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Virtual Credit Cards for FedNow® Payables
What is Virtual Credit Cards for FedNow® Payables
Virtual credit cards (VCCs) allow businesses to make secure, controlled payments without exposing sensitive banking details. With FedNow® integration, payments via VCCs become even faster and more reliable.
Benefits:
✅ Improved Security –
Single-use virtual cards prevent fraud and unauthorized access.
✅ Enhanced Payment Control – Set spending limits
and expiration dates per transaction.
✅ Instant
Vendor Payments – FedNow® enables real-time VCC funding
for immediate use.
✅ Cash Back & Rewards –
Some VCCs offer rebates and discounts on payments.
Use Cases:
Vendor Payments – Issue
one-time-use VCCs for secure transactions.
Employee Expense Management – Set up virtual cards for
travel, office supplies, and on-demand expenses.
Subscription & SaaS Payments – Control recurring expenses
with dedicated virtual cards.
FedNow® Payables & Virtual Credit Cards: The Future of Instant Business Payments
FedNow® Payables is a real-time payment system that enables businesses to send and settle payments instantly, 24/7/365, ensuring better cash flow management and reducing delays associated with traditional payment methods like ACH, wire transfers, and checks.
Virtual Credit Cards (VCCs) are single-use or multi-use digital payment cards that provide businesses with enhanced security, spend control, and automated reconciliation. By integrating FedNow® with Virtual Credit Cards, businesses can instantly fund VCCs in real-time, eliminating payment delays and optimizing accounts payable workflows.
Benefits of FedNow® Payables & Virtual Credit Cards
✅ 1. Instant Funding & Real-Time Transactions
- FedNow® enables immediate VCC funding, ensuring instant vendor payments.
- No waiting for ACH settlements or wire transfer processing times.
✅ 2. Improved Security & Fraud Prevention
- Virtual Credit Cards (VCCs) reduce exposure to fraud since each transaction can be limited in amount, expiration date, and vendor use.
- Tokenized transactions ensure safe payments without exposing bank account details.
✅ 3. Automated Payables & Reconciliation
- VCCs automatically integrate with ERP and accounting systems like QuickBooks®, NetSuite, SAP for seamless financial tracking.
- FedNow® ensures immediate settlement, eliminating reconciliation delays.
✅ 4. Lower Costs Compared to Wire Transfers & ACH
- FedNow® transactions cost less than traditional wire transfers.
- VCCs eliminate check processing fees and reduce fraud-related expenses.
✅ 5. Cash Flow Optimization & Payment Control
- Fund Virtual Credit Cards on demand with FedNow®—only when needed.
- Set spend limits per transaction or vendor, improving budget control.
How FedNow® Payables & Virtual Credit Cards Work
1️⃣ A business initiates a
FedNow® transfer to fund a Virtual Credit Card (VCC).
2️⃣
The VCC is issued instantly with a predefined spending limit.
3️⃣ The vendor processes the payment using the
VCC, ensuring a secure transaction.
4️⃣ The
payment is automatically reconciled in the business’s accounting
system.
This eliminates the risk of lost checks, delayed payments, and unauthorized transactions, making it a secure and efficient alternative to legacy payables systems.
Use Cases for FedNow® Payables & Virtual Credit Cards
Vendor & Supplier Payments
– Issue secure, instant payments without exposing bank details.
Employee & Contractor Payments – Provide
pre-approved virtual cards for expense management.
E-commerce & Subscription Services – Automate vendor
transactions with real-time VCC funding.
Corporate Travel & Expense Management – Issue
one-time-use virtual cards to employees for business travel
expenses.
Recurring & Scheduled Payments
– Control recurring expenses and vendor subscriptions with VCCs
backed by FedNow®.
FedNow® Payables vs. Traditional Payment Methods
|
Feature |
FedNow® Payables & Virtual Credit Cards |
ACH Transfers |
Wire Transfers |
Traditional Credit Cards |
|
Speed |
Instant (seconds) |
1–3 business days |
Same-day (cutoff restrictions) |
1–3 business days |
|
Availability |
24/7/365 |
Business hours only |
Business hours only |
Business hours only |
|
Transaction Fees |
Lower than wires & credit cards |
Low, but slower |
High |
2.5%–3.5% + fees |
|
Security & Fraud Protection |
High (tokenized transactions, limited use) |
Moderate (account details exposed in ACH files) |
Moderate (manual verification required) |
Lower (card details can be stolen) |
|
Best For |
B2B, vendor payments, expense management, recurring transactions |
Recurring batch payments |
Large, one-time international transactions |
Consumer transactions |
How to Get Started with FedNow® Payables & Virtual Credit Cards
Check with Your Bank,
Today Payments or
Payment Provider – Ensure your financial institution
supports FedNow® transactions and Virtual Credit Cards.
Choose a Virtual Card Provider – Platforms
like American Express, Visa, MasterCard, Brex, Divvy, and
Airbase offer VCCs.
Integrate with
Accounting & ERP Software – Sync payments with QuickBooks®,
NetSuite, SAP, or Oracle.
Set Up
Real-Time Funding – Enable FedNow® to instantly load
Virtual Credit Cards when needed.
Train
Your Finance Team – Educate employees on best practices for
real-time virtual payments.
Upgrade your business payables with FedNow® & Virtual Credit Cards today! Contact your bank to enable real-time transactions and secure digital payments.
Creation Request for Payment Bank File
Enhance Your FedNow Payables using Credit Cards 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 140-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.
Call us today and receive the .csv or .xml FedNow® or Request for Payment (RfP) file you need—all during your very first phone call! We guarantee that our comprehensive reports integrate flawlessly with your bank or credit union. As pioneers in recognizing the benefits of RequestForPayment.com, we have stayed years ahead of our competitors. Although we are not a bank, our role as an "Accounting System" within the Open Banking ecosystem enables us to work with billers to create effective RfP files that seamlessly upload to the biller's online banking platform. U.S. companies rely on our expertise to learn how to deliver the RfP message directly to their bank with precision.
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.
... 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.
Contact Us for Request For Payment payment processing
