Real-Time Request
What is Real-Time Request
Real-Time Request is an exciting new service brought about by the Faster Payments Initiative of the FedNow ™ US Federal Reserve providing payments that are instant, final (irrevocable - "good funds") and secure.
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 messaging system connected to every transaction participant through all U.S.-based financial institutions. Funds are available for use by the receiver and real-time confirmation is provided to both you ("the sender") and receiver in seconds. Most Good Funds transactions are "Credit Push" versus "Debit Pull."
In the U.S., Real-Time Payments (RTP) and FedNow are used for digital e-invoicing and real-time request payments. Here are some key points about each system:
Real-Time Payments (RTP)
- Provider: The Clearing House (TCH).
- Features:
- Instant Payments: RTP facilitates instant payments, typically within seconds.
- Request for Payment (RfP): Enables businesses to send digital invoices and receive payments in real-time.
- 24/7 Availability: The RTP network operates 24/7, 365 days a year.
- Settlement: Immediate clearing and settlement of funds.
- Data-rich Transactions: RTP supports extensive data, allowing detailed remittance information to accompany the transaction.
FedNow Service
- Provider: Federal Reserve.
- Features:
- Instant Payments: Similar to RTP, FedNow provides instant payment capabilities.
- Request for Payment (RfP): Supports digital invoicing and real-time payment requests.
- 24/7 Availability: FedNow operates continuously without any interruptions.
- Settlement: Real-time gross settlement (RTGS) of funds between financial institutions.
- Scalability: Designed to handle large volumes of transactions efficiently.
Benefits of Using RTP & FedNow for Digital E-Invoicing
- Efficiency: Reduces the time and effort involved in traditional invoicing and payment processes.
- Cash Flow Management: Improves cash flow with faster payment receipt.
- Reduced Fraud: Enhanced security measures reduce the risk of fraud compared to paper checks.
- Customer Satisfaction: Provides convenience and speed for customers, enhancing their payment experience.
- Integration: Can be integrated with accounting systems like QuickBooks Online (QBO) for seamless financial management.
Integration with QuickBooks Online (QBO)
- Automated Invoicing: Generate and send digital invoices directly from QBO.
- Payment Tracking: Track payment status in real-time.
- Reconciliation: Automate reconciliation of payments, reducing manual work and errors.
- Real-Time Accounting: Reflects payments in real-time within QBO, ensuring up-to-date financial records.
By leveraging RTP and FedNow for digital e-invoicing, businesses can streamline their payment processes, enhance cash flow, and improve overall efficiency in financial management.
About Real-Time Request
RfP (Request for Payment) FedNow Real-Time Request is a service offered by the Federal Reserve that allows businesses and individuals to request and receive payments in real-time. This service is enabled by the FedNow Service, which is a new 24/7 real-time gross settlement (RTGS) service that was launched in 2021.
With RfP FedNow Real-Time Requests, businesses and individuals can create a payment request that includes details such as the amount due, the due date, and other relevant information. The recipient can then review the request and approve it, initiating a real-time payment that is processed through FedNow.
This service is designed to provide an alternative to traditional payment methods that can take days to process and settle. With RfP FedNow Real-Time Requests, payments can be settled in seconds, providing faster access to funds and improved cash flow.
It's important to note that RfP FedNow Real-Time Requests are only available through participating banks and financial institutions that are connected to the FedNow Service. Additionally, there may be fees associated with using this service, so it's important to work closely with your bank to understand the costs and requirements.
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."
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 Gateway 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 Real-Time Request Professionals
- Automation of Accounts Receivable Collection with Real-Time Settlement & Deposit
- Automation of Accounts Payable Payments with Real-Time Settlement & Deposit
- One-Time & Recurring Real-Time Credits with Settlement & Deposit
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 Request payment processing
