Corporate One Featured in Federal Reserve’s FedNowSM Service Provider Showcase
For credit unions interested in instant payments, Corporate One is the leading resource
COLUMBUS, OH (May 31, 2023) — Corporate One Federal Credit Union, a leading investment, funding, and payment solutions partner to America’s credit unions for nearly 75 years, announced today that it has been featured in the Federal Reserve’s FedNowSM Service Provider Showcase, an online resource designed to connect financial institutions looking to adopt and innovate upon the FedNow Service with service providers offering instant payment solutions.
“Corporate One is the premier resource for credit unions looking to take advantage of instant payments, and we are excited to participate in the FedNow Service Provider Showcase and extend our capabilities to the FedNow Service,” Corporate One’s President/CEO Melissa Ashley said. “Through our solutions, credit unions and their members will have access to the expediency, ease, and other additional advantages that the FedNow Service will offer upon its debut in July.”
Corporate One will offer the following instant payment services to credit unions that are adopting the FedNow Service:
- Seamless settlement and liquidity management.
- Convenient management of FedNow participation.
- A technical connection solution that integrates ISO® 20022 messages for each participation type (receive only, send/receive credit transfers, and request for payment) via our core agnostic, open-payment platform.
- Sending and receiving credit transfers for the credit union.
“We appreciate the commitment of Corporate One in enabling FedNow adoption and participating in the showcase,” said Nick Stanescu, Federal Reserve Bank senior vice president and FedNow business executive. “The time is now for organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding.”
Since January 2021, Corporate One has participated in the Federal Reserve’s FedNow Pilot Program. The program supports the development, testing, and adoption of the FedNow Service and encourages the development of services and use cases that leverage FedNow functionality.
To learn more, visit Corporate One’s profile in the FedNow Service Provider Showcase on FedNowExplorer.org.
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 the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate the nationwide reach of instant payment services by financial institutions – regardless of size or geographic location – around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents.
“FedNow” is a service mark of the Federal Reserve Banks. A list of marks related to financial services products offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.