Maui County Federal Credit Union has launched FedNow services through Catalyst, becoming the first Hawaii-based credit union to activate send, receive and settlement capabilities in a single implementation.
The Wailuku, Hawaii-based credit union said it is initially making receive services available to members. By activating send, receive and settlement capabilities, Maui County FCU can send and receive instant payments and manage settlement through a single platform. The credit union said the launch supports faster funds availability and more efficient liquidity management and allows it to offer instant payments 24 hours a day, seven days a week.
"For our members and our community, access to funds in real time can be transformative," Michele Kawahara, president/CEO for Maui County FCU, said. "Whether it's a family covering everyday expenses or a member needing immediate access to money after hours, instant payments help us meet people where they are. Launching with Catalyst allows us to serve our island communities with speed, reliability and confidence from day one."
Catalyst said the launch marks its first implementation with a Hawaii-based credit union using all three FedNow services at launch.
"Launching all FedNow services at once reflects the value of taking a comprehensive approach to instant payments," Brad Ganey, COO at Catalyst, said. "With our proven experience, deep digital and core integrations and a deployment team built for execution, credit unions, like Maui County Federal Credit Union, can move from strategy to real-time impact with confidence. We're honored to support their leadership and to expand FedNow access across Hawaii."
Catalyst, headquartered in Plano, Texas, provides FedNow instant payment services for credit unions and offers send, receive, request for pay and settlement capabilities through an integrated payments platform.
Maui County FCU has served Maui County residents since 1937. The credit union has close to 21,000 members and $470 million in assets, with branches in Kahului, Lahaina and Wailuku.
Joyce Moed can be reached at joyce.moed@arc-network.com.
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