Corporate One is excited to announce the launch of our new web-based payments application called CU Corporate Payments on the RTP® network, which enables you to initiate an immediate payment through The Clearing House’s RTP network on behalf of your organization (no member payments) without joining the network.
With this new solution, you can:
Over the past six months, four credit unions participated in Corporate One’s CU Corporate RTP pilot program and provided feedback. To date, the most common use cases include indirect lending settlements and mortgage settlement payments. Bayer Heritage Federal Credit Union, located in Proctor, West Virginia, used CU Corporate Payments on the RTP network in 2022 as a pilot credit union.
“As a pilot credit union, we’ve been using CU Corporate Payments on the RTP network for sending various payments and we have seen some great use cases for using real-time payments in support of our mortgage business,” Bayer Heritage Federal Credit Union said. “It’s been an effective and efficient way to enhance our operations and create new ways of doing business with our vendors and business partners.”
How it works
By using Corporate One’s status as a certified participant on the RTP network, credit unions can initiate (and receive) immediate payments using the Corporate One account number (for credit unions, this is your R&T number) to send funds directly out of your One Account to a recipient account at a financial institution that is also a participant on the RTP network.
CU Corporate RTP is accessed via single sign-on through our web-based unified payments platform for ACH and domestic wires. A wizard-style experience walks users through payment origination and each payment is immediately cleared and settled as they happen (as opposed to batch processing of legacy payment systems).
Register today to view a live demonstration during the “CU Corporate RTP®: Empowering Your Credit Union with Real-Time Payment Capabilities” webinar on Wednesday, April 12, 2023, at 2:00 p.m. ET.
We are excited about the many features and benefits offered by CU Corporate RTP. We are also here to help consult, educate and prepare your credit union on the strategic considerations and important decisions that come with adopting real-time payments. If you have questions or want to learn more, call 866/MyCorp1, option 3, or firstname.lastname@example.org.
“As a pilot credit union, we’ve been using CU Corporate Payments on the RTP® network for sending various payments and we have seen some great use cases for using real-time payments in support of our mortgage business. It’s been an effective and efficient way to enhance our operations and create new ways of doing business with our vendors and business partners.”
– Bayer Heritage Federal Credit Union