FedNow, the Federal Reserve’s instant payment system, last week profiled HawaiiUSA Federal Credit Union and the impact of instant payments on credit unions and their members.
In the profile, HawaiiUSA Federal Credit Union Vice President of Payment Operations Scott Young noted that, in his experience, FedNow has “leveled the playing field,” including by offering “the same type of instant payment service as a larger bank.” Young added that the speed and logistical benefits of the service provide more opportunities.
“If a credit union can be involved at the start and end of an instant payment transaction, then that money stays within the credit union environment and our members don’t have to turn to bigger banks or fintech companies to meet their needs,” Young said.
