The Dunedin, Fla.-based Achieva Credit Union has invested in the Payfinia CUSO as part of a partnership aimed at expanding the credit union's real-time payments capabilities.
Exact financial terms of the investment were not disclosed, however Achieva President/CEO Eric Jenkins told CU Times that the credit union's investment in the Payfinia CUSO was in the seven figures.
Achieva will use Payfinia's Instant Payment Xchange platform to support real-time payments across consumer and business channels, including loan disbursements and integrations with fintech partners. Payfinia, a payments company created by digital banking provider Tyfone, operates as a CUSO, allowing credit unions to invest in and help shape its products and services.
"Partnering with Payfinia is an important step in Achieva's long-term digital transformation strategy," Tracy Ingram, chief technology officer at Achieva and a board member for Payfinia, said. "This investment in the CUSO allows us to deliver faster payments, modernize our entire payments ecosystem and play a role in shaping what payments look like for credit unions in the future."
The partnership will support real-time payment initiatives, including digital wallets, QR code-based payments and enhancements to peer-to-peer services, as well as expand instant payment capabilities for business members. Achieva will use Payfinia's Instant Payment Xchange platform to support real-time payments, including loan disbursements, fraud and risk management and connectivity with fintech partners. The investment allows Achieva to provide input into Payfinia's product development and strategic direction.
The partnership will also support a range of payments capabilities, including embedded digital payments within an open framework, unified fraud management across multiple payment workflows through IPX and associated third-party tools, expanded payments use cases through fintech integrations, and a shift from traditional payment rails to instant payment rails aimed at improving operational efficiency and transparency.
"Achieva represents the type of forward-thinking institution that is critical to driving meaningful change in the payments landscape," Keith Riddle, general manager of Payfinia, said. "Its investment in the CUSO and adoption of IPX reflect a shared vision for a more open, connected and innovation-driven future. Together, we are enabling credit unions to compete more effectively while delivering faster, more secure payment experiences to its members."
Achieva has more than $3 billion in assets and 26 branches that serve more than 200,000 members.
Joyce Moed can be reached at joyce.moed@arc-network.com
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