Nexi and Payac Team on Instant Credit Union Payments

Nexi has signed a partnership with credit union-owned payment service provider Payac.

The agreement allows for SEPA instant payments to all participating credit unions in the Republic of Ireland, the companies said in a Tuesday (July 30) news release.

“As a result of this partnership, 176 credit unions of all sizes will use Nexi’s Instant Payments platform which will allow credit union members to make instant money transfers,” per the release.

“In addition, credit unions will benefit from Nexi’s anti-fraud service, which is designed to identify and manage potentially fraudulent payments through real-time analysis of transactions.”

Renato Martini, digital banking solutions director at Nexi, noted that instant payments represent a major opportunity in the continuous evolution of payment services, with these payments poised to grow following new regulations in Europe.

“The provision of this service continues our mission to place the interests of credit unions front and center of our business model and ensure credit unions are equipped to meet the deadlines for the implementation of Instant Payments in Ireland in 2025,” added Seamus Newcombe, CEO of Payac.

“It ensures that credit unions can offer Irish consumers a competitive alternative to financial services offered by the domestic banks.”

PYMNTS examined the concept of payments modernization in the credit union (CU) space in a recent conversation with Scott P. Young, senior vice president of emerging services at Velera.

Known for their community-focused and member-centric approach, CUs are facing unique opportunities and challenges as they explore payments modernization, Young said. Convenience, speed and security, as well as value, are becoming increasingly crucial as customer expectations evolve.

“Ultimately, we want to meet the behavior that is driving the need for a payment and be there to accommodate different payment rails, while adding value-added services around that,” he said.

Another crucial  aspect of payment modernization is the adoption of instant payment systems, such as the Federal Reserve’s FedNow® Service and The Clearing House’s RTP® network. These systems allow for real-time payments, particularly beneficial for credit unions.

Young pointed to examples such as real-time payroll, earned wage access and government disbursements, stressing that these capabilities can bolster credit union member satisfaction by delivering immediate access to money.

“And credit unions, with their focus on personalized service, are well-positioned to capitalize on instant payments,” PYMNTS wrote. “By enabling members to access their money instantly, credit unions can offer a level of convenience that matches or exceeds that of larger financial institutions and FinTech firms.”