Real-Time Payments Gateway


Real-Time Payments (RTP®) and FedNow® Instant Payments: The Future of Fast and Secure Transactions


What are Real-time Payments?

Real-time payments (RTP®) and FedNow® instant payments are electronic transactions that allow individuals, businesses, and financial institutions to send and receive money instantly, 24/7, 365 days a year. Unlike traditional bank transfers, which can take hours or even days to process, RTP® and FedNow® instant payments provide immediate settlement, reducing delays and improving cash flow efficiency.

 

Benefits of Real-Time Payments (RTP®) and FedNow® Instant Payments

1. Speed and Efficiency
  • Transactions are processed in seconds, enabling quick access to funds.

  • Eliminates the need for batch processing or waiting for business hours.

2. Enhanced Security
  • Utilizes advanced encryption and fraud detection mechanisms.

  • Reduces the risks associated with check fraud or delayed payments.

3. 24/7 Availability
  • Unlike traditional bank transfers, RTP® and FedNow® instant payments operate every day of the year, including weekends and holidays.

4. Improved Cash Flow Management
  • Businesses can better manage their financial operations with instant payment settlements.

  • Reduces dependency on credit lines for liquidity management.

5. Better Customer Experience
  • Consumers and businesses benefit from faster transactions, leading to enhanced satisfaction and trust.

How Real-Time Payments (RTP®) and FedNow® Instant Payments Work

RTP® and FedNow® instant payments rely on a robust financial infrastructure that connects banks, payment networks, and digital platforms. Here’s how a typical transaction works:

  1. Initiation: The sender submits a payment request via a mobile banking app, online portal, or payment gateway.

  2. Validation & Security Checks: The payment system verifies the sender’s details, ensures sufficient funds, and checks for fraud risks.

  3. Transaction Processing: The payment is instantly transferred to the recipient’s bank account.

  4. Immediate Confirmation: Both the sender and recipient receive instant notifications confirming the transaction.

Industries Benefiting from Real-Time Payments (RTP®) and FedNow® Instant Payments

ALL US Companies!

Below are current displaying Industries....

  • Retail and E-commerce
  • Retailers can improve checkout experiences and reduce cart abandonment with instant payment options.
  • Healthcare
  • Healthcare providers can facilitate faster insurance reimbursements and patient payments, improving operational efficiency.
  • Gig Economy and Payroll
  • Freelancers and gig workers benefit from immediate wage payments, eliminating payroll delays.
  • B2B Transactions
  • Businesses can optimize supplier payments, enhancing supply chain efficiency and vendor relationships.

The Future of Real-Time Payments (RTP®) and FedNow® Instant Payments

The adoption of RTP® and FedNow® instant payments is rapidly increasing worldwide. Governments and financial institutions are continuously innovating payment systems to support faster and more secure transactions. Emerging technologies such as blockchain and AI-driven fraud detection will further enhance the efficiency and security of RTP® and FedNow® networks.

Features & Benefits

FedNow instant payments has benefits for all parties involved in Financial Transactions.
Benefits to your company include:
Text Mobile Request for Real-Time Payment Money Transfer: Current limit of $10,000,000.
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. ~ Call us now for all the Benefits: Pay FedNow, RTP, ACH, Credit Cards .html links!!
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."

How to Import Real-Time Payments Request for Payment File to Bank, Credit Union, Financial Institution

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.

Importing a Real-Time Payments (RTP) Request for Payment (RfP) file to a bank, credit union, or financial institution involves several key steps and considerations to ensure the process is secure, compliant with regulations, and efficient. Here’s an outline of how you might go about this process:

Steps for Importing RTP Request for Payment File:

