Payfinia, Inc. today launched the Payfinia Credit Union Service Organization (CUSO) to support payments modernization solutions and embedded fraud controls through an open payments platform for credit unions and industry partners.

Payfinia originated in 2023 when digital banking provider Tyfone and its longtime customer Star One Credit Union (Star One, Sunnyvale, Calif., $9.9 billion, 126,000 members) collaborated to build Instant Payment Xchange™ (IPX). IPX is an open, payments-as-a-service (PaaS) framework certified to send and receive instant payments on the FedNow Service.

To support its mission, Star One invested $4.5 million to help form the CUSO and drive the product roadmap. The credit union sent a series of $500,000 FedNow instant payment transactions to Payfinia’s business account at U.S. Bank via IPX’s direct integration with Tyfone’s nFinia™ Digital Banking Platform, settling each transaction in less than five seconds. During the instant payment message exchange between the nFinia platform and IPX, Payfinia instituted unique user controls to permit higher transaction limits, validating a critical capability of the IPX platform to manage dynamic user settings within the embedded fraud control services.

“Star One is proud to support Payfinia and its vision of making instant payments accessible to all account holders in the U.S.,” said Gary Rodrigues, CEO of Star One. “The IPX solution empowers our members to take control of their cash flow. So far, the IPX solution has displaced 25% of same-day ACH transactions, with 53% fewer fraud losses compared to same-day ACH and an 83% reduction in operational overhead for P2P payment networks.”

According to Payfinia’s data, demand for low-friction, account-to-account transfers continues to grow, representing the bulk of instant payments processed through the networks. “Early adopters of Payfinia’s IPX platform are experiencing similar results, processing transactions faster, lowering fraud exposure, and generating operational efficiencies across their organizations,” said Nizar Jamal, COO and CTO of Payfinia.

Keith Riddle, General Manager for the Payfinia CUSO, said, “Limited resources, legacy systems, fraud mitigation and costs to implement new payment services are primary challenges that hinder community-based institutions from adopting instant payment capabilities. Payfinia is building an ecosystem that overcomes these limitations, enabling an open-provider approach that meets the diverse needs of community financial institutions. The IPX platform provides institutions with scalable, effective and affordable payment solutions.”

Payfinia believes a central bank-run instant payments system is essential for broad accessibility. Payfinia is also partnering with a range of firms to embed instant payment capabilities within their digital experiences and accelerate use cases for consumers and businesses, including core processors, third-party digital platform providers, and fintechs. For enhanced resilience and to broaden options for our partners, Payfinia will integrate IPX platform capabilities with The Clearing House RTP® network in early 2025.

To join the instant payments revolution, email [email protected] or visit payfinia.com.

All 15 credit unions that CU Strategic Planning helped apply for Technical Assistance Awards from the Community Development Financial Institutions (CDFI) Fund received the $300,000 maximum for the Technical Assistance Awards this year. CU Strategic Planning submitted 15 Technical Assistance applications for credit unions.

The CDFI Fund provides TA awards through the CDFI Program and NACA Program to build the capacity of both emerging and currently Certified CDFIs to become certified and further expand their financing activities in low-income areas and to the historically disenfranchised. This direct technical assistance opportunity supports CDFIs looking to strengthen their organizations and, ultimately, serve distressed communities in new and innovative ways.

CU Strategic Planning’s winning credit unions are:

• A+ FCU
• America's First FCU
• Ascension CU
• Coteau Valley FCU
• Cy-Fair FCU
• Emerald CU
• First South Financial CU
• Fort Randall FCU
• Health Care Professionals FCU
• Marshland CU
• One Credit Union
• Spectra CU
• UT FCU
• Valley CU
• Weyco Community CU

“Unlike the recently announced FA Awards, which help CDFIs sustain and expand their financial products and services, the TA awards are used for capacity development,” CU Strategic Planning President Stacy Augustine said. “This can be critical to their organizational sustainability and success, setting them up to serve their communities in the ways they’re most needed. We’re thrilled that all the credit unions we worked with this round were not just awarded grants but were awarded the maximum possible in funding.”

Earlier this year, CU Strategic Planning became a Callahan & Associates Company, expanding its resources, capacity and breadth of services. In 2025, a CDFI CEO Roundtable and cutting-edge technology will be rolled out to help CEOs increase their credit unions' effectiveness and ability to serve their communities as CDFIs. The Roundtable will foster reflective, structured, and strategic dialogue about the challenges and opportunities uniquely experienced by CEOs of CDFI-certified credit unions. CU Strategic Planning is the leading credit union CDFI Certification facilitator, with 203 successful certifications and more than $1 billion in financial awards.

