CU Spotlight

Faster Payments, Stronger Dealer Relationships: How Friends and Family Credit Union Is Using CU Corporate RTP

Friends and Family CU logo

Founded in 1958 as the Massillon School Employees Credit Union, Friends and Family Credit Union began by serving employees of the Massillon school system in northeast Ohio. The credit union expanded to a community charter in 2001, opening membership to everyone in Stark County, Ohio, before adopting the Friends and Family Credit Union name in 2011.

Today, Friends and Family Credit Union serves more than 10,000 members and has approximately $112 million in assets and an $82 million loan portfolio. President and CEO Jeanna Costanzo has been with the organization for 18 years, starting her career as a staff accountant before becoming president and CEO in October 2021.

In this CU Spotlight, Costanzo shares how Friends and Family Credit Union is using CU Corporate Payments on the RTP® Network (CU Corporate RTP) to pay auto dealers, vendors, and other business partners in real time. She also discusses how the solution has helped the credit union reduce its reliance on checks, improve operational efficiency, and strengthen its reputation among local auto dealers.

What prompted Friends and Family Credit Union to explore CU Corporate RTP?

Our Member Success Consultant, Donna Williams, introduced us to CU Corporate RTP during a conversation about potential check fraud. After learning how real-time payments could reduce checks to vendors and auto dealers, we signed up and have absolutely loved it. Dealers and vendors appreciate being paid immediately, and we have reduced the fraud risks associated with mailing large checks. The added security and faster payments give us greater peace of mind.

What was the implementation and onboarding experience like?

Corporate One was there 110% throughout the implementation, guiding us through sign-up and training. Our employees became comfortable with CU Corporate RTP immediately because the platform is intuitive and easy to use. Training new users is just as simple because we follow the same steps Corporate One taught us.

“Corporate One was there 110% throughout the implementation, guiding us through sign-up and training. Our employees became comfortable with CU Corporate RTP immediately because the platform is intuitive and easy to use.” 

President and CEO Jeanna Costanzo 
Friends and Family Credit Union

How is Friends and Family Credit Union using CU Corporate RTP today?

One of our primary uses for CU Corporate RTP is paying auto dealers. We contacted our dealers and explained that, instead of mailing a check, we could fund their loans in real time as soon as they were booked. Every dealer we approached signed up immediately. Dealers in our indirect lending program value being able to send us a deal and receive payment the same day. We also work directly with local dealers when members secure financing with us before shopping for a vehicle. Members can arrive at the dealership already preapproved through Friends and Family Credit Union. We were already quick with underwriting and approvals, and now we can deliver payment just as quickly. We also use real-time payments to pay vendors through accounts payable. When closing a mortgage loan, we can send funds to a title company in real time instead of relying on a check or wire transfer.

How has the ability to pay in real time affected your relationships with auto dealers?

CU Corporate RTP has substantially improved our reputation with dealers. Faster payment means salespeople receive their commissions sooner, incentivizing them to send more business our way. We worked with five or six dealers before implementing the solution and have since added about three more. Another dealership recently contacted us about joining our indirect lending program.

“CU Corporate RTP has substantially improved our reputation with dealers. Faster payment means salespeople receive their commissions sooner, incentivizing them to send more business our way.” 

President and CEO Jeanna Costanzo
Friends and Family Credit Union

How has CU Corporate RTP affected operational efficiency, cash management, and staff workload?

CU Corporate RTP eliminates the delays of mailing and clearing checks, allowing us to move funds immediately and track fewer outstanding payments. It improves cash flow by helping dealers and vendors receive funds sooner and enabling us to recognize income from closed loans faster.

What measurable results have you seen?

We have seen lower wire expenses because CU Corporate RTP gives us another way to send funds. Our mailing costs have also decreased because we no longer mail as many vendor payments and dealer checks. Approximately 95% of those payments are now completed electronically. We no longer pay for overnight delivery, and dealers don't have to send someone to our office to pick up a check. A savings of $40 a month in postage and approximately $100 a month in wire fees might not seem insignificant at first. However, as more vendors and dealers sign up and the credit union uses the solution more frequently, those savings grow.

What advice would you give another credit union considering CU Corporate RTP?

Sign up for it. There is nothing to lose and plenty to gain. Corporate One makes the process easy with straightforward sign-up, training, and ongoing support.

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