B2B Payments

Corporate One Allows CUs To Harness RTP With Certification

RTP

To allow credit unions to harness real-time payments (RTP), Corporate One Federal Credit Union has received certification to receive payments through the RTP network created by The Clearing House (TCH). The organization is a wholesale financial services provider to almost 800 credit unions (CUs) in the U.S., and is the first corporate credit union and wholesale financial provider to attain the certification per an announcement.

Corporate One now has the ability to take in real-time payments for its corporate accounts as a certified participant. The organization worked with Sherpa Technologies, its credit union service organization (CUSO),  to receive the participant designation. Sherpa had formed a relationship with ACI Worldwide a year prior and created a real-time payment service suit under the Mosaic framework, which made an expandable and open-payment platform for the credit union space.

Corporate One President and CEO Melissa Ashley said in the announcement, “As a long-standing credit union payments partner, the goal of Corporate One’s faster payments strategic plan is to enable access and create opportunities for credit unions to take advantage of real-time payments.”

Ashley continued, “Receiving certification as a participant on the RTP network is an important part of our plan and enabled our CUSO Sherpa Technologies to be the first credit union-specific third-party service provider to host a credit union on the RTP network, which means Sherpa can now connect other credit unions to the network.”

The certification of Corporate One occurred seven months following the announcement that it was the inaugural credit-union specific provider to attain the status of funding agent on the RTP network. Corporate One has the ability as a funding agent to offer and handle the funding needed for its member credit unions who participate in the RTP network themselves.

In separate news, The Corporate America Credit Union (CACU) had become a funding agent for the RTP network per news in December. At the time, it was noted that the CACU would let its member credit unions harness the RTP network to manage their liquidity better while decreasing costs.

——————————

NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

TRENDING RIGHT NOW