Real-Time Payments at the speed of life ™ ~
Requests To Payments
What is Requests To Payments
Requests To 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 (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."
Real-TimePayments.com is a platform dedicated to facilitating real-time payments, offering a range of features and services tailored to meet the needs of both payers and payees. Real-TimePayments.com offer functionality for Requests To Payments (RTP) on a recurring basis for payees. Here's a hypothetical scenario of how such a feature might work on the platform:
1. User Account Setup: Payees create an account on Real-TimePayments.com and provide necessary information, including banking details and payment preferences.
2. Recurring Payment Setup: Within their account settings, payees have the option to set up recurring payment requests. They specify details such as payment frequency, amount, and duration.
3. Authorization and Confirmation: Payees authorize Real-TimePayments.com to initiate recurring payments on their behalf. Upon confirmation, the platform securely stores these authorization preferences.
4. Automated Processing: Real-TimePayments.com automatically processes recurring payments according to the predefined schedule. Each payment is initiated in real-time, ensuring immediate funds availability for payees.
5. Notification and Reporting: Payees receive instant notifications whenever a recurring payment is initiated and when funds are successfully deposited into their account. They can also access comprehensive reporting features to track payment history and reconcile transactions.
6. Flexibility and Management: Payees have the flexibility to modify or cancel recurring payment requests at any time through their account dashboard. They can adjust payment amounts, frequencies, or stop recurring payments altogether as needed.
7. Security and Compliance: Real-TimePayments.com employs robust security measures to protect sensitive payment data and prevent unauthorized access. The platform also adheres to industry regulations and compliance standards to ensure a secure and trustworthy payment environment.
By offering Requests To Payments for payees on a recurring basis, Real-TimePayments.com enhances the efficiency, convenience, and control of financial transactions, ultimately empowering users to manage their cash flow more effectively.
About Requests To Payments
The Federal Reserve has established the FedNow Service, which is a real-time payments infrastructure in the United States that enables financial institutions to provide their customers with the ability to send and receive payments 24 hours a day, 7 days a week, and 365 days a year. Within the FedNow Service, Request for Payment (RfP) is a feature that allows payees (those who are owed payments) to request funds from payers (those who owe payments) using a variety of different channels, including mobile, web, and email.
As for the use of alias monikers within RfP FedNow Requests to Payments, the FedNow Service does provide a directory service that allows financial institutions to assign unique, easy-to-remember aliases to customer bank accounts. These aliases can be used by payees to request payments from payers, making the process more convenient and secure.
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
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 Requests To Payments 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 Requests To Payments payment processing
