financial institutions, helping to reduce costs and accelerate time-to-market for Zelle, which gives members a fast, safe and easy way to send money to and receive money from those they know and trust,” the company said.
In addition, Redstone is adding TransferNow to support account-to-account (A2A) transfers.
Summer Launch
Both capabilities will launch to Redstone members in summer 2020, integrating with the credit union’s existing core platform, DNA from Fiserv. Members will benefit from access to real-time balances reflecting all payments and transfers due to the platform’s continuous processing capabilities, the company said.
Fiserv added that for leading financial institutions like the $5.5-billion Redstone that want greater flexibility and control over the membership experience, Fiserv offers technology frameworks with APIs for customization.
“Redstone Federal Credit Union has a reputation for innovation and has been proactive in offering in-demand services, ensuring that their members can turn to them first for their payment and financial management needs,” said Tom Allanson, president of Electronic Payments at Fiserv. “Payments is an increasingly competitive space, and Redstone has an eye toward meeting the needs of their members today so they can maintain and build relationships into the future.”
Fiserv Named to FORTUNE 500
Separately, Fiserv has been named for the fifth consecutive year to the FORTUNE 500, the magazine’s annual ranking of America’s leading companies that are adapting to the changing world, managing risk, innovating and leading their industries.
Fiserv ranks 311th on the 2020 list, rising 177 places from 2019.
“This change reflects the company’s transformational combination with First Data, which was completed in July 2019. This combination has enabled Fiserv to deliver a broader suite of solutions, with an extensive range of end-to-end capabilities across the landscape of payments and financial services. Earlier this year, Fiserv was named one of FORTUNE World's Most Admired Companies for a seventh consecutive year,” the company said.
“Our recognition on the 2020 Fortune 500 is a result of the partnership between Fiserv and its clients,” said Jeffery Yabuki, chairman and chief executive officer of Fiserv. “The commitment of our associates to deliver excellence for our clients is even more important as we jointly navigate the unchartered waters of COVID-19. I thank our associates for their unwavering focus on moving Fiserv forward every day.”
Companies that are part of the FORTUNE 500 are ranked by total revenues for their respective fiscal years. Included in the survey are companies that are incorporated in the U.S., operate in the U.S. and file financial statements with a government agency. The complete list of the 2020 FORTUNE 500 can be viewed at https://fortune.com/fortune500.