  1. File Format and Structure:
    • RTP RfP files typically follow the ISO 20022 XML format, which is the international standard for electronic data interchange between financial institutions.
    • Confirm the specific format required by the bank, credit union, or financial institution, which may differ slightly in structure or required fields based on their payment system configurations.
  2. Access to the Bank’s RTP System:
    • Ensure that the institution has RTP capabilities integrated with The Clearing House or a similar RTP network.
    • The financial institution must provide access to its RTP gateway or API. This could be a web portal, a secure file transfer protocol (SFTP) server, or direct API access for programmatic uploads.
  3. Authentication and Security:
    • Establish secure authentication protocols, such as OAuth, mutual TLS (mTLS), or other forms of cryptographic authentication.
    • Make sure that the RfP files are encrypted during transit, typically using Secure File Transfer Protocol (SFTP) or API encryption standards like HTTPS or AES.
    • Implement security controls such as tokenization or digital signatures to ensure the integrity of the RfP data.
  4. Data Validation:
    • Validate that the RTP RfP file adheres to the bank’s schema, such as correct formats for dates, currencies, payer/payee details, and transaction identifiers.
    • Run compliance checks to ensure the RfP file meets legal requirements (e.g., KYC, AML) for the financial institution and RTP network.
    • Some institutions may require the files to undergo further validation before processing, such as fraud checks or additional approval workflows.
  5. File Import Process:
    • SFTP Transfer:
      • If using SFTP, you would need to place the file into the designated folder provided by the bank or credit union.
      • The institution will likely have a monitoring system in place to detect new RfP files and process them automatically.
    • API Upload:
      • If the institution provides API access, you would typically send the RTP RfP file as part of an HTTP POST request, along with authentication tokens and any other required headers.
    • Batch Uploads:
      • Some institutions may allow for batch processing of multiple RfP files, which involves uploading a compressed or consolidated file containing multiple requests.
  6. Confirmation and Acknowledgement:
    • Once the file is imported successfully, the institution should send an acknowledgment, confirming receipt and validation of the RfP.
    • RTP systems often provide status updates, such as "Received," "Accepted," or "Rejected." These updates can be accessed via the institution’s portal or API.
  7. Reconciliation and Tracking:
    • Reconciliation involves tracking the status of each RfP through its lifecycle, from the initial submission to payment completion.
    • Ensure the financial institution provides detailed reporting tools or API endpoints to track the success or failure of requests.
  8. Error Handling and Retries:
    • Have systems in place for error handling in case an RfP file is rejected due to validation failures or format issues. Errors will typically come with response codes that can be interpreted to resolve issues.
    • Implement automatic retries for transient errors, like network timeouts or server unavailability.

Best Practices:

  • Compliance with Standards: Ensure that your system complies with all ISO 20022 standards and RTP network rules for creating and importing RfP files.
  • Automation: If possible, automate the process using APIs to avoid manual file uploads and minimize errors.
  • Monitoring and Alerts: Set up real-time monitoring and alerting systems to be notified of any issues during the import process, such as failures or validation errors.
  • Testing Environment: Most banks and financial institutions provide a sandbox or testing environment where you can test the import of RfP files before going live.

By following these steps and best practices, you can streamline the process of importing RTP Request for Payment files into a bank, credit union, or financial institution.

Creation Request for Payment Bank File

Enhance Your FedNow Billing Payment Requests with FedNow’s ISO 20022 Messaging

Streamline Payments with Advanced Request for Payment Options:

Harness the power of FedNow's Request for Payment system to transform how you manage invoices and remittances. Our platform supports diverse data integration options, allowing payees to incorporate detailed invoice data directly within the RfP message or link to a comprehensive Merchant Page.

Flexible Invoice Details with ISO 20022 Messaging:

Leverage the flexibility of ISO 20022 messaging standards in our RfP system. You can choose to display crucial payment details directly in the message with a concise 145-character description, or through a dynamic "Hyper-Link" leading to a detailed Merchant Page. This Merchant Page can be hosted either on your website or TodayPayments.com/HostedPaymentPage.html through our seamless integration solution.

Customizable Merchant Pages for Enhanced Customer Experience:

Create a Merchant Page that not only details all the MIDs you own but also presents these options attractively to your customers through the RfP. This customization ensures that whether your payer opts for Real-Time Payment, Same-Day ACH, or Card transactions, they can easily navigate and complete their payments through a simple click on the hyperlink provided on your Merchant Page.


Our advanced solution, Today Payments' ISO 20022 Payment Initiation (PAIN.013), demonstrates how to create a Real-Time Payments Request for Payment file that sends a clear message from the creditor (payee) to its bank. Most financial institutions support the import of messaging and batch files for both FedNow® and Real-Time Payments (RtP), ensuring smooth processing. Once the file is correctly uploaded, the creditor’s bank processes the payment through a secure "Payment Hub"—with The Clearing House serving as the RtP Hub—and relays the message to the debtor's (payer's) bank. This streamlined approach not only accelerates transaction processing but also enhances transparency and reliability for all parties involved.

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.

Conclusion

Real-time payments (RTP®) and FedNow® instant payments are revolutionizing the financial landscape by providing speed, security, and convenience. Whether for individuals, businesses, or financial institutions, RTP® and FedNow® offer unparalleled advantages, making them the preferred choice for modern transactions. As adoption grows, RTP® and FedNow® instant payments will continue to reshape the way money moves globally.



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 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 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 Real-time Payments processing