Dear Members:

I am pleased to announce that Corporate One has successfully completed testing and participant certification for the Federal Reserve’s new instant payment system, the FedNow^® Service, launched in July 2023. 

To become a participant, the Corporate One team worked diligently to meet the requirements of the FedNow testing program and affirmed we are ready to operate in an instant, round-the-clock payments environment. As a FedNow Service participant, we are receiving instant payments for our members and can provide credit unions with settlement and cash management services on the FedNow Service. Our Settlement Services for FedNow Service offers simplified cash management and settlement in your credit union’s One Account, along with consolidated access to reports, easier reconciliation, and comprehensive 24/7/365 facilitation and management.

The FedNow Service supports multiple use cases, such as account-to-account transfers, requests for payment, bill pay, and many others. Soon, we will offer credit unions adopting the FedNow Service with convenient management of FedNow profiles (for any credit unions that do not have their own FedLine account) and a technical connection solution integrating ISO^® 20022 messages through our core agnostic, open-payment platform, which makes it possible for the credit unions that connect through it to send and receive instant payments on the FedNow Service (just as we currently do for the RTP® network).  

To learn more, take a moment and visit Corporate One’s profile in the FedNow Service Provider Showcase on FedNowExplorer.org.  

With not just one but now two immediate payment rails in the United States, the moment has arrived for your credit union to meet your members' desires to access their funds when and where they need them. Don't hesitate to embark on this journey. We are here to support you, address any inquiries, and be your trusted partner as you navigate the world of instant payments.

Best,