BRIDGEWATER, NJ (May 29, 2025) |
Alacriti, a leading provider of cloud-based payments and money movement solutions, announces that Grow Financial Federal Credit Union has gone live with real-time payment Receive capabilities, enabling members to instantly receive funds 24/7 through The Clearing House’s RTP® network and the Federal Reserve’s FedNow® Service. Grow is also actively implementing Send functionality, targeting an early summer launch to further modernize and streamline money movement for its members.
As part of its strategic focus on innovation and modernization, Grow Financial is leveraging Alacriti’s Orbipay Payments Hub—an ISO 20022-native, cloud-based platform that connects to multiple payment rails, including the RTP network, FedNow Service, ACH, Visa Direct, and wires. The Payments Hub provides Grow Financial with real-time visibility, smart routing, and seamless integration into its digital banking ecosystem.
Through this collaboration, Grow Financial members benefit from:
- Immediate access to funds – Payments settle within seconds, offering faster access to wages, wealth management, instant cash loans, reimbursements, and a variety of use cases that provide members with their funds in seconds.
- Streamlined experience – Real-time transactions integrate smoothly into Grow’s digital platforms, delivering a modern, user-friendly experience.
- Foundation for future innovation – With Send functionality underway, Grow is laying the groundwork for expanded real-time services, including A2A transfers, and new use cases across the member base.
“As the needs of our members and small businesses evolve, they expect money to move in real time,” said Doug Tilden, EVP and Chief Financial Officer at Grow Financial Federal Credit Union. “Our launch of instant payments meets that demand—putting funds in their hands immediately and giving them the confidence to manage cash flow in the moment.”
“We are proud to support Grow Financial’s modernization strategy and help enable the next generation of real-time financial services,” said Mark Majeske, SVP of Faster Payments at Alacriti. “By offering instant payments functionality, Grow is positioning itself to deliver best-in-class digital payment experiences for its members.”
The launch of instant payments is a key milestone in Grow Financial’s broader strategy to implement a unified payments hub, empowering the credit union to offer greater choice, speed, and convenience to its members while streamlining internal operations. Additional capabilities, including wire transfer automation, P2P, bill pay enhancements, and streamlined ACH services, are also being explored as part of Grow Financial’s modernization roadmap.