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From the CEO - New and more suitable ACH platform for our membership

From the CEO
November 30, 2016

Dear members:

It’s my pleasure to announce Corporate One is partnering with LendingTools to power our ACH Services offering. Over one year ago, we sought out a new and more suitable ACH platform for our membership in response to member feedback, changes to our industry as a result of faster payments and the growth opportunity for credit unions in serving business originators. And, we found that platform in LendingTools.

LendingTools at-a-glance:

  • A three-tiered, correspondence service model, well-suited for the corporate credit union serving credit unions, and that of credit unions serving business accounts.
  • It is Same Day ACH Origination ready
  • It has a 99.99 percent uptime
  • Credit unions can manage their ACH transactions and business accounts from one profile center

This is an exciting move for us for many reasons, but mostly because we believe this change will enable our members to create opportunity among their memberships for deeper member engagement and increased revenue. As your corporate partner, we understand the solutions we offer must be reliable, efficient, cost effective and convenient to use—they need to work for you at a practical level so you can leverage them at the strategic level. And, strategically leveraging ACH can create a lot of opportunity for credit unions, when you consider, for example, the following:

  • Taking advantage of the move to Same Day ACH to offer an easy-entry, faster-payment option to meet member demand, whether it be for P2P, B2B or as an alternative to domestic wire payments.
  • Marketing ACH Origination to businesses as a way to attract new members and grow volume. Many small-to mid-sized business are not aware of the benefits that ACH offers, such as reduced risk of fraud and loss of payments, efficiency and convenience, and safe transfer of funds between accounts.
  • Being poised to leverage ACH “rails” (by being an originator) for innovative mobile/digital payment technologies that depend on them, such as mobile banking and member-onboarding technologies.

Our mission is to help our members succeed. And, we see this change with ACH as another way we can help you do just that. But, don’t just take my word for it. Know that we made this decision after having more than 24 credit unions and 16 business accounts use and/or “test” the system over the last year. It was their overwhelmingly positive experiences and feedback that helped us determine this platform was the right fit for our membership.

For those of you whose institution uses Corporate One’s ACH Services, additional information will be mailed to you within the coming weeks. This information will include an overview of the new platform and specific user-training sessions in addition to guidance on how your credit union can begin growing revenue through ACH. It will also include detailed information on timing and how we plan to transition profiles and users over to the new system, which we anticipate to be complete for all current users within the first half of 2017.

Please don’t hesitate to contact me or a member of our ACH Services team should you have any questions in the meantime. I can be reached at 866/MyCorp1, ext. 9300.

Best,
Lee C. Butke
President/CEO