COLUMBUS, Ohio – Corporate One FCU is reporting it has been selected as one of 110 organizations to participate in the pilot program for the Fed’s upcoming instant payments offering, the FedNow Service.
The program will support development, testing, and adoption of the FedNow Service, as well as encourage development of services and use cases that leverage FedNow functionality, Corporate One noted. The corporate added a key objective in selecting participants for the pilot was to ensure diverse representation across financial institutions and service providers, connection types, settlement arrangements, and experience levels.
“As a long-standing credit union payments partner, being a participant in this program aligns with our real-time payments strategic goal of enabling future access and creating opportunities for credit unions to take advantage of real-time payments,” said Melissa Ashley, Corporate One’s President/CEO. “We are very excited to be a participant in this pilot program for the upcoming FedNow Service as the payments industry continues to modernize the nation's payment system and establish a safe and efficient foundation for the future.”
An ’Important Milestone’
Added Charles Harkness, SVP-strategic operations manager, “At Corporate One, we believe the creation of the FedNow Service is an important milestone in the evolution of payments in the U.S. Money movement services have become more commonplace as consumers and small businesses send, receive, and even store cash through retail and technology-operated platforms. Corporate One remains poised to help credit unions succeed in this arena and to ensure our members stay relevant and competitive as the industry continues to evolve.”
Corporate One provides wholesale financial services to approximately 750 CUs nationally.