The future of payments is here, and it's instant with the launch of the FedNow^® Service.  

However, some credit unions have been reluctant to consider instant payments because connecting to the FedNow Service requires your credit union to use one of the FedLine^® Solutions (Advantage, Command or Direct) accounts to access the FedNow Service interface. This interface is your control center, allowing your credit union (or your credit union’s service providers) to manage your FedNow Service Participant Profile, where users configure settings, download lists, research messages, and run reports.  

While some credit unions might prefer to manage their own Participant Profile, others may find obtaining a FedLine Solutions account too costly or wish to simplify their operations by delegating this administrative task. 

The good news is that credit unions can leverage Corporate One’s FedNow Profile Management Service to overcome these hurdles. This benefit is available exclusively to credit unions that choose to send or receive FedNow payments through Corporate One (i.e., use Corporate One as their service provider). Corporate One can manage your credit union's FedNow Service Participant Profile, ensuring that your credit union has access to the nation’s newest payment rail even in the absence of a FedLine Solutions account. Entrusting Corporate One with managing your credit union’s Participant Profile unlocks the potential for embracing instant payments. Additionally, if your credit union already has a FedLine Solutions account, our service alleviates the burdensome profile management duties, which is particularly beneficial for teams stretched thin by limited resources. 

What is in the FedNow Service Participant Profile? 

Let's pause for a moment and ensure we understand what a FedNow Service Participant Profile is before exploring how Corporate One can simplify managing it for you.  

How Does Corporate One's Profile Management Service Work?  

Corporate One streamlines the management of your FedNow Service profile and handles any modifications to it. Upon signing an agreement to join the FedNow Service and expressing your preference for Corporate One to oversee your Participant Profile, our dedicated implementation team will guide you through the setup procedure. You will specify how Corporate One should manage your credit union’s profile during that process.  

Configuration Settings Management: Corporate One manages your configuration settings for the various participant types within FedNow, including Receive Only, Send & Receive, Liquidity Management Transfers (LMT), and Requests for Payment (RfP). This ensures that your credit union can operate efficiently within the FedNow ecosystem. 

Transaction Limits: Another crucial setting is the maximum transaction value for customer credit transfers. This setting determines the largest dollar amount your credit union can send in a member credit transfer. During the setup process, you will work with our implementation team to determine the appropriate send limit for your credit union up to the FedNow maximum of $500,000 per transaction.  

LMT Limits: Similar to the maximum transaction value for customer credit transfers, the LMT setting limits the dollar amount for LMTs. Corporate One will adjust this limit on your behalf as needed. 

Reporting Setup: Corporate One simplifies the reporting setup process, providing your credit union with essential insights into your account activities. Tailored to your needs, these reports offer comprehensive overviews or granular details on account-level and transaction-level activities. The reports are added to your Member$mart+ account for convenient access. 

Authorized Connection Profile (ACP) Configuration: The ACP differs from the Participant Profile because it defines the connectivity settings between the FedNow Service and accessing the FedNow interface, which is needed to send or receive transaction messages on behalf of network participants. All participants must have an ACP or be connected to an ACP via a service provider. The ACP is used to process and manage payment messages on behalf of one or multiple routing and transit numbers. Your credit union can rely on Corporate One to configure your ACP, facilitating secure and authorized access to the FedNow Service. 

Optional Participant Negative List: The participant negative list setting empowers your credit union to proactively prevent transactions associated with particular account and routing number combinations. This feature adds an extra layer of security, helping you effectively combat potential fraud-related activities. This optional feature allows your credit union to restrict specific transfer types based on your institution’s preferences. Corporate One will manage the negative list feature for your credit union.  

Flexible Pricing: The monthly cost of our Profile Management Service is based on your credit union’s asset size and membership status, ensuring affordability and scalability. 

By entrusting Corporate One with profile management, your credit union can focus on its core operations while integrating with the FedNow Service. With simplified processes, access to critical insights, and cost-effective pricing, our Profile Management Service empowers your credit union to realize the full potential of instant payments while mitigating the complexities and costs associated with FedNow Profile management.