Toronto-based D+H Corporation announced its collaboration with the $3.7 billion Columbus, Ohio-based, Corporate One Federal Credit Union to accelerate the ability to offer members real-time payments.
The credit union plans to use D+H’s cloud-based testing environment to simulate connectivity to The Clearing House’s real-time payments network, the centralized infrastructure for the new real-time payments rails in the U.S.
“Corporate One recognizes the strategic shift faster payments present to credit unions to remain relevant and competitive financial services providers,” Lee Butke, Corporate One President/CEO said.
“Being the first organization to commit to this real-time testing platform aligns with our strategic initiative to fully understanding and enabling real-time payments functionality for our members and credit unions nationwide. We are excited to get started.”
D+H’s testing environment will provide Corporate One, which has 5.2 billion in assets under management and serves nearly 825 credit unions nationwide, with the ability to utilize D+H’s U.S. real-time initiation channels, payment hub solution, and open API layer to quickly and easily simulate the execution and clearing of payments on the TCH network.
The corporate also recognizes how real-time payments could enable credit unions to realize enhanced operational efficiencies and attract new members, while benefiting from the immediacy and certainty associated with real-time payment execution.
“Corporate One is eager to gain access to this testing platform, which will enable us to mimic the ability to send and receive payments real time in a variety of use cases for business-to-business, person-to-person, person-to-business and vice versa,” Keith Riddle, EVP, Enterprise Solutions Development at Corporate One, said.
“We intend to collaboratively engage with a diverse group of credit unions over the course of the next three months to test in D+H’s cloud-based sandbox environment and secure credit union-based feedback on vetted test use cases to determine what our offerings may be once real-time capabilities arrive in the United States later this year,” Riddle added.
“Corporate One is demonstrating a commitment to its members and to the future of payments by beginning its journey to real-time payments now,” says Moti Porath, head, product management, global payments solutions, D+H, commented. “D+H is excited to leverage our vast experience with real-time payments around the world and to be the first payment technology vendor to provide U.S. financial institutions with quick, easy and low-risk access to a cloud-based test environment for real-time payments.”
