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

From the CEO
January 28, 2021

Dear Members:

We recently shared the good news that Corporate One has been selected to participate in the pilot program for the Federal Reserve Banks’ upcoming instant payments offering, the FedNowSM Service. As a participant in this pilot program, Corporate One and other financial institutions and processors will help shape the FedNow Service’s features and functions, provide input into the overall user experience, and ensure readiness for testing.

This is an exciting development for Corporate One because, as a long-standing credit union payments partner, being a participant in this important program aligns with our real-time payments strategic goal of enabling future access and creating opportunities for credit unions to take advantage of real-time payments. For example, in November of last year we foreshadowed our Funding Agent Service for The Clearing House’s RTP® network. As a funding agent, we can facilitate the 24/7/365 management of the settlement and funding requirements for real-time payment transactions, requirements which could be overly burdensome for credit unions to administer on their own. And later this year, we will be deploying a brand-new, real-time payments offering that will enable credit unions to leverage the RTP network for payments on their own accounts.

While we have many exciting initiatives underway this year to help solve the needs of our members, enhancing our payment solutions so credit unions can remain relevant and competitive financial partners to their members has much of our focus.

If you'd like to learn more about the upcoming FedNow Service, I encourage you to watch the on-demand version of a live webinar we hosted in December called “FedNowSM Service and Instant Payments in the U.S.: What’s Ahead from the Federal Reserve.” Featuring Dan Baum, SVP and Head of Payments Product Management for the FedNow Service, and our very own Charles Harkness, SVP, Strategic Operations Officer, the webinar discusses the building of the FedNow Service, how industry stakeholders are informing the process, and steps you can take to prepare for and embrace this new payment innovation.

As the payments industry continues to modernize the nation’s payment system and establish a safe and efficient foundation for the future, we are committed to educating and preparing our member credit unions to make important decisions about the adoption of real-time payments solutions and strategies, as well as providing the solutions themselves.

If real-time payments are part of your credit union’s strategy for the near future, I hope you’ll reach out to us for a consultation to learn more. And as always, please feel free to contact me directly with questions at mashley@corporateone.coop or 614/825-9351.

Best,
Melissa Ashley
President/CEO