Digital banking service provider Tyfone has partnered with Star One Credit Union to implement the latter’s instant payment solution. The instant payment solution is certified for FedNowSM, the Federal Reserve’s new instant payment offering launching in July 2023.

This ‘platform-agnostic’ feature 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. This offering 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.

Officials from Tyfone said that their partnership with Star One Credit Union allows them to build a solution that aligns with financial institutions’ unique needs and ensures greater accessibility. Their 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. More news from Tyfone In June 2021, Allied Payment Network (Allied) has partnered with digital banking solutions provider Tyfone, according to the official press release. Tyfone integrated Allied’s core-connected, real-time digital payment solutions into its digital banking platform to deliver faster money movement options.

Consumers and small business using Tyfone’s digital banking platform can take advantage of Allied’s industry-first technology that allows them to make real-time payments from within their financial institution’s digital or mobile banking environment. Users can move funds immediately from their account to a biller or individual, and the instant nature of the payments also enables more accurate record-keeping and enhanced financial wellness. .