The Research Project
Starting in the fall of 2022, CU*Answers began studying the evolving world of payment processing, specifically the RTP© Network (The ClearingHouse) and FedNowSM (Federal Reserve) programs, and third-party partners who may be able to help us hook into these systems in order to receive funds for our credit unions on behalf of their members. Our goal was to understand the scope of potential projects, who we could partner with to connect, technical details about how the process works, and potential implications for fraud management.
For details about our RTP project, review the separate recipe.
Remember that these are payment options in addition to regular ACH. Whatever we do with these new payment channels will have no effect on our current ACH processes and functionality.
We are still monitoring progress on the FedNow product, and have started planning for hooking into this network. That project will be separate from our RTP project, although some of the infrastructure we’re building will likely be used for both. While we know that there are many people talking about FedNow, we are still waiting for further technical clarity from the Fed before any actual design work can begin. Our intention at this point is to pursue connecting directly to the Fed, but we may also work on the project via a partner such as a corporate credit union.
Watch this Kitchen page for news as we get further along on the path!
Chefs for this recipe: Dawn Moore, Jim Lawrence, Jeff Miller
