Since Golden 1 Credit Union opened in 1933, its members’ payment preferences have evolved from cash and checks to debit cards and digital payments. Founded in Sacramento during the Great Depression as California State Employees Credit Union #1, Golden 1 began with just 11 employees. Over the decades, it has grown to become one of the nation’s largest credit unions, with more than 2,000 employees, over 1.1 million members, and assets exceeding $20 billion. As California’s second largest credit union and the eighth largest in the nation, Golden 1 has always prioritized anticipating member needs. When the demand for real-time payments began to surge, Golden 1 turned to Fiserv, a strategic partner with decades of shared history. This decision resulted in increased member satisfaction and measurable transaction growth.

“As people’s lives have become more complex and busier, we’ve increasingly noticed that although it used to be acceptable to process some transactions in a day or two, it no longer is,” said Paul Sidhu, Vice President of Payment Servicing Operations at Golden 1. “Everything is about instant payments now. People expect things to happen immediately. What used to be a two-day eCommerce delivery is now two hours. We’re trying to bring that same immediacy to our members’ financial lives and improve their well-being.”

 

Meeting member expectations

Golden 1’s legacy of innovation spans decades – from drive-thru teller windows and early ATMs to online banking and mobile apps. The Credit Union’s latest leap forward in fall 2024 included launching real-time payments with support from Fiserv, connecting to both The Clearing House’s RTP® network and the Federal Reserve’s FedNow® Service.

“We launched real-time payments in mid-November and had 9,000 payments come through before the end of the month,” Sidhu said. “In February, we had 31,000 transactions. The growth rate has more than doubled month over month, and it’s continuing to grow at a great pace.”

That growth mirrors broader national and global momentum. Payments over The Clearing House’s RTP network alone have jumped from less than $10 billion in the first quarter of 2020 to over $80 billion in Q4 of 2024. In California, which is rich with gig economy, tech and entertainment industry workers, the need for immediate access to funds is especially strong.

“California has a large population of workers in the state who often benefit from real-time payments,” Sidhu said. “For example, ride-share drivers who need to buy gas for the next day’s shift, they need to get paid at the end of the day. We are now able to meet that demand.”

 

Staying competitive

Golden 1’s collaboration with Fiserv began several decades ago with the adoption of a core banking platform. Since then, it has expanded to include consumer core systems, credit card services, bill payments and peer-to-peer transfers.

“Our partnership with Fiserv spans various platforms that allow us to deliver exceptional financial services and support to empower our members and communities every day,” Sidhu said.

As a dynamic and trusted leader, Golden 1 demonstrates how financial institutions like credit unions can not only keep pace, but also deliver robust, secure, and member-first solutions that meet – and often exceed – consumer expectations.

“The trust our members place in us remains a powerful differentiator,” Sidhu said. “With our long-standing partnership with Fiserv, we’re able to offer secure, end-to-end payment solutions that are both innovative and deeply aligned with our members’ needs.”

 

Real-time payments meet growing consumer demand for immediacy and enable faster, more secure access to funds.