Patelco Credit Union has made a strategic investment in Payfinia’s Credit Union Service Organization and joined its board to help shape the development of embedded and real-time payment services for credit unions. Financial terms were not disclosed.
Patelco Chief Technology Officer Kal Majmundar has joined the Payfinia CUSO Board of Directors.
Patelco is based in Dublin, California, and has approximately $9.5 billion in assets and more than 550,000 members.
Majmundar brings more than 20 years of technology leadership experience across startups and Fortune 500 companies. At Patelco, he oversees application development, data governance, infrastructure, cybersecurity, project management, systems integration, payments and operations.
Patelco has used Payfinia’s Instant Payment Xchange platform during the past year to expand real-time payment capabilities for consumer and business banking customers.
The platform’s open architecture is designed to connect financial institutions with fintech providers, support back-office processes and combine fraud and risk controls across payment workflows.
Potential uses include instant loan disbursements through integrations with loan origination systems, digital wallets, QR-code payments and expanded business payment services.
Payfinia provides community financial institutions with access to and ownership of their instant payment infrastructure. Its platform also connects real-time payments with traditional payment and money-movement products.
KEY QUOTES:
“Through our investment in Payfinia and participation on the CUSO Board, we are helping shape the future of embedded payments while delivering payment experiences that are faster, more secure and seamless for our members and business partners.”
Kal Majmundar, Chief Technology Officer of Patelco Credit Union
“Its investment demonstrates a shared commitment to building the next generation of payment infrastructure and embedded payment experiences for credit unions.”
Keith Riddle, CEO of Payfinia
