Evaluating the operational and financial considerations of accelerated payment delivery is crucial to ensure you're not left behind. For example, your organization must ask questions like the following:
Does it make sense for our credit union to implement immediate payments right now?
How will immediate payments impact the types of services and experiences we would like to offer our members?
Do we have a road map for immediate payments?
Have we identified use cases that make the most sense for our membership?
What operational requirements would we like to keep in-house and what will we outsource?
What technology and operational capabilities would be required for us to offer immediate payments?
Do we have a platform that can support immediate payments processing and back-office operations?
If you’ve determined immediate payments are suitable for your credit union, you can connect to the RTP® network to become a participant to receive and/or send RTP transactions. You can connect directly to the network or through a Third-Party Service Provider (TPSP). TPSPs have met TCH’s technical testing requirements and act on your behalf to send/receive its RTP messages. Corporate One Federal Credit Union is the only non-core, credit union-specific TPSP on the network and could be an option for your organization.
Contact Corporate One Federal Credit Union for more information.
The other option your credit union has is to wait for the Federal Reserve Bank’s FedNow® service, which is expected to launch in mid-2023. You are also welcome to contact Corporate One for consultation at 866/MyCorp1, option 3.