Star One Among Early Adopters of FedNow℠ Service
July 20, 2023 -- SUNNYVALE, Calif. – Star One Credit Union announced today it has introduced “Instant Pay” – a new payment solution which allows Star One members to securely send and receive money immediately, to and from participating financial institutions. Payments will be made and received easily in seconds through the Credit Union’s Online Banking or Mobile Banking application, and funds will settle between participating financial institutions in real time, giving members immediate access to money they receive. Star One’s Instant Pay service utilizes the FedNow℠ Service which enables financial institutions to offer 24x7x365 instant payments, allowing customers and members to send and receive money immediately.
“Star One continuously seeks opportunities to offer new innovations to our members,” said Minal Gupta, Star One’s vice president of Remote Services. “We recognize that moving money quickly and safely has become a top priority for our members, which is why we committed early on to collaborating with the Federal Reserve to make this new solution available to the Star One membership,” added Gupta.
Star One was among the first in the industry to complete testing and certification for the FedNow℠ Service. To achieve certification, Star One completed a comprehensive testing curriculum, including fulfilling a checklist of requirements to confirm the ability to transmit and process ISO® 20022 messages, and attested to being prepared to meet the requirements to successfully operate in a 24x7x365 instant payments environment.
“We are excited that early adopters of all sizes across the country are making strides in their operational readiness for live transactions through the system,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. “Completing certification is a key milestone for participating organizations to validate their ability to deliver instant payment services.”
“We wanted to be among the first financial institutions to go live on the FedNow Service because we saw a clear vision for this service. At the same time, we want to demonstrate our commitment to investing in technology that benefits our members,” added Gupta.
About Star One Credit Union
Star One Credit Union started over 60 years ago and provides financial services to people who live, regularly work, or attend school in Alameda, Merced, Monterey, San Benito, San Joaquin, San Mateo, Santa Clara, Santa Cruz, and Stanislaus County. Star One also offers membership to employees of some of Silicon Valley’s most prominent companies, including Lockheed Martin, Lam Research, and Juniper Networks. Star One Credit Union serves more than 123,000 members with branches throughout Silicon Valley and offers a variety of products and services including checking, savings, certificate, and IRA accounts, and consumer, home equity, and first mortgage loans. Star One is part of a nationwide network of 30,000 no-surcharge ATMs and 5,000 shared credit union locations in all 50 states. For more information about Star One Credit Union, visit www.starone.org.
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve's FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org.
Media Contact:
Ryan Barringer
Star One Credit Union
(408) 887-5083
Ryanb@starone.org
