As the momentum behind immediate payments skyrockets, many credit unions are asking Corporate One how they can access the RTP® network and the FedNow® Service so their members can begin experiencing the benefits of immediate payments.
As the Senior Member Engagement and Education Specialist at Corporate One, I hosted an informative webinar last month with Christine Mayes, EVP, Chief Member Engagement Officer, and Toby Thomas, VP, Product Market Strategist, titled “Your Top Questions on Immediate Payments Answered.”
During the webinar, Mayes and Thomas, who meet with credit unions across the country, addressed some of the most frequently asked questions Corporate One receives from credit unions, showcasing their deep understanding of the subject matter.
They began the webinar by answering a common question: Do credit unions really need immediate payments now?
“Yes. The time really is now for credit unions to get on the immediate payment networks,” answered Thomas. “Now is definitely the time to get started.”
Thomas explained that credit union members are seeing what is possible with immediate payments and are getting used to immediate transactions because 9 out of 10 Americans used some form of digital payments last year.
He also cited additional evidence that shows the popularity of immediate payments:
Nearly 70% of demand deposit accounts in the United States can receive real-time payments today.
570+ financial institutions (including 137 credit unions) are on the RTP network.
RTP transaction volume has grown 10 percent each quarter since 2018.
Over 720 (including 118 credit unions) financial institutions are already on the FedNow Service, which launched in July 2023.
“According to a recent Jack Henry study, 90 percent of banks and credit unions plan to add new payment services over the next two years, with adding the FedNow Service being the first priority for credit unions at 66 percent,” Thomas said. “Members may not ask for RTP or FedNow by name, but your members seek immediate payments. They want their money and to be able to move it immediately.”
Mayes and Thomas also answered the following questions during the 60-minute webinar:
What are the rules that regulate immediate payments?
Do immediate payments equal immediate fraud?
How will I manage my funds on rails that are constantly running?
What network do I choose, and what does it really take to get started?
How can Corporate One help?
To learn the answers to those questions and gain valuable insights from our experts, watch the full on-demand webinar "Your Top Questions on Immediate Payments Answered." It’s an opportunity to equip yourself with the knowledge and tools needed to embrace immediate payments at your credit union.
Your Top Questions on Immediate Payments Answered
Now available to watch on demand
Length: 60 minutes