Shared Accounts With CU Times: On the Payments Fast Track
We check in with Corporate One CEO Melissa Ashley one year into the launch of FedNow to learn how credit unions are adapting to the new world of immediate payments.
Corporate One Federal Credit Union ($6.6 billion, Columbus, Ohio) has been at the forefront of the immediate payments (also referred to as instant and real-time payments) landscape for about a decade, joining the Federal Reserve’s Faster Payments Task Force in 2015 and connecting to The Clearing House’s RTP network in 2020. Now, with the Federal Reserve’s FedNow Service having just passed its one-year anniversary, Corporate One provides a comprehensive suite of services for credit unions looking to send and receive funds with no waiting period, as well as education and thought leadership on the topic.
In this episode of Shared Accounts With CU Times, Corporate One President/CEO Melissa Ashley discusses why the corporate arrived super-early to the immediate payments party; the differences between the two immediate payments rails available today; credit unions’ top concerns around implementing immediate payments (including fraud), as well as their top immediate payments use cases; and how faster payments can benefit consumers and credit unions alike.
Plus, Ashley takes us on a journey to her family’s sweet corn and produce farm in Ohio – and gets us all wanting a bite of one of her famous, farm-fresh BLT sandwiches. Yum!