Payments Request

What is Payments Request

Payments 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."

About Payments Request

US companies can use RfP (Request for Payment) FedNow Payments Request to send and receive payments in real-time. Here's how a US company can use RfP FedNow Payments Request:

Set up a FedNow account: To use RfP FedNow Payments Request, a US company must first set up a FedNow account with a participating bank.

Initiate a payment request: To initiate a payment request using RfP FedNow Payments Request, the US company would typically log into their FedNow account or use an API provided by their bank to create a payment request. The request would include details such as the amount to be paid, the recipient's information, and any other relevant details.

Submit the payment request: Once the payment request is created, the US company would submit it to the FedNow system using the appropriate API or interface provided by their bank.

Monitor the payment status: After submitting the payment request, the US company would typically monitor its status to ensure that the payment is processed correctly. This can be done through the FedNow account or using an API provided by their bank.

Receive payments: In addition to sending payments using RfP FedNow Payments Request, US companies can also receive payments in real-time. To do this, the company would need to provide their customers with a payment link that leads directly to the payment request form. Once the customer submits the payment request using FedNow, the US company should receive the funds quickly.

It's important to note that the specific steps and requirements for using RfP FedNow Payments Request may vary depending on the US company's specific situation and the agreements they have in place with their bank. It's important to work closely with their bank to ensure that they understand the process and any associated fees or 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."

Our Real-Time Payment Platform Hub

Process with the Payments Request Professionals