DH Corporation (TSX: DH) (“D+H”), a leading provider of technology solutions to financial institutions globally, today announced that Corporate One Federal Credit Union, one of the nation’s largest and most innovative corporate credit unions, is working with D+H to accelerate its ability to offer real-time payments to its members.
The credit union is using D+H’s cloud-based testing environment to simulate connectivity to The Clearing House’s (TCH) real-time payments network, which is the centralized infrastructure for the new real-time payments rails in the United States, in order to assess the benefits that real-time payments can provide.
"Corporate One recognizes the strategic shift faster payments present to credit unions to enable them to remain relevant and competitive financial services providers," says Lee Butke, Corporate One President/CEO. "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 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. Corporate One also recognizes how real-time payments will 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," says Keith Riddle, EVP, Enterprise Solutions Development at Corporate One. "We intend to collaboratively engage with a diverse group of credit unions over 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."
"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. "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."