Corporate One is excited to announce that we can now technically connect your credit union to the FedNow® Service through the extension of our Third-Party Service Provider (TPSP) solution from the RTP® network to the FedNow Service, bringing the advantages of instant payments to your credit union.
The FedNow Service, launched in July 2023, marks a significant shift in the U.S. payment landscape, becoming the second payment rail to allow real-time money transfers 24/7/365. With our TPSP solution, credit unions gain:
- Simplified connection. Our core-agnostic open-payment platform isn’t restricted by the limitations of legacy technology and uses simplified APIs to connect credit unions to the FedNow Service.
- Effortless profile management. Credit unions accessing FedNow require using FedLine Advantage or Direct, which can be cost-prohibitive, especially for smaller credit unions. Our profile management service eases the burden, allowing credit unions to realize the benefits of instant payments and competitively serve their members.
- Flexibility and control. Credit unions decide how to offer instant payments to their members, whether through a mobile app, online banking, or other channels.
- Streamlined implementation. Credit unions will experience turnkey implementation with Corporate One’s simplified three-step implementation process, complete with white-glove service for both immediate payment rails. We’ve established integrations with several core processors for accelerated onboarding to expedite connections for credit unions on those cores.
- Streamlined cash management: In addition to our FedNow TPSP solution, our Settlement Services for FedNow Service solution simplifies cash management and settlement with 24/7 support and consolidated reporting.
To learn more, visit our Service Provider for the FedNow Service webpage and sign up for our quarterly e-newsletter, the Immediate Payments Insider.