Request Instant Payments
What is Request Instant Payments
Request Instant Payments is an exciting new real-time, fun and shiny service offering all banks and credit unions brought about by the Faster Payments Initiative of the US Federal Reserve banks providing payments that are instant, final (Consumer cannot ChargeBack) and secure. Businesses and Individuals will be using, instant Real-Time Bill Pay, via Request for Payments.
Definition: FedNow ™ instant payments are real-time payments: FedNow - Federal Reserve instant payments. Financial institution’s customer-facing systems for services like bill payment, cash management, peer-to-peer (P2P) payments, and emergency disbursements. Messages such as request for pay, request to pay, payment confirmations, and remittance detail are used to create frictionless customer-facing interactions.
Federal Reserve's FedNow Service facilitates instant payments, including digital requests for instant payments, between businesses (B2B) and can also accommodate traditional paper invoicing methods. Here's how:
1. Digital Request Instant Payments (B2B): Businesses can utilize the FedNow Service to send digital requests for instant payments to other businesses. This could be done through various channels, such as electronic invoicing platforms, financial institution portals, or directly through integrated business systems. The requesting business sends a digital payment request to the payer business, specifying the amount, purpose, and any other necessary details. Upon approval, funds are transferred instantly from the payer's account to the payee's account through the FedNow Service.
2. Paper Invoicing with FedNow Payments: Despite the increasing digitization of payment processes, some businesses may still rely on traditional paper invoicing methods. The FedNow Service can accommodate payments initiated from paper invoices as well. Once the payer receives a paper invoice, they can initiate an instant payment through their financial institution or banking app using the FedNow Service. The payer inputs the necessary payment details, including the payee's information and invoice amount, and authorizes the payment. Funds are then transferred instantly to the payee's account.
In both scenarios, whether the payment request is initiated digitally or originates from a paper invoice, the FedNow Service enables instant payment settlement between businesses. This helps streamline B2B payment processes, improve cash flow management, and enhance overall efficiency in financial transactions. Additionally, the use of instant payments can reduce the need for manual reconciliation and accelerate the availability of funds for businesses.
Features & Benefits
FedNow instant payments has benefits for all parties involved in
Financial Transactions.
Benefits to your company include:
Money Transfer: Current limit of $500,000.
It's Fast: 24/7/365 access to funds anytime vs.
several days for paper checks or ACH transfers to process.
Request for Payments ( RfP ™): Mobile & Online Real-Time Bill Payments.
It's Final: All RTP and Instant Payments are Final & Irrevocable.
Software Integration: Integrate your Management
or Enterprise software with us.
Message Detail: Full 145 characters available
using ISO 20022 messaging XML format.
Online Down Payments: Don't use inconvenient
and expensive Wires & Cashier's Checks.
Online Real-Time Reporting: Configured
Dashboard with Virtual Terminal login.
Reduced calls / emails in the "Purchasing Chain": All
parties to a instant payment transaction receive immediately
text & email messaging.
The
FedNow and RTP Systems enables Participants to initiate credit transfers,
receive final and irrevocable settlement for credit transfers,
and make available to Receivers funds associated with such
credit transfers in real-time, twenty-four (24) hours a day,
seven (7) days a week, fifty-two (52) weeks a year. All instant payments are "Credit
Push" instead of "Debit Pull."
About Request Instant Payments
RfP FedNow Request Instant Payments is a real-time payment solution that enables immediate fund transfers between bank accounts in the US. While it is designed for instant payments, it does not support recurring billing natively.
However, merchants can still use RfP FedNow Request Instant Payments for recurring billing by sending individual payment requests for each billing cycle. This would require setting up a schedule for sending payment requests, and customers would need to approve each request individually.
Alternatively, merchants can use a third-party service provider that supports recurring billing and integrates with RfP FedNow Request Instant Payments. These providers would handle the scheduling and management of recurring payments, making the process simpler and more automated for merchants.
Today Payments
...continues to meet the challenge of our clients by offering cost effective "good funds", real-time, instant, credit card, ACH and e-invoice payment processing services into the electronic payment solutions banking system. Electronic banking includes the transfer of funds between companies (B2B) and/or (B2C) consumer accounts for collection and payments. Today Payments' FedNow Instant Merchant Services gives your company choices in the method of faster payments that you can accept from your customers.
Our payment processing platform is designed for simplicity and ease-of-use.
SecureQB Cloud payment processing integration for QuickBooks ® give you the Best transaction detail information, real-time, with matching error-proof through QuickBooks.
Process with the Request Instant Payments Professionals
- Automation of Accounts Receivable Collection with Instant Settlement & Deposit
- Automation of Accounts Payable Payments with Instant Settlement & Deposit
- One-Time & Recurring Debits & Credits with Instant Settlement & Deposit
Each day, thousands of businesses around the country are turning their transactions into profit with instant payment solutions like ours.
Contact Us for Request Instant Payments payment processing