American Banker has named State Employees’ Credit Union (SECU) President and CEO Leigh Brady as one of the “Most Powerful Women in Credit Unions” for the second consecutive year. She sits atop the 2024 list. Issued annually, it recognizes women who are addressing the problems and opportunities that their organizations and members face while serving the credit union mission of shared services and connections to their communities. The recognition also expands upon American Banker’s mission of supporting, empowering, celebrating, and advancing women in the financial industry. 

“These remarkable women are leading with resilience, innovation, and a steadfast commitment to their members and communities,” said American Banker Editor-in-Chief Chana Schoenberger. “Their achievements are redefining what’s possible in the credit union industry, paving a way for future leaders to build on their impact.”

“Being named to this prestigious list of Most Powerful Women in Credit Unions alongside 14 incredible leaders is an honor,” said Brady. “This recognition is a testament to the tremendous support I’ve received along with the hard work and determination of everyone at SECU. It has been a privilege to be a part of this organization for the last 37 years, and I look forward to guiding the Credit Union in our commitment to help find innovative opportunities to improve the financial well-being of our members and communities.”
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“The Board of Directors is pleased to congratulate Leigh on this recognition,” said SECU Board Chair Mona Moon. “Leigh works tirelessly to improve SECU and seeks out ways to better serve our more than 2.8 million members. She keeps the ‘People Helping People®’ mindset at the forefront of everything she does and strives to help our organization become better.”
For more information, read The Most Powerful Women in Credit Unions, 2024.

Months of advocacy efforts by the United States Agency for International Development (USAID) and World Council of Credit Unions’ (WOCCU) Credit for Agriculture Producers (CAP) and GROW Projects in Ukraine, and WOCCU’s two Ukrainian member credit union associations, resulted in President Volodymyr Zelenskyy signing amendments to Ukraine’s Law on Credit Unions that eliminate the need for credit unions to obtain a separate license to provide payment services and allow united credit unions to raise funds in foreign currencies.  
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Zelenskyy on November 6 signed Bill No. 11043, “On Amendments to Certain Legislative Acts of Ukraine Regarding the Improvement of the National Bank of Ukraine’s Functions for State Regulation of Financial Services Markets”.

As originally written, the law required credit unions to obtain a separate license to provide payment services. One of the recent amendments abolished that requirement, allowing credit unions to include information about their intention to provide payment services in their original license agreement.

“We are pleased that the Parliament supported the changes that were proposed by representatives of credit unions and experts from the WOCCU projects. In our opinion, simplifying the procedure for obtaining permission to provide payment services can give a boost to credit unions, primarily large ones, in developing an additional service for their members,” said Tetyana Kovbasyuk, Chairwoman of the Board of the Ukrainian United Credit Union.

Another amendment allows united credit unions, which function as central financing facilities for credit unions in Ukraine, to raise funds in foreign currencies from other countries, financial organizations, cooperation and development organizations and technical assistance projects.

This change was driven by advocacy efforts of the USAID CAP Project, which ended in September 2024, and the USAID GROW Project, which launched that same month. Both projects have been instrumental in supporting Ukrainian credit unions, which they believe can become reliable intermediaries in the implementation of specialized loan programs, such as energy efficiency financing for micro and small businesses.  

“I especially welcome the permission to raise financing in foreign currencies from international organizations,” said Kovbasyuk. “The Ukrainian United Credit Union has successfully cooperated with many international technical assistance projects, World Council of Credit Unions and Worldwide Foundation for Credit Unions within the framework of various donor programs. However, as an organization that is growing and looking for new opportunities for credit unions, we would like to initiate cooperation with international financial institutions to implement targeted credit programs through partner credit unions.”

Since the start of the CAP Project in 2016, project leaders and WOCCU International Advocacy professionals developed and advocated for the adoption of a new Ukraine Law on Credit Unions, which came into effect on January 1, 2024.

WOCCU and the GROW Project remain committed to supporting the ongoing development of the country's credit union law by sharing global best practices in credit union operations and regulations.

​Velera – formerly PSCU/Co-op Solutions, the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider – is pleased to announce its expanded partnership with Keesler Federal Credit Union (Keesler Federal) to provide debit card processing and support.
 
