COLUMBUS, Ohio — Corporate One Federal Credit Union, an industry leader in immediate payments, announced today that it connected 18 credit unions to the RTP® network in 2023 via its Third-Party Service Provider (TPSP) solution. The corporate is extending the solution to connect to the FedNow® Service within the first quarter of 2024 to provide a unified connection solution for credit unions to both immediate payment rails.
“Establishing a connection between credit unions and the RTP network and the FedNow Service is a fundamental part of our vision for credit unions to embrace immediate payments, and the interest we’ve seen in the last year indicates an increasing recognition of the tangible benefits that immediate payments offer and that they constitute a strategic imperative for the future,” said President and CEO Melissa Ashley. “The success of our TPSP solution underscores our commitment to empowering credit unions with a simple solution tailored to enable credit unions to easily leverage real-time payments at an affordable cost.”
Corporate One has dedicated the past decade to becoming a leader in immediate payments. Since joining the Federal Reserve Faster Payments Task Force in 2015, Corporate One has consistently represented credit unions in the development of immediate payments infrastructure in the United States.
“Our focus is to ensure that the advantages of immediate payments extend beyond the big banks, so credit unions can also capitalize on the opportunities they present,” Ashley said. “Corporate One has deepened our expertise, developed specialized capabilities, and is committed to providing education, solutions, and benefits of immediate payments to credit unions.”
Corporate One can establish an immediate payments connection with credit unions through a simplified API that can be integrated into various products and services. Corporate One can connect credit unions to the RTP network, and, as a FedNow Service participant, the corporate will add that connection in early 2024.
Real-Time Revolution: TPSP Solution Delivers RTP Access to 18 Credit Unions
As a certified TPSP for the RTP network, Corporate One utilizes an open payment platform to technically connect credit unions to the RTP network, allowing credit unions to send and receive real-time payments without limitations on payment messages and integration services. The open framework provided by Corporate One ensures that credit unions have maximum flexibility to develop the payment experiences they desire.
“Our TPSP solution allows credit unions to reap the benefits of immediate payments access, integration autonomy, scalable growth, and strategic positioning for real-time payments,” Christine Mayes, EVP, Chief Member Engagement Officer, said. “This approach ensures credit unions exceed member expectations, future-proof their payment modernization efforts, and stay competitive in this dynamic financial landscape.”
As of December 21, 2023, the following credit unions are utilizing Corporate One as their TPSP to connect to the RTP network:
- Bluestone Federal Credit Union
- Bridge Credit Union
- Catholic and Community Credit Union
- Canton School Employees (CSE) Federal Credit Union
- Cincinnati Police Federal Credit Union (COPFCU)
- Credit Union of Ohio
- Day Air Credit Union
- Directions Credit Union
- Element Federal Credit Union
- Erie Community Federal Credit Union
- Firelands Federal Credit Union
- Integrity Federal Credit Union
- Medina County Federal Credit Union
- New Horizon Federal Credit Union
- Partnership Financial Credit Union
- Pathways Financial Credit Union
- River Valley Credit Union
- Solidarity Community Federal Credit Union
- Superior Credit Union
With an unyielding commitment to innovation and immediate payments, Corporate One is dedicated to remaining a cooperative leader in advancing the capabilities and broadening the impact of credit unions in the field of immediate payments. Looking forward, Corporate One has nearly 20 credit unions in the queue to go live in the first quarter of 2024 with a robust pipeline for connection to the RTP network and/or FedNow Service.
###
About Corporate One
Serving more than 700 credit unions nationwide, Corporate One Federal Credit Union is one of the nation’s largest and most trusted corporate credit unions, creating opportunities for credit unions through our premier investment, funding, and payment solutions to America’s credit unions for nearly 75 years. Corporate One is at the forefront of helping credit unions realize the benefits of immediate payments, with comprehensive solutions available for the RTP® network and FedNow® Service. For more information, please visit our website and our FedNow Service Provide Showcase Profile.
If you have received this communication in error, or if you are experiencing problems receiving this communication, please contact us at www.corporateone.coop. This e-mail is intended only for the use of the individual or entity to whom it is addressed. This message contains information which may be privileged, confidential or exempt from disclosure under applicable law. If the reader of this message is not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any disclosure, dissemination, copying or distribution, or taking of any action in reliance on the contents of this communication is strictly prohibited.
