Tyfone, a leader in digital banking solutions, in October announced the formation of Payfinia Inc., a separate entity dedicated to providing innovative solutions that redefine instant payments.

During this year’s VentureTech conference – one of the premier fintech showcase events for the credit union industry – Keith Riddle from Payfinia joined the event’s podcast and said many credit unions are trying to figure out how to start the journey to monetize payments.

Step one, in many cases, is finding a trusted payments provider who can help them compete with larger banks and fintechs, he said.

Riddle, General Manager for the Payfinia CUSO, pointed out that $11 billion-asset Star One Credit Union in California was the first partner to work with Payfinia to co-develop an embedded instant payments user experience based on an account-to-account transfer workflow.

“They didn’t try to create something that was so foreign to their members that they didn’t understand exactly what the intent was,” Riddle said. “And the key part is that the credit union views this as an opportunity for them to compete with very large institutions in their footprint.”

The VentureTech Launch (podcast) bills itself as a gateway to the future, offering insights and groundbreaking innovations from the leading fintech minds dedicated to innovating credit unions.

Speaking on the podcast during VentureTech, which took place in Frisco, Texas, Riddle said Payfinia’s consultative nature and its commitment to collaboration with its clients to figure out their specific goals is what separates the firm from other payments providers.

“And the passion behind it is that we have built this platform that makes it very inclusive for financial institutions and their providers, who often are the stewards of digital experiences,” he said. “We’re trying to raise an ecosystem within the credit union industry that is specifically focused on enhancing the payment environment.”

Riddle said Payfinia enhances member experiences through instant, flexible money movement across various accounts and payment networks. That capability not only simplifies transactions for members but also positions credit unions to compete effectively with larger financial institutions, he said.

Payfinia’s approach is to be an open framework, capable of supporting a wide range of payment use cases, thereby eliminating the need for multiple providers in a rapidly changing financial landscape.

“We try to look at what are your strategic goals in this payments-monetization effort,” he said. “And where do you want to start your journey?”