Corporate One FCU and ACI Worldwide partner to bring comprehensive immediate payments access to credit unions on both the RTP® Network and the FedNow℠ Service
COLUMBUS, OH (July 19, 2023) — Corporate One Federal Credit Union, one of the largest corporate credit unions in the U.S., and ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payment solutions, announced today they’ve partnered to bring comprehensive immediate payments access to America’s credit unions. Through the partnership, Corporate One will extend its open payment platform solution that technically connects credit unions and those in the industry to the RTP network to also connect to the FedNow Service, set to go live later this month.
“ACI currently supports 25 real-time payments schemes around the world, which means this partnership brings unmatched expertise for the benefit of the credit union industry as instant payments are adopted in the U.S.,” said Melissa Ashley, President/CEO of Corporate One Federal Credit Union. “Over the last year, we have seen credit unions increasingly embrace the strategic imperative to implement immediate payments, thanks to the growing reach of the RTP network and the significant anticipation around the launch of the FedNow Service. Corporate One is passionate about making sure credit unions can compete, meet their members’ expectations and benefit from new ways of doing business as payments move from faster to immediate, and we are well-positioned to help them make it happen.”
The partnership is a result of an ongoing collaboration between the two organizations that have strategically combined resources to deliver real-time payment capabilities to the credit union industry efficiently. Corporate One is leveraging ACI’s Real-Time Payments Cloud, built on Microsoft Azure, to connect to the immediate payments networks in the U.S. market, and into the ecosystem built around these networks. This includes access to an administrative portal offering transaction-level research, robust reporting capabilities, and archived transaction research. By leveraging these resources, Corporate One aims to expedite the deployment of connection solutions for credit unions and industry partners. The collaboration has been successful thus far, enabling the development of Corporate One’s open-payment platform solution that currently connects credit unions to the RTP network through a simplified API that can be used to receive, send, and settle payments in real time. With ACI being certified as one of the first technical service providers for the FedNow service, work is underway to integrate instant payment services on FedNow via ACI’s Real-Time Payments Cloud into Corporate One’s open-payment platform for comprehensive connection and/or access to both immediate payment rails.
“FedNow will have a significant impact on accelerating the transition to real-time payments, with profound payments implications for credit unions. Our partnership with Corporate One Federal Credit Union will greatly expand credit unions’ access to real-time payments, driving ubiquity in real-time payments in the U.S. as we have done around the globe,” said Thomas Warsop, President and CEO of ACI Worldwide.
The open architecture of Corporate One’s platform offers credit unions optimum flexibility and autonomy to integrate the experiences they want, using the partners and/or technology that works best for them while future-proofing payments modernization efforts by being able to support both immediate payments networks. Corporate One will be ready to onboard credit unions to the FedNow Service by the fourth quarter of 2023. The solution supports credit unions of all sizes that want to offer advanced, new capabilities to their members and configure a suite of solutions to allow them to compete with larger financial institutions and fintechs.
About Corporate One Federal Credit Union
Serving more than 700 credit unions nationwide, Corporate One Federal Credit Union is one of the nation’s largest and most trusted corporate credit unions, creating opportunities for credit unions through our premier investment, funding, and payment solutions to America’s credit unions for nearly 75 years. Corporate One is at the forefront of helping credit unions realize the benefits of immediate payments, with comprehensive solutions available for the RTP® network and FedNow® Service. For more information, please visit our website and our FedNow Service Provide Showcase Profile.
About ACI Worldwide
ACI Worldwide is a global leader in mission-critical, real-time payments software. Our proven, secure and scalable software solutions enable leading corporations, fintechs and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with a local presence to drive the real-time digital transformation of payments and commerce.