DUBLIN, Calif.—Patelco Credit Union has made an investment in payments CUSO Payfinia and will take a larger role in helping guide the organization’s strategy as the companies work to expand embedded payment services for credit unions, according to Payfinia.
As part of the investment, Patelco Chief Technology Officer Kal Majmundar has joined the Payfinia CUSO board of directors.
Payfinia said Majmundar brings more than 20 years of technology leadership experience from both high-growth startups and Fortune 500 companies. At Patelco, he oversees enterprise technology, including application development, data governance, infrastructure, information security, payments, systems integration, project management and operations.
‘Modern Financial Experiences’
“At Patelco, we are committed to delivering modern financial experiences that evolve alongside our members’ needs,” Majmundar said in a statement. “Through our investment in Payfinia and participation on the CUSO Board, we are helping shape the future of embedded payments while delivering payment experiences that are faster, more secure and seamless for our members and business partners.”
The $9.5-billion Patelco Credit Union serves more than 550,000 members.
According to Payfinia, Patelco has used the company’s Instant Payment Xchange (IPX) platform during the past year to expand real-time payment capabilities for both consumer and business accounts.
Open Architecture
Payfinia said the IPX platform is designed to help financial institutions accelerate payment innovation through an open architecture that supports fintech integrations, instant loan disbursements through loan origination system connections, and centralized fraud and risk management across payment channels.
The company said the partnership also positions Patelco to support emerging payment capabilities, including digital wallets, QR code payments and expanded business payment services.
“Patelco brings tremendous technology leadership and strategic vision to Payfinia,” Payfinia CEO Keith Riddle said in a statement. “Its investment demonstrates a shared commitment to building the next generation of payment infrastructure and embedded payment experiences for credit unions.”
