New service allows members to receive funds immediately, 24/7, even on weekends and holidays
Affinity Plus Federal Credit Union (Affinity Plus) has launched a new real-time payment service through the FedNow® and RTP networks. This service allows members to securely receive instant payments from a diverse range of financial institutions and service providers across the United States. The new offering benefits all members, especially small business owners and gig workers.
Access to real-time payment services ensures payments are processed instantly, 24/7, including holidays. This is crucial for managing cash flow and transaction certainty, especially for the 59 million gig workers who make up 36% of the U.S. workforce. With the gig economy growing rapidly and projected to reach $455.2 billion in 2023, real-time payments provide essential financial stability and flexibility. They also expedite emergency insurance payouts and support disaster relief fund recipients.
“For many workers, especially those in the gig economy, waiting even a few days for payment can significantly impact their financial stability and earning potential,” said Affinity Plus Director of Operations Jacquie Twedt. “With this real-time payment service, Affinity Plus is empowering all our members to manage their cash flow more effectively, ensuring timely access to funds and enhancing their overall financial wellbeing.”
As more financial institutions join real-time payment networks, instant payments will become more widely available to businesses and consumers across the country. Affinity Plus is proactively advancing the U.S. payments infrastructure by utilizing these networks to expand its member services.
Affinity Plus, a not-for-profit, member-owned cooperative, is focused on offering services that make banking less stressful for its members, many of whom are low-income families and individuals. This innovative new offering is the latest addition to Affinity Plus’s full suite of member-centric services, including early pay, which allows members to access regular paychecks up to two days early.
About Affinity Plus Credit Union
Based in St. Paul, Minn., Affinity Plus Federal Credit Union is a not-for-profit, financial cooperative that puts people first above profits. Members of Affinity Plus receive maximum value through competitive rates, minimal fees, and unique, member-centric products and programs. Established in 1930, Affinity Plus has 32 branches located throughout Minnesota and is owned by over 270,000 members. Affinity Plus has more than $4.2 billion in assets. Additional information is available at www.affinityplus.org or by calling (800) 322-7228.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240822275558/en/
Contacts
Danielle Johnson
djohnson@affinityplus.org
