Fast, Faster, Faster-er: The Rise of Instant Payments

In the U.S. payments industry, instant transactions are dominating conversations in 2023, and Catalyst Corporate is actively supporting credit unions as they continue to develop faster payment strategies to support them.

One reason for the uptick in interest surrounding faster payments is the launch of the Federal Reserve’s FedNow^SM Service, set for this summer. Credit unions soon will be able to send, receive and settle these instant transactions 24x7x365 through Catalyst Corporate’s holistic payments platform.  

Catalyst Corporate upgraded its core systems last year to prepare for round-the-clock settlement. This settlement will be instant at the transaction level and leverage Catalyst Corporate’s Master Account at the Federal Reserve for credit unions to participate. Catalyst Corporate is working with its subsidiary, Aptys Solutions, to complete certification on the FedNow Service in time for the summer general release. Both Catalyst Corporate and Aptys Solutions are participating in the FedNow Service pilot program. 

In addition to instant payments through the FedNow Service, Catalyst Corporate is continuing to ramp up for real-time payments through The Clearing House. Currently, Catalyst Corporate provides settlement services for credit unions as a Funding Agent on the RTP^® Network and will automate the settlement process later this year.

Catalyst Corporate is also extending functionality for its Moli person-to-person (P2P) service. Moli mobile app transactions are currently available through ACH, with credit union beta testing in progress for debit transactions.

Catalyst Corporate is an active leader in the faster payments industry through its participation in Nacha, the U.S. Faster Payments Council, FedNow Service working groups and the FedNow Service pilot program. This participation ensures Catalyst Corporate staff maintain the highest level of expertise and that credit unions are well represented in faster payments discussions.

Faster Payments Workshops and Webinars

The FedNow Service launch is a springboard to faster payments adoption in the United States. To help credit unions prepare, Catalyst Corporate will hold a series of in-person workshops and virtual webinars in 2023.

An in-person workshop at Catalyst Corporate headquarters in Plano, TX on May 24 will provide tools to help credit unions incorporate faster payments into their overall payment strategy. Attendees will leave with a better understanding of how existing payment rails and new instant payments through FedNow Service and RTP can provide a holistic payment solution that addresses use cases and expectations from your members.

Virtual sessions will cover P2P solutions and their impact on how financial institutions transact payments in the United States. Additionally, Catalyst Corporate payment experts will provide updates on the general release of the FedNow Service and assess the adoption climate for instant payments. Participants will learn how existing payment rails, like ACH and cards, are adapting to faster payments and how FedNow Service and RTP will grow instant payment transaction volumes incrementally.

To learn more about the faster payments evolution, check out one of Catalyst Corporate’s upcoming learning opportunities below:

Catalyst Corporate is your one-stop shop for transitioning your credit union into the faster payments landscape. To learn more about Catalyst Corporate’s comprehensive faster payments solution, visit catalystcorp.org/fast.

Glenn oversees Catalyst Corporate’s payments strategy and product innovation team. He is actively involved in the payments industry, currently serving on multiple work groups for the Faster Payments Council and chairs the Payment Solutions Provider subgroup. Glenn also serves as Catalyst Corporate’s primary contact for the FedNow pilot program and for RTP.