Irondale, AL and New York – Corporate America Credit Union (CACU), serving nearly 500 credit unions nationally, is now a Funding Agent for the RTP® network, the real-time payments network from The Clearing House (TCH). CACU will play an integral role in providing members access to faster payments on the RTP network.
As a Funding Agent, CACU will allow member credit unions to efficiently manage their liquidity on the network at a lower cost and will fund and manage positions in the RTP network’s joint Federal Reserve bank account on behalf of its members. What this means for credit unions is that CACU will be able to facilitate the settlement and 24/7 liquidity management of members’ RTP network participation, which could be costly for credit unions to administer independently.
The announcement comes as CACU continues to work on behalf of its credit union member-owners to ensure they continue to thrive. Chief Innovation Officer Lisa Coffey says this is just the first of many projects to keep CACU members on the cutting edge of faster payments. “Access to the RTP network is key for our member credit unions wanting to serve their members with the most up to date technology. By becoming a Funding Agent, CACU is now a partner that can make that process easier.”
CACU has partnered with VSoft Corporation to take advantage of its expertise with faster payments. VSoft Corporation will empower CACU to offer robust and feature rich solutions to its member credit unions that will facilitate the sending and receiving of faster payments. CACU and VSoft Corporation are committed to providing products that are both efficient and cost-effective.
Corporate America President and CEO Pete Pritts says the benefits of the new partnerships are countless. “As we look to the future, we see the RTP network as the next piece of the puzzle to bring faster payments to the newer world we see. We are privileged to offer this service to our members and are excited to be pioneers in this next chapter of payments.”
“CACU has a strong reputation for providing leading-edge services to its credit union members,” says Tim Mills, Vice President of RTP network Business Development. “We are excited that CACU is helping to bring the benefits of real-time payments on the RTP network to its approximately 500 clients by becoming a funding agent.”
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Since its founding in 1853, The Clearing House has delivered safe and reliable payments systems, facilitated bank-led payments innovation, and provided thought leadership on strategic payments issues. The Clearing House continues to leverage its unique capabilities to support bank-led innovation, including launching the RTP® network, a real-time payment system that modernizes core payments capabilities for all federally-insured U.S. depository institutions. The Clearing House is owned by 24 financial institutions and supports hundreds of banks and credit unions through its core systems and related services. Learn more at https://www.theclearinghouse.org/
Corporate America Credit Union
The Clearing House