Corporate One Launches Real-Time Payments Solution for Member CUs

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Last week, Corporate One Federal Credit Union ($5.2 billion, Columbus, Ohio) became the first corporate credit union to enable its member credit unions to initiate real-time payments (RTPs) on behalf of their organization without joining The Clearing House’s RTP network thanks to a new solution, CU Corporate Payments on the RTP Network.

Launched in collaboration with Juniper Payments, a PSCU company, the solution opens up the ability for the corporate’s more than 700 member credit unions to make business-to-business RTPs (credit union member RTPs are not available through the solution). RTPs are payments that can be initiated any time and via any channel that are also certified, final, immediately available, instantly settled, and confirmed to the payee and payer. To gain access to RTPs, a credit union must become a participant in the RTP network from The Clearing House, which is currently the only U.S. vendor enabling access to RTPs, either directly or through a third-party service provider. (Later this year, the Federal Reserve Board is scheduled to launch the second RTP system in the U.S., FedNow.)