WAILUKU, Maui — Maui County Federal Credit Union has gone live on the Federal Reserve’s FedNow Service with send, receive and settlement capabilities, becoming the first Hawaii-based credit union to activate all three FedNow functions in a single launch through Catalyst, according to the corporate credit union.
Catalyst said the $480-millionj Maui County FCU has elected to initially make receive services available to members, allowing the credit union to accept instant payments while positioning itself to expand additional FedNow capabilities in the future.
By enabling send, receive and settlement functions simultaneously, the credit union is able to both send and receive instant payments while managing settlement activity through the FedNow network, Catalyst said. The implementation also allows the credit union to offer instant-payment services around the clock, providing members with access to funds 24 hours a day, seven days a week, 365 days a year.
Catalyst said the launch supports faster funds availability and more efficient liquidity management for the credit union.
‘Can be Transformative’
“For our members and our community, access to funds in real time can be transformative,” Michele Kawahara, president and CEO of Maui County Federal Credit Union, said in a statement released by Catalyst.
“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,” Kawahara said. “Launching with Catalyst allows us to serve our island communities with speed, reliability and confidence from day one.”
Catalyst said the deployment also represents an expansion of FedNow access in Hawaii and demonstrates what it described as the benefits of a comprehensive approach to instant-payments adoption.
‘Comprehensive Approach’
“Launching all FedNow services at once reflects the value of taking a comprehensive approach to instant payments,” Brad Ganey, chief operating officer of Catalyst Corporate Federal Credit Union, said in the statement.
“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,” Ganey said. “We’re honored to support their leadership and to expand FedNow access across Hawaii.”
According to Catalyst, it is a leading provider of FedNow instant-payment services for credit unions and offers integrations with numerous core processing and digital banking platforms. The company said its payments platform includes instant-payment send and receive capabilities, request-for-pay services and settlement functionality as part of a broader suite of payment solutions.
Catalyst said its services are designed to facilitate secure movement of funds among consumers, businesses, government entities and other participants in the payments ecosystem.
