Star One Credit Union taps Tyfone to implement instant payment solution
Digital banking services provider Tyfone has partnered with Star One Credit Union to implement the credit union’s new instant payment solution.
Tyfone partners Star One Credit Union for instant payments solution
The instant payment solution is certified for FedNowSM, the Federal Reserve’s new instant payment offering launching in July 2023.
The new “platform-agnostic” solution will be able to integrate into financial institutions’ core processing systems and connect to payment originators and digital banking providers through Tyfone’s open APIs.
Through financial institutions participating in the FedNow Service, account holders can send and receive payments any time, any day, anywhere, and have full access to those funds immediately.
Both companies say the latest solution will allow financial institutions of all sizes to directly connect to the FedNow Service for credit transfer send and receive message sets, with additional message sets to be launched soon.
“Our partnership with Star One Credit Union allows us to build a solution that aligns with financial institutions’ unique needs and ensures greater accessibility,” says Tyfone CEO Siva Narendra.
“Our goal is to help scale this service and unlock the tremendous potential instant payments offers financial institutions and account holders.”
One of Silicon Valley’s largest financial institutions, Star One Credit Union manages more than $10.2 billion in assets. It provides financial services to people living in nearby counties.
Based in Portland, Tyfone provides consumer and commercial digital banking services for community financial institutions throughout the US.
