Corporate One has secured an agreement with ACI Worldwide to integrate instant payment services on FedNow via ACI’s Real-Time Payments Cloud to reach credit unions across the country.
Corporate One has been at the forefront of the immediate payments revolution, providing credit unions with advanced payment solutions and driving industry-wide innovation.
People and businesses want to be able to send and receive money with a single click. According to a recent Federal Reserve survey, two-thirds of consumers and three out of four businesses believe their bank or credit union must offer faster payments.
Instant payments have several characteristics that make them attractive in the digital economy.
Credit unions may consider collaborating with service providers to implement and operationalize instant payments with the FedNowSM Service. You can use this guide to figure out how to involve service providers in your planning.
The request for payment (RFP) feature of an instant payment can simplify the process when one party needs to be paid by another quickly.
Credit unions must maintain sufficient funds or available credit in their accounts because payments will process and settle 24 hours a day, seven days a week, with the FedNowSM Service. Read more to learn what this means for your credit union and how transfers for liquidity management will operate.
What is the best immediate payments rail for credit unions: RTP or FedNow Service? Take a look at our four decision points to help you decide.
Corporate One offers a new payment solution called CU Corporate RTP that allows credit unions to easily send immediate payments through The Clearing House's RTP network without needing to enroll as a network participant. This on-demand webinar demonstrates how our newest payments solution can harness the power of immediate payments for your credit union.
The FraudClassifier model offers a simple method for categorizing fraud. In addition, it provides a comprehensive picture to aid credit unions in better comprehending the scope of payment-related fraud.
The importance of getting your credit union connected to an immediate payment rail continues to grow. The RTP® network’s real-time payment capabilities are already accessible to financial institutions that hold 75% of U.S. demand deposit accounts, and that number will likely increase when the FedNowSM service becomes operational later this year.
Increased access to immediate payments and growing demand continue to drive forward the migration of payments from just “faster” to immediate. With the imminent launch of the industry’s second new immediate payment rail on the horizon later this year, the Federal Reserve’s new FedNowSM Service, now is the time to consider integrating instant payments into your credit union’s suite of products and services if you haven’t already done so.
The immediacy at which a payment routes and settles on the RTP® network offers credit unions new opportunities to reimagine their business and serve members in enhanced and different ways. However, these speedy new opportunities raise questions from financial institutions about the potential risk and fraud involved with immediate payment settlement.
Advances in technology have changed your members’ expectations for speed and convenience. Today, everyone, including businesses, wants to send and receive money in an instant, and they’re turning to alternative payment services that can do just that. In fact, nearly two-thirds of businesses indicate that access to faster payments will factor into any decision to switch banks in the future, and nine in 10 businesses expect to be able to initiate and receive faster payments by 2023.
Since The Clearing House launched its RTP® network in 2017 and the Federal Reserve plans to introduce its service in 2023, real-time payments have gained momentum.
Corporate One and Sherpa Technologies are proud recipients of this year’s ePayResources Innovation in Payments Award, honoring achievement in developing or implementing innovative payments solutions, or tools and resources that facilitate industry adoption of emerging payments solutions.
Credit Union Times spoke with Corporate One Federal Credit Union President/CEO Melissa Ashley and Sherpa Technologies President/CEO Keith Riddle about the RTP imperative, why credit unions need to begin their strategy now, and what it will mean to be left out.
Over 150 financial institutions, including all major US banks and 27 credit unions, actively participate in The Clearing House's Real-Time Payments (RTP) service. Here is what those organizations learned.
Corporate One and our CUSO Sherpa are pleased to be recognized by EPCOR with the Payments Innovation Award for our leadership in real-time payments.
The FedNowSM Service, an instant payment platform currently under development by the Federal Reserve, will bring significant benefits to financial institutions and their customers – consumers, businesses and other organizations. Because this is an all-new payment infrastructure, your readers may find it helpful to understand how it will work. This video explains the FedNow Service payment flow, including examples of how it will work in common payment transactions.
It’s no secret that real-time payments offer numerous benefits not only for consumers but also for financial institutions alike. Some of the ways financial institutions benefit from real-time payments include the speed, immediacy, and irreversibility of a payment, the ability to consume contextual data (information about the payment that doesn’t detach throughout the payment process), and the ability to facilitate a new request for payment (RFP).
You’ve heard about real-time payments but how do they actually benefit your credit union? Here are three ways immediate payments can impact your business and help reimagine the service you offer members and business partners.
As the market migrates to real time, business cases for faster payments include immediate consumer-to-consumer money movement (P2P and A2A), consumer bill payment, business disbursements, enhanced payroll support for select employee groups (SEGs), and accelerated loan disbursement and payment use cases.
What is ISO 20022? Why are there so many payment articles about ISO 20022? Does my credit union need to become an expert in ISO 20022 to be ready for faster payments?