Based in Mississippi, Keesler Federal is one of the largest credit unions in the Southeast, serving over 327,000 members across 41 branches and holding more than $4.1 billion in assets. Established in 1947, Keesler Federal was founded on a vision for unity and the common good, building a cooperative financial partnership that would pool funds for the benefit of all members. More than seven decades later, that guiding vision remains.
 
During its search for an ideal debit card processor, Keesler Federal sought out a collaborative partner that would truly understand the value of its members.
 
“For over 40 years, Velera has served as an esteemed partner to our credit union and – by extension – our members,” said Keesler Federal Vice President of Consumer Lending Jim Freeland. “As we looked to consolidate our credit and debit card processing to one singular partner, our decades-long relationship with Velera, along with its innovative model that continues to meet the current and future needs of our members, made it a clear choice for this line of business.”
 
Velera will begin providing debit card processing support to Keesler Federal in September 2025.
 
“Keesler Federal is the type of organization we appreciate working with, as its mission and commitment to members does not waver, and has not for more than 75 years,” said Velera EVP, Chief Growth Officer Brian Scott. “At the same time, we share a mutual commitment to providing innovative solutions that meet the evolving needs of today’s credit union members. Velera looks forward to growing our relationship with the Keesler Federal team through the addition of debit card processing services, and we are grateful for their team’s continued trust in us as a longtime partner.”

​Addition Financial Credit Union, Orange County Public Schools, The Early Learning Coalition of Orange County, and Junior Achievement announced this week that AdventHealth for Children is joining their partnership to help expand the ADDing FUNdamentals Financial Literacy Program. Seven new childcare centers and schools, including 11 new classrooms are being added to the unique financial literacy program for pre-school children.

The program now serves more than 300 students through a total of 15 childcare centers/schools and 25 classrooms.

The ADDing FUNdamentals program, launched as the first of its kind in Central Florida in 2023, has little learners practicing their financial literacy skills in playhouses designed to look like mini-credit unions. The pre-kindergarten students learn how to count money, manage a cash register and exchange play money for goods rendered in the Addition Financial Credit Union “branches.” 

Addition Financial provided students with new backpacks filled with materials for students to continue learning at home. The credit union also presented AdventHealth for Children with a check for $15,000 to help provide scholarships for AdventHealth’s West Lakes Early Learning Center.

“It has been rewarding to see the early success and now growth of this program that is a true building block for children beginning their financial journey,” said Kevin Dougherty, Chief Operating Officer of Addition Financial Credit Union and board member of Early Learning Coalition of Orange County. “Putting the financial well-being of our community is a huge part of our mission at Addition Financial, and we are grateful AdventHealth is joining this terrific coalition of partners aiming to do just that.”

The West Lakes Early Learning Center’s commitment to early childhood education and development extends beyond the classroom, giving children access to quality health care through AdventHealth for Children, comprehensive social services and extracurricular activities such as gardening, soccer, and tennis. Thanks to Addition Financial, the Early Learning Coalition of Orange County and Junior Achievement, enrolled children will now also have the opportunity to learn about financial literacy.

“We know that the first 2,000 days of a child’s life are the most important for their development and that teaching children about money at an early age can have lifelong and life-changing impacts,” said Alfreda Clark, director of the West Lakes Early Learning Center.

Eltropy, the leading AI-powered conversions platform for community financial institutions (CFIs), today announced that Co-founder and CEO Ashish Garg will deliver a keynote address at Future Branches 2024, retail banking's premier conference for branch innovation, December 4-6 in Austin, Texas. 

Garg will present "Digital Doors, Physical Floors: Branches Reimagined with AI" on Wednesday, together with Eltropy Head of AI Saahil Kamath on December 4, at 11:55 am at the Austin Marriott Downtown. The session will explore how credit unions and community banks are leveraging Artificial Intelligence (AI) and video banking to transform traditional branches into technology-enabled service centers while maintaining the personal touch that sets community institutions apart.

"Branch banking isn't dying – it's evolving into something more powerful," said Garg. "Our credit union and community bank partners are proving that when you combine smart technology with local presence, you create an unbeatable advantage over the big banks. The real innovation isn't about replacing human interaction – it's about using AI and video banking to make every branch expert available everywhere, instantly."

Future Branches brings together over 400 senior retail banking executives from 250 banks and credit unions of all sizes to explore breakthrough technologies and strategies. The conference, running December 4-6, features 30+ interactive sessions focused on critical industry challenges including:

• Branch network optimization
• AI implementation in banking
• Employee hiring and training
• Digital experience enhancement
• Customer relationship development

Eltropy will also showcase its Branch Operations Suite in the Future Branches Innovation Hub, demonstrating how community financial institutions can leverage AI and video banking to transform every location into a full-service branch while optimizing staff utilization and improving customer experience.

