Macha/PAR Board Member and PacPay President, Scott Young, sits down with FedNow to talk about Faster Payments
Scott Young, VP of Payment Operations at HawaiiUSA Federal Credit Union, as well as a member of both Macha and PAR's board of directors, and PacPay's President, discusses the early adoption of the FedNow Service:
- Alignment with Mission: FedNow aligns with HawaiiUSA's mission of offering personalized services and levels the playing field with larger banks.
- Top Use Cases: Current focus on account-to-account transfers and loan payments. Future plans include bill pay, instant disbursement, and sending/receiving paychecks.
- Demand Identification: Member transaction habits indicated a natural demand for instant payments, addressing the need to keep up with member preferences.
- Unique Challenges: FedNow helps overcome challenges such as reducing interbank obligations buildup and addressing time zone limitations in Hawaii.
- Benefits for Credit Unions: Increased adoption ensures credit unions stay relevant, providing end-to-end involvement in transactions and promoting education for members on the advantages of instant payments.