The Corporate America Credit Union (CACU), which serves almost 500 credit unions (CUs) around the world, has become a funding agent for the RTP network, The Clearing House‘s (TCH) real-time payments network, according to a release.
In its capacity as a funding agent, the CACU will enable member credit unions to use the RTP network to better manage their liquidity while reducing costs. The union will also fund and “manage positions in the RTP network’s joint Federal Reserve bank account on behalf of its members,” the release said.
“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,” said Corporate America President and CEO Pete Pritts. “We are privileged to offer this service to our members and are excited to be pioneers in this next chapter of payments.”
This is good for credit unions because CACU will handle the settlement and liquidity management of its members’ participation in the network, something that would cost a lot more for credit unions to do on their own.
“CACU has a strong reputation for providing leading-edge services to its credit union members,” said 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.”
Chief Innovation Officer Lisa Coffey said the move is necessary to ensure that CACU members are on the forefront of providing the fastest payments possible.
“Access to the RTP network is key for our member credit unions wanting to serve their members with the most up-to-date technology,” she said. “By becoming a funding agent, CACU is now a partner that can make that process easier.”