Patelco Credit Union has implemented a new real-time payments service using the Instant Payment Xchange platform from Payfinia, a US-based independent payments firm.
The deployment enables Patelco members to receive instant payments via the Federal Reserve’s FedNow Service. As of mid-July, Patelco reported over USD 5.4 million in instant payment transactions processed through the platform. The deployment was completed in under 80 days, according to representatives from Payfinia.
Headquartered in Dublin, California, Patelco serves approximately 500,000 members across Northern and Southern California and manages close to USD 10 billion in assets, according to the official press release. The initial rollout of the FedNow Receive capability is limited to members holding wealth management accounts, allowing them to receive funds instantly at any time. Plans to introduce Send functionality are expected later this year.
Real-time capabilities aim to address a growing demand
Patelco officials indicated that selecting Payfinia’s IPX was driven by the platform’s flexibility and compatibility with existing risk frameworks. They noted the phased implementation approach allowed the credit union to stay within internal risk thresholds while accelerating its adoption of real-time payment capabilities.
A representative from Patelco said the shift to instant payments reflects growing member expectations for faster access to funds. They added that the institution is using the IPX infrastructure to build a foundation for further expansion in digital payments.
Payfinia officials described Patelco’s implementation as an example of how financial institutions can adopt FedNow services through a modular approach. They noted that the embedded security features of the IPX platform were a key factor in enabling real-time transactions while managing fraud risks.
