Corporate One is pleased to announce that it has successfully completed testing and participant certification for the Federal Reserve’s new instant payment system, the FedNow® Service, launched in July 2023.
To become a participant, Corporate One met the requirements of the FedNow testing program and affirmed it is ready to meet the requirements to operate in an instant, round-the-clock payments environment. As a FedNow Service participant, Corporate One is ready to receive instant payments for our members and provide credit unions with settlement and cash management services on the FedNow Service. Our Settlement Services for FedNow Service offers simplified cash management and settlement in credit union’s One Account, along with consolidated access to reports, easier reconciliation, and comprehensive 24/7/365 facilitation and management.
The FedNow Service can support multiple use cases, such as account-to-account transfers, requests for payment, bill pay, and many others. Soon, Corporate One will offer credit unions adopting the FedNow Service with convenient management of FedNow profiles (for any credit unions that do not have their own FedLine) and a technical connection solution integrating ISO® 20022 messages through our core agnostic, open-payment platform, which makes it possible for the credit unions that connect through it to send and receive instant payments on the FedNow Service (just as we currently do for the RTP® network).