Founded in 1941 in the Administration Building at the University of Notre Dame, Notre Dame Federal Credit Union (FCU) has grown to serve over 900 affiliated groups nationwide. With assets exceeding $1 billion and over 65,000 members worldwide, Notre Dame FCU offers a personalized experience through its dedicated employees and a wide array of financial services. Members benefit from twelve convenient branch locations, the virtual branch (Shamrock Center), and robust online banking and mobile apps. Notre Dame FCU has grown into Indiana’s 13th-largest credit union, with growing markets in Arizona and Central Michigan.

Crystal Waggoner is the Chief Operations Officer at Notre Dame FCU, bringing over 25 years of dedicated experience and leadership to the organization. Notre Dame FCU used Corporate One’s Third-Party Service Provider (TPSP) solution to connect to the RTP® network in May 2024.

Why did your credit union decide to implement real-time payments?

Crystal: We saw real-time payments as a valuable addition for our members, providing them with a seamless way to move and receive funds from platforms like Venmo. It offered an excellent opportunity to attract deposits, allowing members to transfer their money from uninsured platforms into the safety and security of our credit union.

When you first started to think about connecting your credit union to the RTP network, what concerns did you have?

Crystal: This was the most seamless conversion and implementation I’ve ever participated in, thanks to Corporate One. We’ve worked with them for a long time, and they handled much of the heavy lifting. The process involved quick, weekly 15-minute meetings, which helped us build a great relationship with the team. On launch day, we flipped the switch, and transactions started coming through within hours. Some transactions were declined initially because of incorrect account numbers, but the reports clarified why the payments were rejected. This allowed us to reach out to members and guide them on how to fix it. If I had to do this again, I would, without hesitation. If I were to move to a different credit union that is not yet on the RTP network, this would be one of the first projects I’d take on.

“If I had to do this again, I would, without hesitation. If I were to move to a different credit union that is not yet on the RTP network, this would be one of the first projects I’d take on.”

– Crystal Waggoner
Chief Operations Officer 
Notre Dame Federal Credit Union

What are you seeing at your credit union now that you have been live on the RTP network?

Crystal: I was amazed at how quickly our members started using the service. On day one, we processed one or two transactions within 90 minutes of going live. Our top users are payroll companies, with DailyPay being the most common, followed by Square. We’re also seeing many members transferring money to themselves from other institutions or between family members.

“Our top users are payroll companies, with DailyPay being the most common, followed by Square.”

– Crystal Waggoner
Chief Operations Officer
Notre Dame Federal Credit Union

What have you learned from implementing RTP at your credit union?

Crystal: It’s been a dream. We’ve had a few items that didn’t post, but the reports always clarify why. We’ve had no complaints from our members. It’s been great to bring in deposits and get our members their cash quickly. We haven’t faced any issues at all. I was most surprised by the transactions happening between midnight and 5 AM. It’s not something I think about because I’m asleep, but it’s fascinating to see people transferring money during those hours. On average, we process about 1,400 monthly transactions, bringing in $750,000 monthly. It’s great to have those deposits coming in.

Have you experienced any fraud on the RTP network?

Crystal: Not at all. Knock on wood; we haven’t encountered anyone using this for fraudulent purposes.

What impact has the implementation of RTP had on managing day-to-day liquidity?

Crystal: Our CFO’s office is right next to mine, and he’s never mentioned any issues caused by real-time payments. In fact, with the great interest rates available through the Fed and Federal Home Loan Bank, we’ve been able to earn a nice income from RTP funds until they’re loaned out. It’s been entirely positive, with no downsides.