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Payfinia has completed integration with The Clearing House RTP network, allowing credit unions and other community financial institutions to access both the RTP network and the FedNow Service through its Instant Payment Xchange platform.
The Portland, Ore.-based payments company said the integration gives financial institutions access to both instant payment networks through a single onboarding experience.
The RTP network, operated by The Clearing House, provides immediate clearing and settlement capabilities. Through the integration, Payfinia said financial institutions and fintech partners can access both the RTP network and FedNow through a single platform while using the same fraud controls across both payment rails.
Payfinia has already enabled several credit unions to go live on the RTP network through the platform, including Star One Credit Union, Credit Union of Colorado and Patelco Credit Union. The company said additional financial institutions are expected to launch in the coming months.
"Being able to send and receive payments over the RTP network completes our multi-rail foundation and unlocks something truly differentiated for the market," Keith Riddle, CEO of Payfinia, said. "By expanding our embedded payment services to the RTP network and unifying native fraud controls across both rails, we eliminate the onboarding complexity and expense that has historically slowed FI adoption."
Payfinia is also preparing to launch a Payments Control Module that will allow financial institutions to route outbound payments across the RTP network and FedNow based on configurable business rules. The company said the tool is being designed to support a range of business payment use cases, including supplier payments, insurance disbursements, earned wage access and payments to auto dealers. Payfinia also plans to expand its QR code payment workflow to the RTP network and introduce peer-to-peer payment capabilities later this year.
Payfinia launched IPX in November 2024 and said the platform has attracted almost 30 community financial institution clients.
Joyce Moed can be reached at joyce.moed@arc-network.com
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