For more information about Future Branches 2024, visit futurebranches.wbresearch.com. ​

​Plinqit, an award-winning provider of high-yield and automated savings software solutions that enable financial institutions to grow deposits, attract new customers and expand their retail footprint, reveals that just over half of Americans (54%) who do not currently use high-yield savings (HYS) accounts said they are likely to open one in the future, according to the company’s 2024 State of Savings Report.
 
Plinqit’s 2024 State of Savings Report offers exclusive insights into the savings habits of today’s consumers and is based on a recent Harris Poll survey of more than 2,000 U.S. adults ages 18 and older. Among Americans without a high-yield savings account, 13% said they are very likely to open one in the future. This is in addition to the 54% of Americans who reported they are likely to enroll in one. The survey report also revealed that Americans with higher household incomes (HHI) are more likely to open a high-yield savings account. Of those with a HHI of $50,000 or more, 58%, say they are likely to open a HYS account in the future, compared to 46% of Americans with a HHI of less than $50,000.
 
Generationally, Millennials are most likely to enroll in a high-yield savings account with 22% of Millennials reporting they plan to do so. Gen Z is a close second, with 13% reporting they are very likely to open an account, while Baby Boomers show the lowest propensity to open a high-yield savings account at 7%.
 
“Nearly all Americans are stashing money away somewhere. While only one in five do so in a high-yield savings account, the interest in opening high-yield savings accounts is growing, and younger Americans are leading the way,” said Kathleen Craig, founder and CEO of Plinqit. “This is excellent news for banks and credit unions. Our own clients support these statistics. We see that 42% of HYS end users have a household income of $100,000 to $249,999. With an average balance of more than $40,000, these are the customers that banks are proactively seeking, and High Yield Savings is a simple but effective tool in the toolbox.”
 
To access the full State of Savings Report, click here.

​Mahalo Banking today announced its new partnership with Omaha, Neb.-based Four Points Federal Credit Union (‘Four Points’). The credit union selected Mahalo’s online and mobile banking solution to support its upcoming core conversion to Corelation Keystone, upgrade its digital banking features and advance member service capabilities.
 
After a thorough assessment of digital banking providers, Four Points selected Mahalo’s platform for its capacity to streamline processes and boost operational efficiency. Mahalo’s seamless integration with Corelation’s Keystone served as a pivotal factor in this decision, providing the credit union with the powerful functionality and user-friendly experience essential for enhancing member services.
 
“The Mahalo team has been outstanding to work with – highly responsive and adaptable to our needs as we navigate our digital transformation," said Bart Protzman, President and CEO of Four Points. "As we strive to maintain our competitive edge, Mahalo’s platform will deliver the latest technology and innovations. Their commitment to reliable service is invaluable, especially as we continue to grow and expand our membership base.”
 
Mahalo’s digital banking platform is designed to empower credit unions with a highly customizable and integrated member experience. Its robust third-party integration capabilities allow for tailored solutions, enabling Four Points to grow and adapt as the banking industry matures. With Mahalo, credit unions can deliver a seamless, all-in-one digital experience that not only meets but anticipates the needs of their members, building satisfaction and loyalty across every interaction
 
Protzman added, “We are excited about offering more self-service options, empowering our members to take greater control of their banking experience while enhancing overall convenience. Mahalo’s alignment with industry trends like instant payments through FedNow will help Four Points stay competitive and continue to meet the ever-changing financial needs of our members.”
 
Supported by a team of credit union industry experts, Mahalo’s digital banking solution offers advanced features tailored to the unique needs of credit unions and their diverse memberships. Mahalo ensures a secure digital environment with its Credential Assurance Technology (CAT), offering robust protection against credential stuffing attacks and safeguarding member data. Additionally, Mahalo’s Thoughtful Banking® improves the user experience for members with cognitive differences by introducing neurodiverse functionality and enhancing the platform’s accessibility and inclusivity.
 
“We are thrilled to partner with Four Points to elevate the banking experience for their members as they approach their transition to Corelation Keystone,” said Denny Howell, COO of Mahalo. “Four Points’ vision for growth and member-centric innovation aligns perfectly with what Mahalo strives to deliver. By leveraging Mahalo’s platform, the credit union is well-positioned to offer new features and stay ahead of industry trends. We look forward to supporting their growth and delivering the flexible, reliable service that Four Points and its members need to thrive.”