Biller's login - Hosted Payments Page
Real-Time Payments Gateway


FedNow Instant Payments Solutions

What is FedNow Instant Payments Solutions

FedNow, Instant 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.

Choosing between FedNow Services and Real-Time Payments (RTP) for instant payments solutions depends on various factors such as the specific needs of your company, the features of each service, and your strategic goals. Here’s a comparison to help you make an informed decision:

FedNow Services

Overview:

  • Operated by: Federal Reserve
  • Launch: 2023
  • Availability: Available to all financial institutions in the United States
  • Speed: Real-time payments, typically within seconds
  • Operating Hours: 24/7/365
  • Settlement: Instant settlement with the Federal Reserve
  • Interoperability: Potential for wide interoperability due to Federal Reserve backing

Pros:

  • Backed by the Federal Reserve, ensuring stability and trust
  • Provides immediate access to funds for recipients
  • Supports a wide range of financial institutions, including smaller banks and credit unions
  • Comprehensive fraud detection and mitigation tools

Cons:

  • Newer service, which may mean fewer established integrations and partnerships compared to RTP
  • Adoption and usage rates may take time to ramp up

Real-Time Payments (RTP)

Overview:

  • Operated by: The Clearing House (TCH)
  • Launch: 2017
  • Availability: Available to financial institutions that are members of The Clearing House
  • Speed: Real-time payments, typically within seconds
  • Operating Hours: 24/7/365
  • Settlement: Immediate posting with deferred net settlement
  • Interoperability: Strong network of participating banks, with continued expansion

Pros:

  • Established system with a growing network of participating financial institutions
  • Offers additional features such as Request for Payment (RfP)
  • Proven track record with several years of operation
  • Comprehensive and robust security measures

Cons:

  • Primarily accessible to financial institutions that are members of The Clearing House
  • Deferred net settlement might be a consideration for some businesses

Key Considerations

  1. Network Reach and Accessibility:
    • FedNow may offer broader accessibility due to Federal Reserve backing.
    • RTP has a strong and growing network but is primarily limited to TCH member institutions.
  1. Integration and Implementation:
    • Evaluate how each solution integrates with your existing systems and processes.
    • Consider the time and resources required for implementation.
  1. Features and Functionality:
    • RTP offers additional functionalities like Request for Payment, which may be beneficial depending on your business needs.
    • FedNow’s fraud detection tools and potential for widespread adoption could be advantageous.
  1. Cost:
    • Compare the cost structures of both services, including transaction fees and implementation costs.
    • Consider long-term costs and potential savings from efficiencies.
  1. Future-proofing:
    • Assess which solution aligns better with your long-term strategic goals.
    • Consider the growth trajectory and planned enhancements for each service.

Recommendation

  • For Broad Accessibility and Federal Reserve Trust: FedNow Services might be preferable due to its backing by the Federal Reserve and wide accessibility.
  • For Established Network and Additional Features: RTP could be more suitable if you value an established network and additional functionalities like Request for Payment.

Conclusion

Both FedNow Services and RTP offer robust solutions for instant payments. The choice ultimately depends on your specific needs, existing relationships with financial institutions, and strategic priorities. It might also be worthwhile to consult with your financial partners to get insights tailored to your company's unique situation.

 

Creation Request for Payment Bank File

Text Mobile Request for Payment 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. Request for Payment

... 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.

Pricing with our Request For Payment Solutions

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 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 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 Instant 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 Request For Payment payment processing