Corporate One Federal Credit Union tests real-time payments with D+H
Corporate One FCU: excited to get started with faster payments
North American banking and payments tech vendor DH Corporation (D+H) is helping Corporate One Federal Credit Union move to real-time payments.
Corporate One FCU is using D+H’s cloud-based testing environment to simulate connectivity to The Clearing House’s (TCH) real-time payments network, which is the centralised infrastructure for the new real-time payments rails in the US.
The credit union can utilise D+H’s US real-time initiation channels, payment hub solution, and open API layer.
“We are excited to get started,” states Lee Butke, president and CEO of Corporate One FCU.
Real-time payments will enable credit unions “remain relevant and competitive financial services providers”, Butke believes.
Keith Riddle, EVP, enterprise solutions development at Corporate One FCU, says the plan is to “collaboratively engage with a diverse group of credit unions over the next three months to test in D+H’s cloud-based sandbox environment and secure credit union-based feedback on vetted test use cases to determine what our offerings may be once real-time capabilities arrive in the US later this year”.
Based in Columbus, Ohio, Corporate One FCU says it is one of the “most progressive” cooperative corporate credit unions in the country. It offers a broad range of payments, investments and funding services to credit unions.
It has $5.2 billion in assets under management and serves 825 credit unions across the US.
For its core processing, Corporate One FCU is a long-standing user of Fiserv’s DNA platform, Banking Technology understands.
Corporate One FCU is also currently in the process of changing its automated clearing house (ACH) services platform to one provided by Lending Tools. According to the credit union, the Lending Tools platform was chosen as “it is reliable, easy to use and robust enough to accommodate varying member preferences in processing ACH transactions”. Another advantage is its “three-tiered, correspondence service model that is well-suited for a corporate credit union serving credit unions, and that of credit unions serving business accounts”.
65 credit unions are already processing in the new system, with the rest to be converted to the new system by the end of March.
Will everyone really benefit from the real-time payments coming to the US? Can the US regulator mandate the banking sector to adopt it? And what are the chances of this new faster payments system becoming ubiquitous? Banking Technology digs deeper, past the hype. Click here to find out more.
