Redstone Federal Credit Union® members will soon be able to send money to other people and transfer money between their own accounts with greater speed, ease and convenience.
The credit union is expanding its existing relationship with Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, to offer person-to-person (P2P) payments and account-to-account transfers, services that are drawing increased member interest as demand for digital payment capabilities rise.
Redstone is committed to delivering innovative technologies that make life easier for members, and has actively evaluated the market demand for real-time payments. When the Huntsville, Alabama-based credit union identified a growing interest among members in P2P and real-time payments, it evaluated how to offer these capabilities to members, and how to do so safely. With a focus on adding best-of-class technology, Redstone reviewed its options and selected Turnkey Service for Zelle® from Fiserv along with TransferNow® from Fiserv for account-to-account transfers.
“We follow payments closely and are always watching to see which ones click with members,” said Terri Bentley, Senior Executive Vice President at Redstone Federal Credit Union. “Our members had been inquiring about P2P payments, and we saw that we had a gap in the area of real-time money movement. Fiserv provided the tools we needed to fill the gap and offer members the capabilities to meet their needs, customized within our digital banking solution.”
Turnkey Service for Zelle will enable P2P payments for Redstone members. This solution streamlines the onboarding process for financial institutions, helping to reduce costs and accelerate time-to-market for Zelle, which gives members a fast, safe and easy way to send money to and receive money from those they know and trust. In addition, Redstone is adding TransferNow to support account-to-account (A2A) transfers. Both capabilities will launch to Redstone members in summer 2020, integrating with the credit union’s existing core platform, DNA® from Fiserv. Members will benefit from access to real-time balances reflecting all payments and transfers due to the platform’s continuous processing capabilities.
For leading financial institutions like Redstone that want greater flexibility and control over the membership experience, Fiserv offers technology frameworks with APIs for customization.
Beyond the technology itself, Redstone selected Fiserv for its focus on security and consultative approach to client service that encourages innovation and collaboration.
“Redstone Federal Credit Union has a reputation for innovation and has been proactive in offering in-demand services, ensuring that their members can turn to them first for their payment and financial management needs,” said Tom Allanson, president of Electronic Payments at Fiserv. “Payments is an increasingly competitive space, and Redstone has an eye toward meeting the needs of their members today so they can maintain and build relationships into the future.”