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Real-Time Payments Gateway


FedNow Instant ACH

What is FedNow Instant ACH

FedNow, Instant ACH 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.

FedNow Real-Time Payments and ACH (Automated Clearing House) are distinct payment systems with different features and capabilities. Here's a detailed comparison of the two:

FedNow Real-Time Payments

Overview:

  • Developer: Federal Reserve
  • Launch Date: Expected to be fully operational by 2023
  • Operation: 24/7/365
  • Settlement Time: Immediate, typically within seconds

Key Features:

  1. Instant Payments:
    • Funds are transferred and made available immediately.
    • Supports urgent transactions where speed is critical.
  1. Availability:
    • Always available, including weekends and holidays.
    • Provides continuous access to funds.
  1. Payment Confirmation:
    • Immediate confirmation of payment completion for both payer and payee.
    • Reduces uncertainty and enhances transaction transparency.
  1. Transaction Types:
    • Suitable for a variety of payments including retail, P2P (person-to-person), bill payments, and business-to-business transactions.
  1. Interoperability:
    • Designed to work seamlessly with other real-time payment networks.

ACH (Automated Clearing House)

Overview:

  • Developer: NACHA (National Automated Clearing House Association) governs the ACH network.
  • Operation: Generally operates Monday to Friday, excluding holidays.
  • Settlement Time: Typically 1-2 business days for standard ACH; same-day ACH settles within the same business day but with cutoff times.

Key Features:

  1. Batch Processing:
    • Transactions are processed in batches at specific intervals during the day.
    • Suitable for bulk payments such as payroll, vendor payments, and direct debits.
  1. Cost-Effective:
    • Generally lower processing fees compared to wire transfers and card transactions.
    • Ideal for large volumes of transactions.
  1. Scheduled Payments:
    • Allows for pre-scheduled and recurring payments.
    • Useful for regular, predictable transactions like salaries, rent, and subscriptions.
  1. Settlement Times:
    • Standard ACH transactions typically settle within 1-2 business days.
    • Same-day ACH offers faster processing but within specific time frames.
  1. Fraud Prevention:
    • ACH transactions often have more time to be reviewed and reversed if necessary, providing an additional layer of security against fraud.

Comparison of FedNow and ACH

Feature

FedNow Real-Time Payments

ACH (Automated Clearing House)

Settlement Speed

Instant (seconds)

1-2 business days (Standard), Same-day ACH

Availability

24/7/365

Weekdays, excluding holidays

Payment Confirmation

Immediate

Delayed

Transaction Types

Immediate retail, P2P, bill, business payments

Bulk payments, payroll, vendor payments

Cost

Potentially higher for immediate settlement

Lower cost, especially for bulk transactions

Batch Processing

No

Yes

Scheduling

Not typically designed for scheduled payments

Supports scheduled and recurring payments

Fraud Protection

Immediate confirmation limits reversal time

More time for review and potential reversal

Choosing Between FedNow and ACH

  • Urgency: Use FedNow for transactions requiring immediate settlement.
  • Volume and Cost: Use ACH for large volumes of transactions where cost efficiency is important.
  • Availability: FedNow offers continuous availability, whereas ACH operates on business days.
  • Recurring Payments: ACH is better suited for recurring, scheduled payments.

Both FedNow and ACH offer valuable services tailored to different needs. By understanding the distinct features of each, businesses and individuals can choose the best payment method for their specific requirements.

 

Creation Request for Payment Bank File

Text Mobile Request for Payment 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.

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 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 Instant ACH 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