PLANO, Texas– Catalyst Corporate said it is seeking to improve the digital payment experience for credit unions and their members through a partnership with Neural Payments, a provider of fintech payments and move money.
“The Catalyst digital payment platform, powered by Neural Payments, provides consumers with a better way to move money and pay for everyday goods and services, with an emphasis on delivering a paradigm shift in Peer-to-Peer (P2P) payments,” the company said in a statement. “Integrated directly into participating credit union mobile banking apps, the service is only a tap away whenever consumers need to send money. Beyond simply moving funds, the ground-breaking, open platform reimagines P2P payments for a modern age by seamlessly working across a host of payment rails while enabling users to send funds to many leading payment apps and digital accounts, breaking down the barriers to who can receive funds and how.”
‘Creating Confusion’
According to Catalyst Corporate, traditional P2P payments have required consumers and businesses to have accounts on the same platform, “creating confusion on which platform to use for which payee from which account and leaving users to manage numerous payment apps, security systems, login credentials and more.”
Catalyst said the new solution from Catalyst allows payment to anyone with a mobile number or email address.
“Funds move directly from a payer’s credit union account to the payee’s account of choice with no need to manage and maintain multiple accounts and balances across a range of disconnected payment services,” the company stated.
Increasing Fraud
It added that while consumers have taken up P2P payments en masse, increasing fraud has become a major problem for financial institutions. Catalyst said its platform is built on a powerful fraud prevention engine that eliminates most fraud attempts while providing participating credit unions with a “great degree of flexibility and control in how fraud prevention tactics are employed.”
“Several trillion dollars in peer-to-peer payments are made each year, and that trend will continue to grow,” Catalyst COO Brad Ganey said in a statement. “For credit unions, it is imperative to offer members a safe, satisfying payment solution or risk falling behind increasing competition. Catalyst provides credit unions with a comprehensive, technologically sophisticated payment platform that integrates instant payments, image deposits and P2P payments to enhance the member experience, drive competitive advantage and reduce the cost to serve.”
Works With Most Solutions
According to Catalyst, its new platform works with most major mobile and online banking solutions and is vendor agnostic, “making it easy for credit unions to enable P2P payments for members now and a host of additional payment types in the future.”
Neural Payments CEO Mick Oppy said the company was launched to address the challenges inherent in legacy payments.
“By teaming up with Catalyst, we are able to bring our market-leading technology to more credit unions, delivering a better payment experience for their members and laying the foundation for future growth,” Oppy added.
