Grow Financial Launches Real-Time Payment Receive with Alacriti’s Cloud Platform
Grow Financial Federal Credit Union has gone live with real-time payment Receive capabilities, allowing members to instantly access funds 24/7 via The Clearing House’s RTP® network and the Federal Reserve’s FedNow® Service. The credit union is also rolling out Send functionality targeted for early summer, further enhancing money movement for its members.
Highlights of the Partnership
- Technology Platform:
- Utilizing Alacriti’s Orbipay Payments Hub, a cloud-based, ISO 20022-native platform.
- Connects to multiple payment rails: RTP, FedNow, ACH, Visa Direct, and wires.
- Benefits to Grow Financial Members:
- Immediate access to funds: Payments settle within seconds for wages, loans, reimbursements, and more.
- Streamlined experience: Real-time payments integrate seamlessly into Grow’s digital banking platforms.
- Foundation for future innovation: Ongoing development of Send functionality will enable expanded real-time services like A2A transfers.
Leadership Insights
- Doug Tilden, EVP & CFO, Grow Financial:
Emphasizes the importance of real-time payments to meet evolving member and small business needs, providing immediate cash flow management confidence. - Mark Majeske, SVP of Faster Payments, Alacriti:
Highlights Alacriti’s role in supporting Grow Financial’s modernization and delivering best-in-class digital payment experiences.
Strategic Impact and Future Roadmap
- The launch marks a key milestone in Grow Financial’s broader modernization plan involving a unified payments hub.
- The hub will offer members more choices, speed, and convenience while improving operational efficiency.
- Additional capabilities under consideration include wire transfer automation, peer-to-peer payments (P2P), bill pay enhancements, and streamlined ACH services.
By adopting Alacriti’s advanced payments platform, Grow Financial is modernizing its payment capabilities to provide faster, more convenient financial services that meet members’ real-time needs and set the stage for continued innovation.
