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Last July, six credit unions and seven corporate credit unions were among the 57 financial institutions to line up as early adopters of FedNow, the Federal Reserve's instant payments service, eager to give their members or member credit unions the ability to receive – or receive and send – payments with no waiting period for settlement to occur.
One of those early adopters was Star One Credit Union ($9.8 billion, Sunnyvale, Calif.), which serves a membership located in the high-tech hub of California's Silicon Valley. In fact, it was the first financial institution in the nation to initiate a send transaction on the service, and since that first instant payment was sent on July 20, the credit union's members have completed 8,236 FedNow transactions totaling $11,823,003 (as of March 21, 2024). Called Instant Pay, the service is available to all Star One members through online and mobile banking.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
