US-based Affinity Plus Federal Credit Union has announced the launch of a new real-time payments solution across the FedNow and RTP networks, providing members with instant access to funds.
To enable its members to receive secure and instant payments from various financial institutions and service providers in the US, Affinity Plus has launched an additional real-time payment service. The newly launched solution is intended to benefit all members, especially small businesses and gig workers.
The decision to offer the service is due to the increased need for instant payment processing in the market as it ensures improved cash flow management and transaction security. This can be particularly beneficial for gig workers, who currently make up 36% of the US workforce and whose numbers are expected to increase significantly in the coming years. By providing real-time payments, Affinity Plus aims to provide financial stability and flexibility while also speeding up emergency insurance payouts and supporting recipients of disaster relief funds.
How does Affinity Plus plan to support the gig economy?
As a nonprofit cooperative owned by its members, Affinity Plus focuses its efforts on providing services that simplify banking for its users, many of whom are low-income families and individuals. The latest announcement is an addition to the organization’s member-focused products, which include the “Early Pay” feature, which allows members to access their regular paychecks up to two days early.
