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The $1.5 billion U.S. Eagle Federal Credit Union in Albuquerque, N.M., said Monday it has rolled out instant payments receive functionality for members, utilizing both The Clearing House’s Real-Time Payments and Federal Reserve’s FedNow instant payments rails.
According to U.S. Eagle, it is the first credit union in New Mexico to offer the FedNow service.
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“U.S. Eagle is thrilled to give its members the ability to instantly receive money from their customers, employers, family members, friends and constituents, any time of the day, on any day of the year,” Darrell Russell, vice president payments at U.S. Eagle, said. “Our members can now receive secured payments from the government, businesses, e-commerce companies, insurance organizations and the Internal Revenue Service, including tax refunds, much faster.”
The service will enable U.S. Eagle business account holders to accept immediate payments from customers and vendors, giving them faster access to funds and improved overall cash flow; it will also allow U.S. Eagle personal account holders to receive money from family, friends and service providers without delay and manage their personal finances more easily, the credit union said in its announcement.
“At U.S. Eagle, we are committed to bringing innovation to banking. As the first credit union in
New Mexico to implement this technology, our members are now able to receive money securely and more conveniently,” Monica Sena, assistant vice president payments at U.S. Eagle, said. “We are dedicated to our ‘people mean more’ philosophy by helping to improve the quality of life of our members and in the communities that we serve.”
The FedNow service launched in July 2023 with 35 participants and currently has 1,196 financial institutions live on the service as of Jan. 6, according to the Federal Reserve.
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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.
