Credit unions are increasingly pressured to meet member demands for faster, more efficient payment solutions. In fact, according to Jack Henry’s 2024 Strategy Benchmark report , the overwhelming majority of financial institutions plan to expand their payment services within the next two years, with 63% of credit unions planning to add real-time payments via FedNow.
Beyond FedNow, many credit unions are also adding the RTP network, the instant payments system operated by The Clearing House and the primary competitor to FedNow. While the network is backed by nearly 20 of the world’s largest banks – long-standing rivals – credit unions realize the value of faster payments to remain relevant. However, of the nation’s nearly 5,000 credit unions, just over 120 have joined FedNow compared to more than 570 banks, and just over 110 are on the RTP network.
Matera Co-founder and CEO, Carlos Netto, dives into how credit unions without a real-time core can still offer instant payments. Read the full article here.
