Corporate America CU First Corporate to Certify Multiple Core Systems on RTP® Network
SFE congratulates our members CACU and Share One on their collaboration advancing payments for their members.
From Corporate America Credit Union
Through its work with The Clearing House (TCH), Corporate America Credit Union (CACU) is the first corporate credit union to certify real-time payments through a core system in addition to its own. Corporate America worked with Share One, the core processing system of AlaTrust Credit Union, to allow AlaTrust members to receive payments via the RTP® network, TCH’s real-time payments system.
AlaTrust is not only the first natural person credit union in Alabama to be live on the RTP network, but also the first operating under Share One, a credit union service organization, to receive payments. “Our members need financial technology tools that line-up with their personal and business needs. Providing the ability to receive real-time payments is an important step for us, allowing us to deliver important new functionality, thereby improving member experience,” said Steve Nix, President/CEO, AlaTrust Credit Union. “Working with Corporate America, Share One, TCH, VSoft and others gives us the overwhelming confidence that we will be able to achieve these goals, while at the same time providing top of the line capabilities our members have come to expect from us.”
Corporate America’s partnership with Share One provides all credit unions under the Share One umbrella the technology to access the RTP instant payment option. Share One’s Development – QA Manager, Laura Stewart, said, “We [Share One] started this project two years ago with Corporate America and we are excited to have AlaTrust Credit Union as our first client live on the RTP network, processing as of February 15th.” Kim Young, Interim President/CEO at Share One, said, “Share One continues to look for technology solutions to enhance our product offerings. We are confident our clients will benefit through this partnership with Corporate America and would like to give special thanks to our staff for their diligence and hard work.”
CACU, through its fintech partner VSoft, can offer direct connectivity for credit unions. “Our team is proud to serve AlaTrust Credit Union as they offer their members the ability to receive faster payments,” said Abhishek Veeraghanta, Senior Vice President at VSoft. “From our initial discussions about the RTP network to kicking off the Pidgin project, CACU’s support paved the way for this first of many collective wins. As the fintech partner for CACU, our project team’s execution represents a landmark step for Corporate America and their members.”
Pete Pritts, President/CEO of CACU, says his team has been working diligently to stay on the cutting edge of faster payments. Providing new, innovative, and efficient payment methods for members is paramount for CACU. “We credit unions need to continue advancing payments and keeping up with the newest technologies,” Pritts said. “We are thrilled to partner not only with our members, but their core systems and other partners to pave the way for access to the RTP network.”
The RTP network currently reaches 61% of U.S. demand deposit accounts and all federally insured depository institutions, regardless of size, can join the network. The RTP network is the first new payments infrastructure built in the U.S. in more than 40 years and is empowering financial institutions and businesses to provide customers with innovative, value-added use cases for faster payments. The RTP network gives the banking industry a modern platform for 24/7 domestic real-time payments, complete with rich data capabilities and immediate payment confirmation. The network enables instantaneous settlement and availability, so funds can be used or withdrawn as cash within seconds.
The RTP network offers a flat pricing structure for all depository institutions regardless of size, does not include volume discounts or have minimum volume requirements.
“The Clearing House is excited to work with AlaTrust and Corporate America to bring real-time payments to AlaTrust’s members,” said Scott Miller, Vice President, The Clearing House. “The RTP network is designed to be implemented by all depository institutions, allowing innovative credit unions like AlaTrust to provide new levels of speed and efficiency in transactions that will significantly benefit their members.”