IRONDALE, Ala.–Through its work with The Clearing House (TCH), Corporate America Credit Union (CACU) said it has become the first corporate credit union to certify real-time payments through a core system in addition to its own.
Corporate America said it 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.
The corporate noted 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 CUSO, 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.”
Access for All
Corporate America said its partnership with Share One provides all credit unions under the Share One umbrella the technology to access the RTP instant payment option.
“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 Feb. 15,” said Share One’s Development/QA Manager Laura Stewart.
CACU, through its fintech partner VSoft, further noted it can offer direct connectivity for credit unions.
“We credit unions need to continue advancing payments and keeping up with the newest technologies,” said CACU President/CEO Pete Pritts. “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.”
According to Corporate America, 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.