Open Payment Network (OPN) and Sharetec have joined forces to integrate OPN’s instant payment technology with Sharetec’s core processing software. This integration allows Sharetec’s credit union customers to leverage the benefits of the Federal Reserve’s new instant payment rail, the FedNow Service. This service has been long-awaited by credit unions and is being made possible through the collaboration of OPN and Sharetec.
As a provider of the FedNow Service, OPN now offers Sharetec’s customers instant payment capabilities. OPN CEO Bradley Wilkes noted, “Credit unions have been anticipating this instant payment ability, and Sharetec can now deliver that resource.” This integration allows Sharetec’s credit union customers access to OPN’s instant payment platform, which includes a multitude of features, from fraud controls to real-time payment clearance and settlement. This allows Sharetec’s customers to offer modern instant payment services to members, meeting their demands and increasing their engagement.
In today’s fast-paced financial marketplace, instant payments provide an immediate transfer of funds, which is what consumers now expect. With 92% of consumers expecting fast and frictionless payment, it’s crucial for credit unions to offer such services. Sharetec’s integration with OPN ensures that their credit union customers can meet these demands.
As a forward-thinking financial technology company, OPN helps financial institutions attract and retain customers by enabling them to deliver instant payments anytime, anywhere. This secure technology platform connects financial institutions to the world of instant payments via the internet and mobile devices. By partnering with OPN, Sharetec has expanded its ability to support its credit union customers by providing access to the latest technology in instant payments.
Sharetec, on the other hand, is a leading provider of agile, bold credit union software that improves credit union operations and members’ financial lives. Since its inception in 1993, Sharetec has been steadily growing, currently supporting nearly 300 credit unions across the United States, U.S. territories, and the Caribbean.
The FedNow Service, developed by the Federal Reserve Banks, aims to facilitate nationwide, real-time instant payment services around the clock, every day of the year. Through the FedNow Service, businesses and individuals can send and receive instant payments at any time, with full access to funds immediately. This is crucial for managing money and making time-sensitive payments.
For more information on OPN, visit the website or contact Bruce Law. For Sharetec, please contact Ashley LaBombard. This collaboration between OPN and Sharetec is poised to bring innovative and critical instant payment services to credit union customers, positioning Sharetec’s customers to meet the essential demands of modern consumers.
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