Corporate One Federal Credit Union, a wholesale provider of financial services for credit unions (CUs), said that its funding agent service is now available for CUs on The Clearing House’s real-time payments (RTP) network. The service allows for around-the-clock funding management for these CUs, according to a Tuesday (April 13) announcement.
Corporate One’s service will handle RTP network funding and liquidity for CUs when they become a part of the RTP network and set Corporate One as their funding agent provider. The service will also offer mandated, pre-funded balances for the credit union; track and control balances, including responding to position alerts; and provide daily reconciliation reports.
“Our Funding Agent Service has been designed to support credit union adoption of instant payments by offering a 24/7/365 liquidity and settlement management service that eases the operational challenges many credit unions may face when wanting to offer around-the-clock payment solutions,” Corporate One President/CEO Melissa Ashley said in the announcement.
Crane Credit Union is the first CU to use Corporate One as its funding agent, according to the announcement, which noted that Crane is now live on the RTP network for receive only and is looped in via JHA PayCenter™ from Jack Henry & Associates.
“We are excited that Crane Credit Union is joining the RTP network, with Corporate One as its funding agent and Jack Henry connecting Crane to the network,” Steve Ledford, TCH’s senior vice president of product strategy and development at The Clearing House, said in the announcement. “Financial institutions of all sizes can leverage the funding management expertise of Corporate One and the technology connectivity of Jack Henry to join the real-time payments revolution relatively easily.”
The news comes as Corporate One Federal Credit Union announced last year that it had obtained certification to receive payments via the RTP network. The organization, which was established in 1949, is a wholesale financial services provider for over 750 CUs across the country.