MDT Offers FedNow Service for Credit Union Community

By: Member Driven Technologies via Business Wire

April 16, 2024 at 10:00 AM EDT

CUSO enables faster payments, helping credit unions advance their payments strategy

Member Driven Technologies (MDT), a CUSO that hosts the Symitar core processing system from Jack Henry^™ to provide a private cloud alternative for core processing and IT needs, is now supporting live transactions on the Federal Reserve's real-time payments network, the FedNow^℠ Service, through Jack Henry’s faster payments hub, JHA PayCenter™.

FedNow is an instant payments network that moves funds directly and immediately between financial institution accounts in the United States. By providing access to this network, MDT is enabling credit unions to provide better member experiences, carve out a competitive advantage and take control of their faster payments use cases and strategies.

People Driven Credit Union is an early adopter of the FedNow Service through its partnership with MDT. Peg Lamb, Chief Risk Officer of the credit union, said, “Our members have been asking for a service like this for several years, and we are excited to be able to move quickly to offer it. By connecting to FedNow Services through trusted partner MDT, we can provide our members with a seamless payment experience, and we are now strongly positioned for when FedNow adoption and usage becomes more widespread."

"MDT is excited to enable access to FedNow Services for our credit unions, empowering them with the latest advancements in faster payments technology," said Larry Nichols, CEO and President of MDT. "With FedNow, our credit union clients can meet the growing demand for instant payments, providing members with the speed and convenience they expect in today's fast-paced world. We are proud to embrace this innovation, helping contribute to overall industry progress.”

About Member Driven Technologies

Member Driven Technologies (MDT) provides a private cloud alternative for core processing and IT needs. The CUSO hosts the Symitar core processing system from Jack Henry^™, as well as dozens of seamlessly integrated solutions and supporting services to help run the entire institution, such as digital banking, payments, lending, cybersecurity and imaging. Rounding out its comprehensive suite, MDT also offers business continuity, disaster recovery and regulatory solutions as well as consulting, data analytics, email hosting and hardware purchasing services. By partnering with MDT, credit unions across the country are boosting efficiencies, enhancing security and reducing costs while maintaining a high level of control. Visit mdtmi.com or follow @memberdriven for more information.