Dear Members:
To serve our member credit unions effectively, I believe that Corporate One must possess a strategic focus that aligns with current trends and considerations—those that impact not only our members but also the entire industry. In addition to regularly engaging with our members to get insight into important issues they’re facing, we also rely on CUNA’s annual Environmental Scan (E-Scan) Report to inform our strategic vision. This insightful report outlines the “Top 10 Trends” for credit unions for the upcoming year, and one of our efforts for 2022 is reflected in these trends: the evolution of member service and how adept credit unions have become at engaging with members digitally.
It goes without saying that the pandemic has impacted almost every area of our lives, both personally and professionally, and that is true especially for credit union operations. Over the past two years, consumers have accelerated their use of digital payment experiences. Although we would have preferred this increased usage of digital payments to occur under much different circumstances, the positive news is that credit unions have gained more valuable opportunities to interact with their members, increase engagement, and, ultimately, generate new revenue. And one way to start taking advantage of these additional opportunities for engagement and revenue is by gaining access to the newest payment rail: the RTP® network.
Recent News
Sherpa Technologies’ Keith Riddle and I recently sat down with Natasha Chilingerian, editor of Credit Union Times, to discuss the impact of real-time payments on the credit union industry. Read more.
The RTP network continues to grow, and Corporate One is committed to ensuring that credit unions can connect to it. About 150 financial institutions, including all the largest banks in the U.S., are actively participating in the RTP network, as well as more than 25 credit unions. In addition, more than 60% of deposit accounts throughout the U.S. are already connected to the RTP network via some of the largest banks in the nation. And, according to the recent Real-Time Payments Tracker®, more than one-third of U.S. consumers cite access to real-time payments as a factor in choosing their financial institution. Therefore, to assist credit unions not only with gaining access to the network but also meeting members’ expectations, Corporate One and our CUSO, Sherpa Technologies, worked on creating three new product offerings in 2021:
- Sherpa’s Real-Time Payment Services as a Third-Party Service Provider
- Corporate One’s Funding Agent Services
- Corporate One’s Corporate Payments on the RTP Network solution (which will be available to our members soon) enables our credit union members to make real-time payments for business-to-business use cases.
To learn more about how these solutions can support your real-time payments journey, as well as what's currently happening with immediate payments in the industry, I encourage you to attend one of our complimentary, educational RTP Forums this year. These events also enable us to spend time with credit unions one-on-one, answering your questions in person and hearing directly from you about where you are in your real-time payments journey. We’ve also been growing our Member Success Team this past year, and attending a forum is a great way to meet some of our new team members. I know they are looking forward to engaging with our credit unions.
As we continue to support you and further strengthen and advance credit unions within the larger financial industry, please feel free to reach out to me directly if you have any questions at mashley@corporateone.coop or 614/825-9351.
Best,
Melissa Ashley
President/CEO
614/825-9351
mashley@corporateone.coop
