Heritage South Credit Union in Sylacauga, AL is the first Corporate America Credit Union (CACU) member to go live on both Real-Time Payments (RTP) and FedNow simultaneously. The $172 million credit union is now able to receive these instant payments on behalf of their members on both new payment channels. Heritage South CEO Jamie Payton says providing the best member experience was at the forefront of the decision to go live with both rails.
“This allows our credit union to stay relevant as members are always looking for faster access to cash,” Payton said. “This is evident with the multitude of users of Venmo, Cash App, and many other digital platforms. We want to meet our members where they are and make it easier for them to interact with their credit union.”
Heritage South connected through its core processor, Jack Henry, and is using Corporate America Credit Union as its Funding Agent for RTP and Settlement Correspondent for FedNow. CACU has been working with the credit union for several monthsto educate and assist with the project, meanwhile making sure the transactions are flowing through properly. Payton says because she had the help of her core and corporate, the process was fairly simple and she’d encourage other credit unions to explore the services for the betterment of the industry.
“Getting in the game with these new payment channels is really important for institutions to continue to stay competitive and keep members happy,” said CACU Chief Innovation Officer Lisa Coffey. “Heritage South going live on both rails at the same time is a true testament credit unions of ALL sizes can connect to RTP & FedNow. Start by receiving these transactions... your members will thank you!”
Corporate America is live on both RTP and FedNow and can also serve as your point of settlement. If you’re unsure where to start, please give us a call or email us – we are happy to help you in your faster payments journey! Our team also can facilitate payments strategy seminars to educate you and your staff to understand these payment channels and the benefits they can bring your credit union.