VentureTech 2023 Podcast with Keith Riddle
Keith Riddle, SVP of Business Development at Payfinia, made an appearance on the VentureTech 2023 podcast. He offered insights into the future of payments, emphasizing how Credit Unions can strategically modernize and level the playing field with larger financial institutions.
Modernizing Payments For The Credit Union Industry
Within the ever-evolving payments landscape, many credit unions find themselves navigating uncertain waters. They grapple with the challenging task of kickstarting their payments modernization journey, searching for a trusted partner who understands the unique hurdles they face when competing against larger financial institutions.
At the heart of Payfinia lies the passion to create an inclusive platform, catering to the needs of financial institutions and their providers.
By modernizing payments, credit unions can stay ahead of the game, helping them better serve individual consumers and businesses, ultimately streamlining their operations.
The Payfinia ecosystem aims to break free from limitations imposed by core processors, enabling an open-provider approach that caters to the diverse needs found within the credit union landscape.
Payfinia’s vision is clear: cultivate an environment that maximizes efficiency and inclusivity, propelling the fintech industry forward.
Star One Credit Union’s Innovative Approach To Transfers
With assets totaling around 11 billion dollars, Star One Credit Union stands as a pivotal partner for Payfinia in the evolution of user experience within the financial landscape. They helped develop a groundbreaking user interface centered on Account-to-Account (A2A) transfers.
The use case scenario lies in facilitating seamless fund movements in and out of the credit union, serving as the primary financial institution, despite accountholders having multiple financial institution relationships.
Whether it’s transferring funds to a relative’s checking account, a brokerage account like Robinhood, or other institutional accounts, Payfinia’s technology enables users to initiate instant transfers from their credit union’s checking account to eligible external accounts.
Star One’s objective is to be the go-to choice for their accountholders. The ability to effortlessly move funds between owned accounts or those held with other financial entities resonates deeply with their mission.
Payfinia significantly enhances and streamlines user experience, positioning credit unions at the front of digital innovation.
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