Account-to-Account payments
What is Account-to-Account payments
FedNow, Account-to-Account payments 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.
Leveraging Real-TimePayments.com for A2A real-time Account-to-Account payments in the context of recent open banking initiatives can significantly enhance how individuals and businesses manage their financial transactions. Here's a detailed look at how Real-TimePayments.com can facilitate these payments using the open banking framework:
Integration and Functionality
- API-Driven Connections: Real-TimePayments.com uses APIs to connect with banks under the open banking regulations. This allows for secure and direct access to bank account data with the consent of the account holder, enabling instant A2A transfers.
- Frictionless Payments: The platform simplifies the payment process by allowing users to make direct bank transfers to and from their accounts without needing to input extensive payment details repeatedly. This system is both user-friendly and reduces the chance of errors.
- Consent Management: Adhering to open banking standards, Real-TimePayments.com ensures that all transactions are conducted with explicit user consent, maintaining transparency and trust between all parties involved.
Benefits for Users and Businesses
- Instantaneous Transactions: Utilizing FedNow and RTP systems, Real-TimePayments.com can process transactions almost instantaneously, which is crucial for urgent payments, payroll processing, and settling invoices in real-time.
- Reduced Transaction Costs: Since A2A payments bypass traditional payment networks, the associated fees are typically lower, making it an economically advantageous option for high-volume transactions.
- Enhanced Security: The platform employs robust security measures in line with open banking guidelines to protect financial data and transaction details, providing a secure environment for conducting business.
- Integration with Financial Tools: Real-TimePayments.com can be integrated with existing financial management tools and software, including accounting platforms like QuickBooks, streamlining financial operations and reconciliation processes.
- 24/7 Payment Processing: The ability to process payments around the clock, even on weekends and holidays, ensures that businesses and individuals can manage their finances without delay.
Real-World Applications
- E-commerce: Retailers can receive payments directly from customers’ bank accounts at the point of sale, improving cash flow and reducing reliance on credit card processors.
- Gig Economy Payments: For gig and freelance workers, receiving payments via Real-TimePayments.com can mean immediate access to funds, which is essential for managing personal cash flow.
- B2B Supply Chain: Businesses can pay suppliers instantly, ensuring that operations run smoothly without the typical delay associated with traditional payment methods.
Using Real-TimePayments.com, integrated with FedNow and RTP under the open banking initiative, creates a streamlined, secure, and efficient payment environment that benefits all stakeholders involved in financial transactions. This approach not only simplifies the transaction process but also encourages financial innovation and enhances the overall financial experience for users.
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."
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 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 Account-to-Account payments 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
