Veridian Credit Union, a full-service financial cooperative with $5.5 billion in assets and more than 260,000 members, along with their third-party service provider Alacriti, announced that they are now live on The Clearing House’s (TCH) RTP® network. Veridian’s members can now receive payments in real-time from any person or business transacting on the RTP network.
Veridian deployed Alacriti’s cloud-native, ISO 20022-based end-to-end solution for payments processing and settlement—Cosmos Payment Services. The successful launch marks the first milestone in Veridian’s payments transformation journey with Alacriti, with the financial institution live on the system just ten weeks after project kick-off. Veridian’s members can now receive funds up to three days earlier than some traditional payment types.
“Our members rely on Veridian to rapidly deploy technology solutions to improve their digital experiences,” said Brett Engstrom, Veridian’s CIO. “Our partnership with Alacriti helped us quickly realize the first, of what promises to be many, benefits of real-time payments.”
“The RTP network continues to grow and expand, and this project is another win for real-time payments as a whole,” said Keith Gray, VP Strategic Partnerships, The Clearing House (TCH). “The speed of this project is a great proof point for other financial institutions exploring faster payments as to just how quickly they too can start realizing the benefits faster payments brings to the table—it’s not months or years, but weeks.”
“Every journey starts with the first step, and we congratulate our partners and friends at Veridian on this important accomplishment. At the same time, we are equally excited about what lies ahead on this payments transformation journey. The future of payments is being shaped by the market today, and our two organizations are now on the cutting edge of that change. We are proud to be one of Veridian’s trusted technology partners and look forward to what we can achieve together.” said Carl Robinson, SVP, Alacriti.
Alacriti is a leading financial technology company with a comprehensive money movement and payments services platform, dedicated to helping our clients accelerate their digital transformation. Built on a flexible, cloud-native framework, our array of solutions allow clients to deliver the money movement experiences and payments innovation that today’s users demand, while seamlessly integrating with their internal infrastructures. Learn more about Alacriti.
About Veridian Credit Union
Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by its members. The credit union offers a full range of business and consumer financial services with approximately 1,000 employees and 30 branches across Iowa and eastern Nebraska. For more information, visit veridiancu.org or call (800) 235-3228.