In today's fast-paced world, immediate access to funds is no longer a luxury – it's an expectation. Your credit union members, especially the younger generation, are looking for modern payment options that align with their digital lifestyles.
Both the FedNow® and RTP® Services are designed to meet this demand, and with FLEX, you can be ready.
FLEX has proactively integrated with the technology providers that enable corporate credit unions to offer FedNow® and RTP® services to their members. By using FLEX, your credit union can leverage these existing connections.
Through our integrations with these key partners, your credit union can offer members the ability to send and receive payments almost instantly.
This is particularly beneficial for your members as The Clearing House’s RTP® Service allows funds to be accessed immediately, which is invaluable in emergencies or for time-sensitive payments. It helps members manage their money more effectively and can even help them avoid unnecessary NSF fees by providing immediate access to funds.
The FedNow® Service supports a wide range of use cases that directly benefit your members, including:
Peer-to-peer (P2P) payments (e.g., splitting rent, child support)
Account-to-account (A2A) transfers
Government disbursements (G2C)
Future potential for consumer-to-business (C2B) payments (e.g., paying restaurants)
Imagine a member receiving their paycheck instantly, which can be a game-changer, especially for gig workers.
Transactions on the FedNow Service® are designed to be received or sent within a couple of seconds, though the maximum duration can be up to a few minutes, depending on factors like infrastructure efficiency. This provides a significant advantage over traditional financial institution payments using ACH, which settle in 1-3 business days.
Connecting to the FedNow® and RTP® services helps credit unions align with the "immediate gratification that Zoomers expect" and remain competitive.
With FLEX's existing integrations with leading providers, your path to delivering this enhanced member experience is clearer than ever. Talk to us about how FLEX can connect your credit union to instant payments through your integrated Corporate CU partner.