Affinity Plus Federal Credit Union has introduced a new real-time payment service through the FedNow® and RTP networks, allowing members to receive instant payments securely from various financial institutions and service providers across the U.S. This new service is particularly beneficial for small business owners and gig workers.
The real-time payment service ensures payments are processed instantly, 24/7, including holidays, which is crucial for managing cash flow and ensuring transaction certainty. This is especially important for the 59 million gig workers, who represent 36% of the U.S. workforce. As the gig economy continues to grow, projected to reach $455.2 billion in 2023, real-time payments offer essential financial stability and flexibility. They also speed up emergency insurance payouts and support disaster relief fund recipients.
“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,” said Jacquie Twedt, Director of Operations at Affinity Plus. “This real-time payment service empowers our members to manage their cash flow more effectively, ensuring timely access to funds and enhancing their overall financial wellbeing.”
As more financial institutions adopt real-time payment networks, instant payments will become more accessible to businesses and consumers nationwide. Affinity Plus is playing a proactive role in advancing the U.S. payments infrastructure by utilizing these networks to enhance its member services.
As a not-for-profit, member-owned cooperative, Affinity Plus is dedicated to providing services that reduce banking stress for its members, many of whom are low-income families and individuals. This innovative offering is the latest addition to Affinity Plus’s member-centric services, which also include early pay, enabling members to access their regular paychecks up to two days early.
