Payfina Connects Credit Union Customers to RTP Network

Instant payments solutions company Payfina says it is now integrated with The Clearing House’s RTP network.

The integration means Payfina can connect financial institutions (FIs) to the instant payment network through its Instant Payment Xchange (IPX) platform, the company announced in a news release Tuesday (June 2).

It also means that Payfina’s reach extends to both the RTP network and the Federal Reserve’s real-time FedNow Service.

“Being able to send and receive payments over the RTP network completes our multi-rail foundation and unlocks something truly differentiated for the market,” Keith Riddle, CEO of Payfinia, said in the release.

“By expanding our embedded payment services to the RTP network and unifying native fraud controls across both rails, we eliminate the onboarding complexity and expense that has historically slowed FI adoption.”

According to the release, Payfina has already begun connecting its first credit union clients to the RTP network through IPX, including Star One Credit Union, Credit Union of Colorado and Patelco Credit Union, with more expected to join in the coming months. Launched in November 2024, Payfina says it has attracted nearly 30 community FI clients.

The new integration comes at a time when instant payments have “shifted from a technological luxury to an existential necessity” for traditional FIs, as PYMNTS wrote last month.

“Driven in large part by the demands of Generation Z, the first cohort of true digital natives, the expectation for immediate fund flows is reshaping the competitive landscape.”

Research from PYMNTS Intelligence shows that nearly three-quarters of consumers currently use instant payments. The risk of inaction is steep for FIs, as additional research found that members of generation Z are twice as likely to switch institutions as the larger population, often shifting toward FinTech competitors that offer seamless, real-time experiences.

“Generation Z’s preference for speed is rooted in their digital-native lifestyle and unique economic pressures,” the report added. “Many members of this demographic work in the gig economy or get paid by the hour, meaning that waiting several days for traditional ACH settlements can result in immediate negative consequences, such as late fees or the inability to purchase basic essentials like groceries and gas.”

That’s why these consumers are three times more likely than older age groups to adopt alternative payment methods, such as digital wallets. They increasingly think of slow payment windows as a significant pain point and are even OK with paying small fees to guarantee settlement happens immediately.

“To win this generation’s loyalty, credit unions and banks must bridge the gap between traditional banking hours and the 24/7 digital reality,” PYMNTS added.