Connect ► twitter| youtube|  Log In ► Members Only  |  Corporate One Safekeeping  |  Search

From the CEO - Getting ready: Faster payments, mobility and your credit union

From the CEO
July 6, 2016

Dear members:

The weather isn’t the only thing that’s heating up these days. Faster payments and mobility are trends in our industry that are hotter than ever right now as the payments landscape continues to change at lightning speed and the first phase of the new Same Day ACH rule goes into effect this fall. I’m excited to tell you how we’ve been getting our members ready to take advantage of these great opportunities for new revenue and member retention and growth.

New MAX video

Faster Payments

In addition to reshaping the way financial institutions deliver payment capabilities to the market, rapidly advancing technology and growing customer expectations provide a host of great opportunities for your credit union. Our goal in getting our members ready for faster payments is to help you serve your members better and put you in the best position possible to remain your members’ primary financial provider. Fintech has produced a lot of competition for your members’ attention, and if your credit union doesn’t offer members the solutions they want or expect, they will look elsewhere.

It’s good to keep in mind that all consumers, businesses, and financial institutions that use the ACH network will benefit from moving ACH faster as part of the new same-day ACH rule. We are getting you ready to take advantage of these benefits, and Corporate One has a long history of positioning our members in the best possible place for success when changes in our industry occur. Just like we positioned our members for success with our Check21 solution, we are currently hard at work to give our members same-day ACH capabilities with state-of-the-art functionality.

We have also offered, and will continue to offer, a number of learning opportunities on same-day ACH to help our members get ready for the implementation the new rule. We are here to help navigate each phase of the new same-day processing rule as comprehensively as we can. (In case you’ve missed any of our recent educational webinars on same-day ACH, you can access them from last month's Solutions article.) And our service on the Federal Reserve’s Faster Payments Task Force positions us to help identify and assess alternative approaches for implementing safe, ubiquitous, faster payments capabilities in the U.S.

For more details on evaluating the operational and financial considerations of accelerated payment delivery, check out this month’s Digital Digest article.

Mobile/digital Solutions

I’m also excited that we are in a position to be the strategic partner credit unions need to enable innovative technology that will help retain and grow membership. The time is now for credit unions to take advantage of the many profitable opportunities available through explosive digital trends, such as mobile banking platforms and the convergence of digital and payments. To that end, we’ve worked hard to provide our members a holistic, mobile/digital solution that will not only increase their brand’s presence through sophisticated, integrated mobile technologies but also enhance the ease of performing various tasks through a consistent member-interaction experience. In a word, that solution is MAX. I love talking to our members in person about the features and benefits of MAX, but for now I encourage you to enjoy this new video we’ve created.

And MAX is just the beginning of what we plan to offer our members in the future. Look for new and exciting tools to enhance your revenue, drive loan and member growth and build relationships.

Lee C. Butke