Real-Time Push Payment
What is Real-Time Push Payment
The speed of business today requires instant,
accurate, and flexible payment processing. Waiting on traditional
bank transfers or batch settlements can put your business behind.
That’s where Real-Time Push Payments come in—delivering funds
directly and instantly.
At
TodayPayments.com, we help businesses send and receive
real-time payments through both the RTP® (Real-Time Payments)
Network and The FedNow® Service. Whether you’re managing
multiple branches, divisions, or subsidiaries across the U.S., we
provide the infrastructure to get your funds where they need to
be—instantly.
How a real-time push payment from a payer to a payee can be executed using either FedNow or RTP (Real-Time Payments):
- Scenario Overview:
- Payer: The entity or individual initiating the payment.
- Payee: The entity or individual receiving the payment.
- Payment Amount: The amount to be transferred from the payer to the payee.
- Real-Time Payment Network: Either FedNow or RTP, which facilitate instant fund transfers between financial institutions.
- Initiation:
- The payer initiates the payment through their financial institution's online banking portal, mobile app, or another interface.
- They specify the payee's information, including their account details (such as account number and routing information) and the payment amount.
- Validation and Authorization:
- The payer's financial institution validates the payment request, ensuring there are sufficient funds and that it meets any relevant security checks.
- Once validated, the payer's financial institution authorizes the payment to proceed.
- Transmission:
- For FedNow:
- The payment instruction is transmitted in real-time through the FedNow Service, which operates 24/7/365.
- The payer's financial institution communicates directly with the payee's financial institution via the FedNow network.
- The payment message includes information about the payer, payee, and transaction details.
- For RTP:
- The payment instruction is transmitted through the RTP network, also operating 24/7/365.
- The payer's financial institution sends the payment message to the RTP network, which then routes it to the payee's financial institution.
- The payment message contains standardized ISO 20022 data elements, ensuring interoperability and rich information exchange.
- Clearing and Settlement:
- Upon receiving the payment message, the payee's financial institution verifies the transaction details.
- Funds are immediately credited to the payee's account, reflecting the real-time nature of the transaction.
- Simultaneously, the payer's financial institution debits the payer's account for the payment amount.
- The transaction is settled between the financial institutions participating in the real-time payment network.
- Notification:
- Both the payer and the payee receive real-time notifications confirming the successful execution of the payment.
- The payer sees the deduction from their account balance, while the payee sees the addition of funds to their account.
- Completion:
- The payment process is completed instantaneously, with funds transferred from the payer to the payee in real-time.
- Both parties can immediately access and use the transferred funds for their intended purposes.
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 ~ FedNow, $10,000,000 ~ RTP.
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 Push Payment 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
