Veridian Credit Union partners with Alacriti for real-time payments and Fedwire modernization
WATERLOO, IA (August 12, 2021) — Veridian Credit Union, a full-service financial cooperative with $5.5 billion in assets and more than 260,000 members, has selected Alacriti, an innovator in cloud-based payments and money movement services, as the platform provider that Veridian will use to enable real-time payments over The Clearing House’s (TCH) RTP® network and to accelerate their Fedwire modernization.
Veridian will deploy Alacriti’s cloud-native, ISO 20022-based Cosmos Payment Services, a cost-effective, end-to-end solution for payments processing and settlement. Cosmos supports real-time payments on the RTP network, ACH, and Fedwire payments, giving Veridian a scalable, future-proof platform for payments innovation. By leveraging Cosmos Payment Services, Veridian will access multiple clearing and settlement networks from one unified platform, simplifying their payment operations and ushering payments transformation into the credit union.
“Our members rely on Veridian to rapidly deploy technology solutions to improve their digital experience. Real-time payments will allow members to securely move money faster than ever before,” said Brett Engstrom, Veridian’s CIO. “Leveraging Alacriti’s open API and scalable architecture, we’re able to deliver faster payments for both our individual and business members.”
“Two innovative companies working together to connect to the RTP network is what we had in mind when we introduced the TPSP model as a method for financial institutions to join the network. TCH is excited to see what payments innovations this partnership brings to the network,” said Keith Gray, Vice President, The Clearing House.
“This partnership is notable as it pairs Alacriti, Veridian Credit Union, and their FinTech members together in the driver’s seat for the rapidly advancing real-time payments market. By leveraging our Cosmos Payment Services, Veridian will be able to quickly deploy their new payments infrastructure and start driving innovation on the RTP network this year, the first of many notable achievements I am sure we will accomplish together,” said Manish Gurukula, Alacriti CEO.
About Veridian Credit Union
Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by its 329,000 members. The credit union offers a full range of business and consumer financial services with more than 1,000 employees and 32 branches across Iowa, eastern Nebraska and the Twin Cities metro area. For more information, visit veridiancu.org or call (800) 235-3228
Alacriti is a leading financial technology company dedicated to helping our clients accelerate their digital payments transformation.
Alacriti’s cloud-based platform, Orbipay, delivers solutions across the payments ecosystem, including The Clearing House’s RTP network, Electronic Bill Presentment and Payments (EBPP), and Digital Disbursements. Through our cloud-native platform, Orbipay, our solutions empower clients to deliver the innovative digital payment experiences today’s consumers demand. In addition to driving modern and frictionless digital payment experiences, our clients benefit from faster time to market and continuous innovation on a proven platform.