Sherpa Technologies Connected Corporate One as Third-Party Service Provider

NEW YORK & COLUMBUS, Ohio – Corporate One Federal Credit Union, a leading wholesale financial services provider to nearly 800 of America’s credit unions, has received certification to receive payments via the RTP^® network developed by The Clearing House (TCH). Corporate One is the first corporate credit union and wholesale financial provider to receive such certification.

“As a long-standing credit union payments partner, the goal of Corporate One’s faster payments strategic plan is to enable access and create opportunities for credit unions to take advantage of real-time payments,” said Corporate One President/CEO Melissa Ashley. “Receiving certification as a participant on the RTP network is an important part of our plan and enabled our CUSO Sherpa Technologies to be the first credit union-specific third-party service provider to host a credit union on the RTP network, which means Sherpa can now connect other credit unions to the network. This is a significant step for the credit union industry, which currently has very few accounts being reached by the RTP network.”

As a certified participant, Corporate One is now able to receive real-time payments for its corporate accounts. To receive participant certification, Corporate One partnered with its credit union service organization (CUSO), Sherpa Technologies, as the first credit union-specific, non-core third-party service provider (TPSP) to connect to the RTP network. A year ago, Sherpa established a relationship with ACI Worldwide and developed a suite of real-time payment services within the Mosaic framework, creating an extendable, open-payment platform for the credit union industry.

Corporate One’s certification comes seven months after the announcement that it was the first credit-union specific provider to receive funding agent status on the RTP network. As a funding agent, Corporate One is able to provide and manage the funding required for its member credit unions who themselves are participants in the RTP network. This is significant because it means Corporate One can manage liquidity 24/7/365 for its members that participate in the RTP network, which could be overly burdensome and more costly for credit unions to administer on their own. Becoming a funding agent was a critical step in Corporate One’s effort to build a 24/7/365 liquidity management solution for RTP transactions, which is coming soon.

“Corporate One has a great reputation for being a valued partner to its 800 members,” said Steve Ledford, Senior Vice President of Product Strategy and Development at The Clearing House. “We are excited that Corporate One is joining the real-time payments revolution.”

The RTP network is the first new core payments infrastructure to be built in the U.S. in more than 40 years and gives the industry a modern platform for domestic payments, complete with rich data capabilities and immediate payment confirmation. The system enables instantaneous settlement and availability. With receipt of real-time payments, participating depository institutions will experience improved straight-through processing, automated reconciliation, fraud and risk reduction, rich data reporting and analytics capabilities, partnership integration, and reduced operational costs. The RTP network currently reaches more than 52 percent of U.S. accounts for real-time payment receipt.

###

About Corporate One
Founded in 1949, Corporate One Federal Credit Union is a wholesale financial services provider to nearly 800 credit unions nationwide and offers a full menu of payments, investments, and funding solutions to help credit unions grow their bottom line, manage cash effectively, and succeed in the faster/real-time payments arena. For more information, visit www.corporateone.coop.

About The Clearing House
The Clearing House operates U.S-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image, and the RTP^® network. It is the nation’s most experienced payments company, with a long track record of providing secure and reliable systems, payments innovation, and strategic thought leadership to banks and credit unions. Most recently, The Clearing House has revolutionized U.S. payments infrastructure with the RTP network, which supports the immediate clearing and settlement of payments, along with the ability to exchange related payment information across the same secure channel. These RTP capabilities enable all financial institutions to offer safer, faster, and smarter digital transaction services for their corporate and retail customers. Learn more at www.theclearinghouse.org.

Media Contacts

Heather Goss
Corporate One
614-825-9358
hgoss@corporateone.coop

Greg MacSweeney
The Clearing House
212-612-9282
greg.macsweeney@theclearinghouse.org