Center Parc Credit Union streamlines loan payment operations and plans for instant payments

Center Parc Credit Union is upgrading its backend technology to simplify how customers pay back their loans. By implementing Alacriti’s Orbipay system, the credit union is replacing old, fragmented payment methods with a single self-service portal. For retailers and service providers who partner with credit unions for consumer financing, this is a positive signal. It means less friction at the point of repayment and a lower likelihood of missed payments due to technical hurdles. The update allows members to pay their loans via various channels through one unified interface. More importantly, the credit union is laying the groundwork for instant payments. In the consumer financing world, speed is everything. When a lender moves toward instant payment capabilities, it typically leads to faster funding times for merchants and real-time balance updates for customers. This helps clear up open credit lines faster, potentially allowing customers to make follow-up purchases sooner. If you use credit unions as part of your lending stack, expect to see these types of 'frictionless' payment experiences become the industry standard as they fight to compete with modern BNPL providers.

Source: Finextra — Lending

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