From instant investment transfers to seamless digital wallet funding, credit unions connected to the RTP® network are leveraging the power of real-time payments through innovative use cases that cater to the evolving needs of their members. (Note: This article is part one of a two-part series. The first part concentrates on Corporate One's member credit unions and explores their use cases. The second part shifts the focus to a broader context, examining overall use cases among credit unions nationwide.)
Corporate One serves as the third-party service provider for approximately 27 percent of all credit unions currently connected to the RTP network as Receive-Only participants. This means these credit unions have the technical connection to receive real-time payments from other Send-enabled financial institutions.
The impact of this connectivity is undeniable. Last year, credit unions connected to the RTP network through Corporate One processed a total of 431,887 real-time payments, which summed up to an impressive $231.2 million. This influx of funds underscores the immense value of even a Receive-Only connection, offering credit unions faster access to deposits, reduced processing times, and elevated member experience. Real-time payments are a game-changer, leveling the playing field for credit unions by enabling them to provide instant, convenient financial services without the need for extensive physical locations. This capability empowers credit unions to capture market share they previously couldn't, attracting members who prioritize speed and accessibility in their banking experience.
RTP transactions skyrocketed among our member credit unions last year, increasing by 168% since January 2024. Notably, 56% of these transactions occurred outside regular business hours. The 24/7/365 nature of real-time payments transforms the member experience from 'banking on someone else's schedule' to 'banking on your terms'—empowering members to manage finances, transfer money, and tap into their funds whether it's Tuesday afternoon or 2 AM on Sunday, creating the always-on convenience that members expect.
The data-rich messaging that is part of the RTP network gives credit unions valuable insights into their members’ financial lives. To illustrate the type of information credit unions can glean from participation on the RTP network, let’s examine the top five real-time payment senders among credit unions that Corporate One has connected to the network.
Top Five Senders on the RTP Network Among Corporate One Members
1. Venmo - PayPal’s popular smartphone app facilitates payments between users through connected bank accounts. Individuals commonly use it to transfer money from their digital wallets to their credit unions for various purposes.
2. DailyPay - DailyPay provides early wage access, allowing hourly workers to access their earned wages between paychecks, thereby helping members cover unexpected expenses without resorting to high-interest payday loans.
3. Square - Square powers instant transfers for small businesses and side-gig entrepreneurs, enabling them to transfer funds directly from their Square wallets to credit union accounts for immediate use.
4. Empower – It's impressive—and attention-grabbing—to see the significant role that cash advance and payday lenders play in the immediate payments ecosystem, with 20% of the top senders to our credit unions coming from this sector. Empower stands out as a key player, ranking as the fourth all-time sender to our member credit unions and maintaining a strong presence with nearly 19,000 transactions in the first quarter of 2025. Through its cash advance app, Empower provides cash advances of up to $300 for a monthly subscription fee.
5. PayPal - PayPal utilizes the RTP network for instant transfers between financial institutions, enabling members to quickly transfer funds from their PayPal accounts to their credit union accounts.
By examining the top five senders alongside the leading use cases (see below) for credit unions receiving real-time payments, it becomes clear that there is a relationship between the senders’ activities and the practical applications of real-time payments within the credit union sector. The top senders highlight increasing consumer demand for swift, secure, convenient payment channels (or experiences). This aligns with the leading credit union use cases, such as expedited loan disbursements, instant member-to-member transfers, and real-time bill payments. Together, these insights underscore how the strategic use of the RTP network not only facilitates timely transactions but also empowers credit unions to meet member expectations for speed and convenience, fostering deeper member engagement and loyalty in a competitive financial landscape.
With that in mind, let's explore the leading use cases for credit unions receiving real-time payments.
Leading Use Cases for Credit Unions Receiving Real-Time Payments
Account-to-Account Transfers
Account-to-account (A2A) transfers remain among the most significant use cases for real-time payments among credit unions. Whether members are moving money between personal accounts at different institutions or transferring funds to family members, the RTP network provides an immediate and secure way to complete these transactions. Investment transfers are a great example of this use case. Credit union members frequently use the RTP network to transfer money from their investment accounts to their credit union accounts. These transfers can include required minimum distributions (RMDs) or emergency withdrawals for expenses like home repairs or college tuition. If their credit union supports sending RTP transactions, members can also transfer funds to brokerage accounts to capitalize on market opportunities. According to The Clearing House, brokerage account transfers rank fourth in transaction volume. Additionally, The Clearing House reports that investment transfers are the most common use case for requests for payment.
P2P & Digital Wallet App Transfers
The increasing popularity of P2P apps, also known as money transfer apps, has driven the demand for faster and more convenient funding options. Credit union members are using real-time payments to quickly access funds collected through apps such as Venmo, PayPal, and Cash App, ensuring the immediate availability of their money.
Gig Worker Payments & Earned Wage Access
Earned wage access apps, such as Daily Pay and Homebase, are quickly becoming a go-to option for small businesses to pay employees or for employees who need access to their wages before payday. Companies such as Uber and Grubhub are also using the speed and convenience of real-time payments to pay their workers.
Small Business Apps
Small businesses rely on quick access to funds to manage cash flow effectively. Credit unions connected to the RTP network are experiencing an increase in real-time transactions through apps such as Square, Stripe, and Nuvei. These apps support streamlined small business operations with instant settlements into their credit union business account(s) and reduced payment processing delays. Offering real-time payments helps credit unions attract small business accounts by providing instant access to funds, which is essential for managing cash flow effectively. This immediate payment capability reduces delays and enhances financial agility, making credit unions more appealing to small business owners.
Cash Advance & Payday Lending
The advent of real-time payments has made accessing emergency funding options, such as cash advances and payday loans, even easier for consumers. Online cash advance operations such as Empower, Albert, and MoneyLion have put emergency funding at consumers’ fingertips.
Online Gambling
Surprisingly, the online gambling industry is one of the fastest-growing sectors leveraging real-time payments. Most gambling apps typically process payouts within 24 hours. However, some can take up to two to five business days. This delay occurs because payments are typically made through the ACH network, which is subject to specific processing and settlement times. With real-time payments, players no longer need to constantly check their bank accounts to see if they’ve received their winnings. They can get their money in seconds by choosing a real-time payment option. Online sports betting companies now offer this real-time payment experience, which reduces uncertainty about payment status and boosts players' brand loyalty. Credit unions connected to the RTP network have seen increased member activity related to online gambling, as instant payouts and deposits enhance the user experience for gambling platforms.
Corporate One Members' Emerging Use Cases
Beyond the top five consumer use cases, our member credit unions are also leveraging real-time payments through CU Corporate RTP to modernize their back-office accounting processes and improve business operations:
• Mortgage Closings – Ensuring faster processing of loan payments and reducing late fees. For example, in home closings, a homeowner selling a house can receive the loan payoff instantly. This allows them to use those funds immediately to close on a new home they are buying, making the entire process quicker and more seamless.
• Indirect Lending Transactions – Facilitating instant fund transfers for vehicle purchases, solidifying relationships with car dealers, and creating a smooth buying experience for members.
The rapid adoption of real-time payments creates new opportunities for credit unions to streamline their business processes, enhance their payment offerings, and improve member experiences. As more credit unions transition from Receive-Only to Send capabilities, the potential for expanded use cases will grow. In part two of this series, we’ll broaden our perspective and explore the various use cases prevalent among credit unions across the country.
This is Part I of a two-part series.