IRONDALE, Ala.–Corporate America Credit Union (CACU) said it is now a funding agent for the RTP network, the real-time payments network operated by The Clearing House (TCH).
CACU said it will play an integral role in providing members access to faster payments on the RTP network.
As a funding agent, CACU said it will allow member credit unions to efficiently manage their liquidity on the network at a lower cost and will fund and manage positions in the RTP Network’s joint Federal Reserve Bank account on behalf of its members. CACU will be able to facilitate the settlement and 24/7 liquidity management for its credit unions in the RTP network, the organization added.
The announcement comes as CACU said it continues to work on behalf of its credit union member-owners to ensure they continue to thrive.
‘Access is Key’
“Access to the RTP network is key for our member credit unions wanting to serve their members with the most up to date technology,” said Chief Innovation Officer Lisa Coffey. “By becoming a Funding Agent, CACU is now a partner that can make that process easier.”
CACU noted it has partnered with VSoft Corporation to take advantage of its expertise with faster payments. VSoft Corporation will empower CACU to offer robust and feature rich solutions to its member credit unions that will facilitate the sending and receiving of faster payments, CACU said.
“As we look to the future, we see the RTP network as the next piece of the puzzle to bring faster payments to the newer world we see,” said Corporate America President/CEO Pete Pritts. “We are privileged to offer this service to our members and are excited to be pioneers in this next chapter of payments.”