Affinity Plus Federal Credit Union has unveiled a cutting-edge real-time payment service, a strategic move set to transform the financial transactions landscape.
This innovative service, operating through the FedNow® and RTP networks, enables members to receive funds instantly, enhancing the payment experience across the United States.
The ability to transact in real-time offers significant benefits, particularly to small business owners and gig workers, providing them with immediate access to their earnings around the clock, even on weekends and holidays.
The introduction of real-time payments is particularly vital in today’s fast-paced financial environment, where 59 million gig workers constitute 36% of the U.S. workforce. As the gig economy is expected to burgeon to a staggering $455.2bn by 2023, the importance of such services becomes increasingly pronounced.\
These payments are not only crucial for daily cash flow management but also play a pivotal role during emergencies by facilitating swift insurance payouts and aiding disaster relief efforts.
Jacquie Twedt, Director of Operations at Affinity Plus, emphasized the impact of this service, stating, ““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.
“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 the adoption of real-time payment systems grows, these services are set to become a staple for businesses and consumers nationwide, marking a significant leap towards enhancing the U.S. payments infrastructure. Affinity Plus is at the forefront of this change, committed to expanding its offerings to meet the evolving needs of its members.
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