Star One Credit Union in Sunnyvale, Calif., has invested $4.5 million in a new credit union service organization (CUSO) focused on instant payments.
The $9.9 billion-asset credit union is backing a CUSO created by Payfinia. The entity offers an open payments platform for credit unions and industry partners. Star One has been a Payfinia customer since the company launched in 2023.
The credit union also sent a series of $500,000 FedNow instant-payment transactions to Payfinia’s business account at U.S. Bank, using the tech company’s platform, settling each transaction in less than five seconds.
“Star One is proud to support Payfinia and its vision of making instant payments accessible to all account holders in the U.S.,” Gary Rodrigues, the credit union’s CEO, said in a press release.
Payfinia will integrate its IPX platform capabilities with The Clearing House’s RTP Network in early 2025.