OPN® and Sharetec Partner to Deliver Instant Payments to Credit Unions
Integration between the two platforms enables customers to take advantage of instant payments via the FedNow®Service.
Open Payment Network (OPN), the provider of a secure technology platform that enables instant payments anytime, anywhere, and Sharetec, a leading provider of agile, bold credit union software that improves credit union operations and members' financial lives, announced today they have integrated the OPN technology with Sharetec's innovative core processing software. This capability enables Sharetec's credit union customers to take advantage of the Federal Reserve's new instant payment rail, the FedNow Service. OPN is among the first service providers supporting financial institution transaction activity on this service.
"As a service provider of the FedNow Service, OPN can now provide this instant payment capability to Sharetec's customers," said OPN CEO Bradley Wilkes. "Credit unions have been anticipating this instant payment ability, and Sharetec can now deliver that resource."
OPN's instant payment platform offers full message certification including send, receive, and request for payment as well as instant clearing and settlement for FedNow, as well as RTP®. OPN also offers customers value-added features such as fraud controls, extended remittance, API with workflow, directory service, enhanced reporting, and 24/7/365 availability.
"Sharetec customers will greatly benefit from this OPN integration, as their members want to make and receive payments 'right now," said Steffi Decker, CEO at Sharetec. "OPN delivers just that and will enable our customers to provide modern instant payment services that will meet ever-changing member demands and increase member engagement."
Highly sought after in today's financial marketplace, instant payments allow payers immediate availability of good funds to a payee all day, every day. With 92% of consumers now expecting fast and frictionless payment and 30% considering instant payment access as criteria when choosing a financial institution, it's crucial for credit unions to offer an instant payment service. With OPN, Sharetec's credit unions can do just that.