Literally a couple days before I recorded this podcast with Siva Narendra, CEO and founder of Tyfone and now Payfinia, a story moved over the wire with this headline: Payfinia Launches CUSO with Star One Credit Union.
The story added that Star One – a Silicon Valley behemoth – had invested $4.5 million in the CUSO. That money, by the way, moved in a series of $500,000 instant payments into Payfinia’s coffers.
At its end Payfinia has built in layers of controls to guard against fraud but to allow real time transfers.
That Star One commitment tells you Payfinia is for real, and Narendra is on the show to tell about Payfinia, which he says is the opportunity for community financial institutions – that means credit unions too – to own an instant payments system that has shown its losses to fraud are dramatically lower than with instant ACH and at the same time overhead costs are dramatically lower.
Instant payments are real and increasing numbers of consumers and businesses – perhaps small businesses especially – want instant payments. The time is now.
