Real-Time Bill Pay
What is Real-Time Bill Pay
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 Bill Pay 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.
Payers can now utilize FedNow and Real-Time Payments (RTP) for on-time, real-time bill payments, offering several advantages:
Advantages of Using FedNow and Real-Time Payments for Bill Pay
- Immediate Processing:
- Instant Payments: FedNow and RTP enable payments to be processed and settled almost instantly, ensuring that bills are paid on time without delays.
- 24/7 Availability: Unlike traditional banking systems, which often operate only during business hours, FedNow and RTP services are available 24/7, including weekends and holidays.
- Enhanced Cash Flow Management:
- Real-Time Balances: Payers can manage their cash flow more effectively by knowing their real-time account balances after making payments.
- Reduced Float: The immediate deduction of funds reduces the float time (the time between when a payment is initiated and when it is cleared), helping payers to have a more accurate view of their available funds.
- Improved Payment Tracking:
- Instant Confirmation: Payers receive immediate confirmation of payment receipt, eliminating uncertainty about whether payments have been processed.
- Enhanced Visibility: Detailed transaction tracking and records help in monitoring payments and maintaining accurate financial records.
- Reduced Late Fees and Penalties:
- On-Time Payments: The ability to make last-minute payments ensures that payers can avoid late fees and penalties associated with delayed payments.
- Reliability: The reliability of instant payment systems reduces the risk of late payments due to banking delays or processing times.
- Increased Security:
- Secure Transactions: FedNow and RTP utilize advanced security measures to protect against fraud and unauthorized transactions.
- Authentication: Enhanced authentication processes ensure that payments are securely processed and delivered to the correct recipient.
- Convenience:
- Ease of Use: Users can initiate payments from their mobile devices or computers at any time, providing convenience and flexibility.
- Automation: Payers can set up recurring payments for regular bills, ensuring that they are automatically paid on time.
- Cost Savings:
- Reduced Transaction Fees: Real-time payment systems can often be more cost-effective than traditional methods, reducing the fees associated with wire transfers or expedited payments.
- Efficiency Gains: The efficiency of real-time payments reduces the administrative burden on payers and payees, saving time and resources.
Use Cases for FedNow and Real-Time Payments
- Utility Bills:
- Payers can ensure that their electricity, water, gas, and other utility bills are paid on time to avoid service interruptions.
- Loan Payments:
- Timely loan repayments can help maintain good credit scores and avoid late payment penalties.
- Rent Payments:
- Instant rent payments ensure that landlords receive funds on time, fostering positive tenant-landlord relationships.
- Insurance Premiums:
- Making on-time insurance premium payments ensures continuous coverage and avoids policy lapses.
- Credit Card Bills:
- Real-time payments help avoid interest charges and late fees by ensuring credit card bills are paid by the due date.
Utilizing FedNow and Real-Time Payments for bill payments provides significant advantages in terms of speed, security, and efficiency, making it a valuable tool for managing financial obligations effectively.
Features & Benefits
FedNow instant payments has benefits for all parties involved in
Financial Transactions.
Benefits to your company include:
Money Transfer: Current limit of $1,000,000.
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 Bill Pay 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