Dear Member:

It’s been full speed ahead for consumers using and reaping the benefits of immediate payments, and businesses are catching up quickly.  According to the December 2022 edition of the PYMNTS Real-Time Payments Tracker^®, more than 51% of businesses reported improved cash flow and 46% of firms revealed increased accounting efficiency because of real-time payments implementation. That’s why I’m excited to announce the timely launch of our new web-based payment application called CU Corporate Payments on the RTP^® network. This new solution allows credit unions to initiate an immediate payment through The Clearing House’s RTP network on behalf of your organization (no member payments) without joining the network. With this new solution, you can:

• Facilitate real-time payments at a low cost without the requirements of RTP network participation/certification and technical resources.
• Easily learn about, gain confidence with and experience immediate payments for your credit union while realizing the benefits they offer.
• Enhance current business operations and drive new ways of doing business with your vendors and business partners.

How it works

By using Corporate One’s status as a certified participant on the RTP network, members can initiate (and receive) immediate payments using their Corporate One account number to send funds directly to a recipient account at a financial institution that is also a participant on the RTP network. CU Corporate RTP is accessed via single sign-on through our web-based unified payments platform for ACH and domestic wires. A wizard-style experience walks users through payment origination and each payment is immediately cleared and settled as they happen (as opposed to batch processing of legacy payment systems).

Over the past six months, four credit unions participated in Corporate One’s CU Corporate RTP pilot program and provided invaluable feedback. The pilot credit unions played a vital role in developing this new solution. To date, the most common use cases include indirect lending settlements and mortgage settlement payments.

Invitation to learn more

If you’d like to learn more, I encourage you to join us for a live webinar on April 12 to see a demonstration of how this newest payment solution will enable your credit union to optimize your current business practices and provide novel ways of engaging your vendors and business partners with immediate payments.

We’re excited about the many features and benefits offered by CU Corporate RTP, and I want to remind you that Corporate One is here to help consult, educate, and prepare your credit union on the strategic considerations and important decisions that come with adopting real-time payments. I hope you’ll reach out to us to learn more at 866/MyCorp1, option 3, or hello@corporateone.coop.

Best,