Digital Transactions Authoritative, insightful and timely information for payments professionals
More credit unions will have access to real-time payments networks in separate deals announced Tuesday. BankSocial, a division of Fivancial Inc., launched its real-time payment service for credit unions. Meanwhile, Pidgin Inc. is working with core processing provider Corelation Inc. to enable broader real-time payments access to its clients.
Dallas-based BankSocial says its new service employs cloud technology from Google Inc., messaging technology from IBM Corp., and distributed ledger tech from Hedera to offer credit unions a cloud-native implementation to connect to The Clearing House Payments Co. LLC’s Real Time Payments network.
BankSocial says this will help expand the availability of instant payments for smaller banks and credit unions.
“Over a year in development, this new implementation will support the unique needs of credit unions of all sizes and their members,” Keith Gray, TCH vice president of strategic partnerships, says in a statement. TCH says first-quarter volume on the RTP network reached 76.4 million, valued at $42.3 billion.
In related news, Atlanta-based Pidgin says its partnership with San Diego-based Corelation will give Corelation’s clients access to multiple real-time payments networks. Pidgin is live on TCH’s RTP network and on FedNow, the real-time payments service developed by the Federal Reserve.
The collaboration means credit unions can onboard to their preferred real-time payments network based on their institution’s operational preferences, member needs, and other factors. Pidgin pointed out that 36% of credit unions surveyed in Cornerstone Advisors’ “What’s Going on in Banking” report plan to implement real-time payments in 2024 and 34% intend to do so in 2025 or later. Respondents included 359 individuals.
