Redstone Federal Credit Union, a federally chartered credit union (CU) based in Huntsville has announced that the firm is extending its partnership with Fiserv to offer person-to-person (P2P) payments and account-to-account (A2A) transfers, services that are gaining increased traction as demand for digital payment capabilities rise.
Through this collaboration extension, the CU will be able to send money to other people and transfer money between their own accounts with increased speed and convenience.
Redstone is committed to delivering innovative technologies that make life easier for members and has actively evaluated the market demand for real-time payments. The Alabama-based credit union saw a growing interest among members in P2P and real-time payments. The company assessed how to offer these capabilities to members, reviewed its options and selected turnkey service for Zelle from Fiserv along with TransferNow from Fiserv for A2A transfers.
Turnkey Service for Zelle from Early Warning will enable P2P payments for Redstone members. It simplifies the path to implementing a ubiquitous, frictionless P2P solution. It streamlines the onboarding process for financial institutions, helping to reduce costs and accelerate time-to-market for Zelle. Customers can send and receive money with Zelle for free using a U.S. mobile phone number or email address. It allows funds to be transferred directly from one bank account to another.
Besides, Redstone is adding TransferNow to support A2A transfers, a vital component of the online banking ecosystem. It is a risk-managed account-to-account (A2A) funds transfer solution allowing consumers to transfer funds to and from checking, savings and money market accounts at nearly every U.S.-based financial institution.
“We follow payments closely and are always watching to see which ones click with members. 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,” said Terri Bentley, Senior Executive Vice President at Redstone Federal Credit Union.