Veridian Credit Union Partners With Alacriti for Real-Time Payments and Fedwire Modernization

Veridian Credit Union, a full-service financial cooperative with $5.5 billion in assets and more than 260,000 members, has selected Alacriti, an innovator in cloud-based payments and money movement services, as the platform provider that Veridian will use to enable real-time payments over The Clearing House’s (TCH) RTP® network and to accelerate their Fedwire modernization.

Veridian will deploy Alacriti’s cloud-native, ISO 20022-based Cosmos Payment Services, a cost-effective, end-to-end solution for payments processing and settlement. Cosmos supports real-time payments on the RTP network, ACH, and Fedwire payments, giving Veridian a scalable, future-proof platform for payments innovation. By leveraging Cosmos Payment Services, Veridian will access multiple clearing and settlement networks from one unified platform, simplifying their payment operations and ushering payments transformation into the credit union.

“Our members rely on Veridian to rapidly deploy technology solutions to improve their digital experience. Real-time payments will allow members to securely move money faster than ever before,” said Brett Engstrom, Veridian’s CIO. “Leveraging Alacriti’s open API and scalable architecture, we’re able to deliver faster payments for both our individual and business members.”

“Two innovative companies working together to connect to the RTP network is what we had in mind when we introduced the TPSP model as a method for financial institutions to join the network. TCH is excited to see what payments innovations this partnership brings to the network,'' said Keith Gray, Vice President, The Clearing House.

“This partnership is notable as it pairs Alacriti, Veridian Credit Union, and their FinTech members together in the driver's seat for the rapidly advancing real-time payments market. By leveraging our Cosmos Payment Services, Veridian will be able to quickly deploy their new payments infrastructure and start driving innovation on the RTP network this year, the first of many notable achievements I am sure we will accomplish together,” said Manish Gurukula, Alacriti CEO.