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Payfinia Launches Credit Union Service Organization for Modern Payments
Slice of Finance Team
19 Nov
Key Highlights:
Payfinia CUSO supports payments modernization and fraud controls for credit unions.
Star One Credit Union invested $4.5M to drive the IPX platform roadmap, facilitating instant payments via FedNow.
IPX platform reduces fraud losses by 53% and operational overhead by 83% for peer-to-peer payment networks.
Source: Business Wire
Notable Quotes:
“Early adopters of Payfinia’s IPX platform are experiencing similar results, processing transactions faster, lowering fraud exposure, and generating operational efficiencies across their organizations.”
“The IPX solution empowers our members to take control of their cash flow. So far, the IPX solution has displaced 25% of same-day ACH transactions, with 53% fewer fraud losses compared to same-day ACH and an 83% reduction in operational overhead for P2P payment networks.”
“Payfinia is building an ecosystem that overcomes these limitations, enabling an open-provider approach that meets the diverse needs of community financial institutions.”
Our Take:
The launch of the Payfinia Credit Union Service Organization marks a pivotal step in transforming payments for credit unions. By leveraging the IPX platform and integrating with systems like FedNow and The Clearing House RTP® network, Payfinia not only enhances payment speed and security but also empowers community financial institutions to meet evolving customer expectations. Their focus on embedded fraud controls and operational efficiency sets a new standard in the financial technology landscape.