Affinity Plus FCU Now Live on FedNow & RTP Instant Payments Rails

Affinity Plus Federal Credit Union in St. Paul, Minn., is the latest credit union to offer instant payments services to its members. According to an announcement from the $4.2 billion credit union Thursday, it is now offering the service through both the Federal Reserve’s FedNow and The Clearing House’s RTP instant payments rails.

Affinity Plus said as a result of the rollout, members can receive funds immediately, 24/7, including on weekends and holidays, from a diverse range of financial institutions and service providers across the U.S. The credit union emphasized that the service is especially relevant for small business owners and gig workers, with the country’s 59 million gig workers now comprising 36% of the U.S. workforce, according to a recent report.

“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,” Affinity Plus Director of Operations Jacquie Twedt stated. “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 well-being.”

The credit union added that the new service enables the expedition of emergency insurance payouts and supports disaster relief fund recipients.

The FedNow service launched in July 2023 with 35 participants, and now has more than 900 financial institutions live on the service, according to the Federal Reserve. Currently, community banks and credit unions make up 78% of total participating financial institutions, and the number of service providers certified to support payment processing for financial institutions has jumped from 16 to 32 organizations, the Fed reported last month.