Real-Time Payments Solutions
What is Real-Time Payments Solutions
Real-Time Payments is an exciting new service brought about by the Faster Payments Initiative of the FedNow ™ US Federal Reserve providing payments that are instant, final and secure. FedNow, Real-Time Payments Solutions and Real-Time instant payments, are defined simply as: Irrevocably collected funds in a bank account and usable immediately by the owner of the account. Our "Good Funds" payment gateway allows for instant real-time digital payments that are immediate, irrevocable, intra-bank and/or interbank account-to-account (A2A) transfers that utilize a real-time and text messaging system connected to every transaction participant through all U.S.-based financial institutions.
RTP (Real-Time Payments) and FedNow are the primary Real-Time Payment solutions in the U.S., designed to facilitate instant payments for billers and merchants. Here's an overview of both:
RTP (Real-Time Payments) by The Clearing House (TCH)
Overview:
- RTP is a real-time payment system developed by The Clearing House.
- It allows for immediate clearing and settlement of transactions, ensuring funds are available to the recipient instantly.
Key Features:
- 24/7/365 Availability: Always-on system for instant transactions.
- Immediate Settlement: Funds are transferred and settled instantly.
- Enhanced Messaging: Supports ISO 20022 messaging standard for detailed payment information.
- Security: Robust security protocols to ensure safe transactions.
- Request for Payment (RfP): Enables billers to send payment requests to customers, facilitating prompt payments.
Benefits for Billers and Merchants:
- Improved Cash Flow: Instant access to funds enhances cash flow management.
- Customer Satisfaction: Faster payment processing improves customer experience.
- Reduced Costs: Lower transaction fees compared to traditional payment methods.
- Operational Efficiency: Streamlined payment processes reduce administrative burden.
FedNow by the Federal Reserve
Overview:
- FedNow is a real-time payment service developed by the Federal Reserve.
- It aims to provide nationwide reach for instant payments, enabling financial institutions to offer faster payment services.
Key Features:
- 24/7/365 Availability: Supports real-time payments at any time.
- Immediate Settlement: Instantaneous transfer and settlement of funds.
- Broad Accessibility: Designed to be accessible to all U.S. financial institutions.
- Interoperability: Ensures compatibility with existing payment systems and standards.
- Request for Payment (RfP): Allows for the sending of payment requests to customers.
Benefits for Billers and Merchants:
- Speed: Instant fund availability improves liquidity and cash management.
- Customer Convenience: Enhances the payment experience with faster processing.
- Cost Efficiency: Potentially lower transaction fees and operational costs.
- Security: Advanced security measures protect against fraud and ensure secure transactions.
- Innovation: Enables new payment services and business models, such as on-demand pay and just-in-time payments.
Implementing RTP and FedNow for Billers and Merchants
- Choose a Solution Provider: Select a provider that supports both RTP and FedNow, such as SecureQBPlugin.com, TodayPayments.com, or Real-TimePayments.com.
- Integration: Ensure seamless integration with accounting systems like QuickBooks Online (QBO) and QuickBooks Enterprise to automate transaction recording and reconciliation.
- Configure Payment Options: Set up various payment methods, including instant payments, recurring payments, and on-demand payments.
- Security Measures: Implement necessary security protocols to protect transaction data.
- Training and Support: Provide comprehensive training to staff on using real-time payment systems and ensure ongoing support for any technical issues.
By adopting RTP and FedNow, billers and merchants can significantly enhance their payment processing capabilities, leading to improved operational efficiency, better cash flow management, and increased customer satisfaction.
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 Final: All RTP and Instant Payments are Final & Irrevocable.
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.
Software Integration: Integrate your A/R & A/P 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."
Creation Request for Payment Bank File
Call us, the .csv and or .xml FedNow or Request for Payment (RfP) file you need while on your 1st phone call! We guarantee our reports work to your Bank and Credit Union. We were years ahead of competitors recognizing the benefits of RequestForPayment.com. We are not a Bank. Our function as a role as an "Accounting System" in Open Banking with Real-Time Payments to work with Billers to create the Request for Payment to upload the Biller's Bank online platform. U.S. Companies need help to learn the RfP message delivering their bank. Today Payments' ISO 20022 Payment Initiation (PAIN .013) shows how to implement Create Real-Time Payments Request for Payment File up front delivering a message from the Creditor (Payee) to it's bank. Most banks (FIs) will deliver the message Import and Batch files for their company depositors for both FedNow and Real-Time Payments (RtP). Once uploaded correctly, the Creditor's (Payee's) bank continues through a "Payment Hub", will be the RtP Hub will be The Clearing House, with messaging to the Debtor's (Payer's) bank.
... easily create Real-Time Payments RfP files. No risk. Test with your bank and delete "test" files before APPROVAL on your Bank's Online Payments Platform.
Today Payments is a leader in the evolution of immediate payments. We were years ahead of competitors recognizing the benefits of Same-Day ACH
and Real-Time Payments funding. Our business clients receive faster
availability of funds on deposited items and instant notification of
items presented for deposit all based on real-time activity.
Dedicated to providing superior customer service and
industry-leading technology.
1) Free ISO 20022 Request for Payment File Formats, for FedNow and Real-Time Payments (The Clearing House) .pdf for you manually create "Mandatory" (Mandatory .csv or .xml data for completed ISO 20022 file) fields, start at page 4, with "yellow" highlighting. $0.0 + No Support
2) We create .csv or .xml formatting files using your Bank or Credit Union. Using your invoice information database to create an existing Accounts Receivable file, we CLEAN, FORMAT to FEDNOW or Real-Time Payments into CSV or XML. Create Multiple Templates. You can upload or "key data" into our software for File Creation of "Mandatory" general file. Use either the Routing Number and Account Number for your Customers or use "Alias" name via Mobile Cell Phone and / or Email address.
Fees = $57 monthly, including Activation, Support Fees and Batch Fee, Monthly Fee, User Fee. We add your URI for each separate Payer transaction for additional Payment Methods on "Hosted Payment Page" (Request for file with an HTML link per transaction to "Hosted Payment Page" with ancillary payment methods of FedNow, RTP, ACH, Cards and many more!) + $.03 per Transaction + 1% percentage on gross dollar file,
3) Add integrating QuickBooks Online "QBO" using FedNow Real-time Payment using our Real-Time Payments Solutions system.
Fees Above 2) plus $29 monthly additional QuickBooks Online "QBO" formatting, and "Hosted Payment Page" and WYSIWYG
4) Above 3) plus Create "Total" (over 600 Mandatory, Conditional & Optional fields of all ISO 20022 Pain .013) Price on quote.
Each day, thousands of businesses around the country are turning their transactions into profit with real-time payment solutions like ours.
Contact Us for Real-time Payments processing
