FedNow & Real-Time
Payments
Solutions
Online integrated Origination, Sending, Receiving and Recordation of all Good Funds Transfers.
"All participants receive instant real-time electronic notifications. Use our online Payment Gateway interface or integrate your in-house system with our API"
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FedNow® Payables: Instant Real-Time Payments for Businesses
What is RTP® Real-Time Payments On-Demand?
RTP® (Real-Time Payments) by The Clearing House enables businesses to process supplier and payroll payments instantly. Combining RTP® with FedNow® offers full interoperability for instant B2B payments.
Benefits:
✅ Faster Settlements – RTP®
and FedNow® transactions process within seconds.
✅
Lower Transaction Costs – RTP® is cheaper than wire
transfers.
✅ No Bank Cut-Offs – Process
payments anytime, 24/7/365.
✅ Secure,
Final Transactions – Payments cannot be reversed,
reducing fraud risks.
Use Cases:
Intercompany Transfers –
Move funds instantly between business accounts.
Gig Economy Payments – Pay freelancers immediately upon
project completion.
Retail Supplier
Transactions – Automate on-demand inventory payments.
Benefits of FedNow® Instant Real-Time Payments for Business Payables
✅ 1. Instant, 24/7 Payment Processing
- Send and receive payments within seconds, including nights, weekends, and holidays.
- No waiting for bank processing hours or ACH batch settlements.
✅ 2. Improved Cash Flow & Liquidity Management
- Pay vendors just-in-time while keeping funds available longer.
- Instant payroll and contractor payments improve financial efficiency.
✅ 3. Lower Transaction Costs Compared to Wires & Credit Cards
- FedNow® is more cost-effective than wire transfers and ACH processing.
- Avoid expensive credit card interchange fees (2.5%–3.5%).
✅ 4. Secure, Final Transactions with No Chargebacks
- Payments are final and cannot be reversed, reducing fraud risks.
- Built-in compliance ensures safe and regulated transactions.
✅ 5. Seamless ERP & Accounting Integration
- Works with QuickBooks®, NetSuite, SAP, and other financial management platforms.
- Automated reconciliation eliminates manual payment tracking.
How FedNow® Payables Work
1️⃣ A business initiates a
FedNow® payment through their bank or accounting platform.
2️⃣ The payment is processed instantly, with funds
transferred in seconds.
3️⃣ The recipient’s
account is credited immediately with real-time access to funds.
4️⃣ The transaction is recorded automatically in
accounting software, ensuring instant reconciliation.
Unlike ACH (1–3 business days) or wire transfers (which require cut-off times and higher fees), FedNow® enables instant, secure, and cost-effective transactions anytime, anywhere.
Use Cases for FedNow® Payables
Vendor & Supplier Payments
– Settle invoices instantly to improve business relationships.
Payroll & Contractor Payments – Pay
employees and freelancers without processing delays.
Intercompany Transfers – Move funds
between business accounts in real time.
E-commerce & Retail Payments – Enable instant inventory
payments for order fulfillment.
Subscription & Recurring Billing – Automate scheduled
vendor payments with instant settlement.
FedNow® Payables vs. Traditional Payment Methods
|
Feature |
FedNow® Payables (Real-Time Payments) |
ACH Transfers |
Wire Transfers |
Credit Card Payments |
|
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 ($15–$50 per transfer) |
2.5%–3.5% + fees |
|
Settlement Finality |
Immediate & irreversible |
Can be reversed |
Final |
Can be disputed |
|
Best For |
B2B, payroll, supplier transactions, online payments |
Recurring batch payments |
Large, one-time international transactions |
Consumer transactions |
How to Get Started with FedNow® Payables
Check with Your Bank or
Payment Processor – Ensure that your financial institution
supports FedNow® transactions.
Set Up a
FedNow®-Enabled Business Account – Enable real-time
business payments for faster transactions.
Integrate FedNow® with Payment Systems – Use software like
QuickBooks®, NetSuite, SAP, and ERP solutions.
Educate Your Team & Vendors – Train employees and inform
suppliers about FedNow® for instant, secure transactions.
Upgrade to real-time payments with FedNow® Payables today! Contact us Below to enable instant transactions and optimize financial operations.
Creation Request for Payment Bank File
Enhance Your FedNow Payables Real-Time Payments 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
