Dear Members:

Big things are happening right now in the payments landscape, and Corporate One is excited to have a front row seat for all of it. From recently being featured in the Federal Reserve’s FedNow^SM Service Provider Showcase to accelerating our instant payments solutions through our ongoing partnership with ACI Worldwide to being certified to provide settlement and cash management services upon the launch of the FedNow Service, we have been hard at work to fast-track our immediate payments solutions and education to make sure you can take advantage of the new FedNow Service, which launches next month.

Coming soon: The Federal Reserve’s new instant payments rail

The most anticipated event in financial services this year is the launch of the Federal Reserve’s new instant payments rail next month: the FedNow Service. Corporate One recently became certified to provide credit unions with settlement and cash management services on the first day the FedNow Service goes live. Our Settlement Services for FedNow Service solution offers simplified cash management and settlement in your One Account, along with consolidated access to reports, easier reconciliation, and comprehensive 24/7/365 facilitation and management.

This exciting news comes a few weeks after we announced that Corporate One is featured in the FedNow Service Provider Showcase. The Fed created the showcase to help financial institutions and businesses connect with service providers that can help them innovate and implement instant payment solutions using the FedNow Service. Since January 2021, we have participated in the Federal Reserve’s FedNow Pilot Program. Through that participation, we learned about the FedNow Service so we could quickly develop solutions to ensure credit unions had partners to help them onboard and adopt the solution. Just like with the RTP^® network, there are several ways credit unions can partner with corporate credit unions, correspondent financial institutions, and service providers to take advantage of the FedNow Service; they don’t have to go it alone. Our Showcase Profile outlines what solutions Corporate One will offer credit unions looking to take advantage of instant payments.

In the future, Corporate One will provide credit unions adopting the FedNow Service with a range of instant payment services, including convenient management of FedNow participation, a technical connection that seamlessly integrates ISO^® 20022 messages for each participation type through our core agnostic, open-payment platform, and the ability to send and receive credit transfers.

Partnership to integrate instant payment services

In May, ACI Worldwide, a global leader in mission-critical, real-time payment solutions, announced that not only is it among the first in the payments industry to complete testing and certification for the FedNow Service, but it also identified Corporate One as its initial partner to integrate instant payment services on FedNow via ACI’s Real-Time Payments Cloud. This partnership has allowed us to gain immediate payments expertise, accelerate the development of our FedNow Service solutions, and quickly deliver those solutions to the market. We have worked together on solutions for the RTP® network and as FedNow Service pilot participants, and we are excited that our credit union members will benefit early from the FedNow Service. And that is truly what this is about—creating opportunity for credit unions to compete, meet their members’ expectations, and benefit from new ways of doing business as payments move from faster to immediate. Read the full announcement here.

New immediate payments educational resources 

Our free immediate payment educational resources cover everything from discovery meetings and explainer videos to detailed FAQs and webinars. Speaking of webinars, I hope you will take some time to watch the Fundamentals of the RTP network and the FedNow Service. This live webinar, featuring EPCOR, is now available on-demand and offers key insights into how each immediate payment rail operates. How transactions flow, funds availability, use cases, and legal framework—it’s all included.

As a final note, we’ve seen the anticipation for the FedNow Service drive an increased interest in immediate payments, and I want to encourage your credit union not to wait to get involved. Just as we’ve witnessed with the introduction of previous payment options, such as ACH, it is imperative for credit unions to evolve their payment infrastructures to remain competitive and meet members’ expectations. Take that first step. We are here to help and happy to consult with you and answer any questions you may have.

Best,