Send Instant Payment
How to use Send Instant Payment
Send Instant Payment 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, B2B, B2C and C2B account-to-account (A2A) transfers that utilize a real-time messaging system connected to every transaction participant through all U.S.-based financial institutions.
Attributes of Send Instant Payment for your business using instant payments
To send a "Request for Payment" (RfP)
and a mobile real-time FedNow instant payment, here's a detailed
guide. FedNow is a service provided by the Federal Reserve to
enable real-time payments in the United States.
Step 1: Understand FedNow and RfP
- FedNow: A
real-time payment service by the Federal Reserve that allows
financial institutions to facilitate instant payments for
their customers.
- Request for Payment (RfP):
A structured message requesting payment from a payer to a
payee, typically including details such as the amount, due
date, and payment instructions.
Step 2: Ensure Compliance and
Integration
Ensure that your financial institution
supports FedNow and has the necessary integration in place to
handle RfPs and instant payments.
Step 3: Create the RfP Message
Prepare the Request for Payment
message. It typically includes:
- Payee details (name, account
information)
- Payer details (name, account
information)
- Amount due
- Due date
- Payment instructions
- Additional reference information
(invoice number, etc.)
Sample RfP Message Structure
json code
{
"requestForPayment": {
"payee": {
"name":
"John Doe",
"account": {
"bankId": "12345678",
"accountNumber": "9876543210"
}
},
"payer": {
"name":
"Jane Smith",
"account": {
"bankId": "87654321",
"accountNumber": "0123456789"
}
},
"amount": "100.00",
"currency": "USD",
"dueDate":
"2024-07-01",
"paymentInstructions": "Please pay using FedNow instant payment
service.",
"referenceInformation": "Invoice #12345"
}
}
Step 4: Send the RfP
The RfP can be sent through various
channels supported by your financial institution (e.g., online
banking platform, mobile app, API integration).
Step 5: Process the FedNow Instant
Payment
Once the payer receives the RfP, they
can initiate a FedNow instant payment using their bank's services.
Here's an example flow:
- Payer receives the RfP
and reviews the payment request.
- Payer initiates the payment
through their bank's mobile app or online banking portal.
- Payment is processed instantly
by FedNow, transferring the funds from the payer's account to
the payee's account in real-time.
Mobile App Implementation (Example)
For a mobile app, ensure your app is
integrated with your financial institution's API to support
sending and receiving RfPs and processing FedNow payments.
Example API Call to Send RfP
Here’s a sample API call to send an
RfP:
code
POST /sendRfP
Content-Type: application/json
{
"payee": {
"name": "John Doe",
"account": {
"bankId": "12345678",
"accountNumber": "9876543210"
}
},
"payer": {
"name": "Jane
Smith",
"account": {
"bankId": "87654321",
"accountNumber": "0123456789"
}
},
"amount": "100.00",
"currency": "USD",
"dueDate": "2024-07-01",
"paymentInstructions": "Please
pay using FedNow instant payment service.",
"referenceInformation": "Invoice
#12345"
}
Example API Call to Process Payment
Here’s a sample API call to process an
instant payment:
http code
POST /processPayment
Content-Type: application/json
{
"payer": {
"account": {
"bankId": "87654321",
"accountNumber": "0123456789"
}
},
"payee": {
"account": {
"bankId": "12345678",
"accountNumber": "9876543210"
}
},
"amount": "100.00",
"currency": "USD",
"referenceInformation": "Invoice
#12345"
}
Conclusion
By following these steps, you can
effectively send a Request for Payment and process FedNow instant
payments through a mobile app or other digital channels. Ensure
compliance with your financial institution's protocols and
integrate their APIs for seamless transactions.
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 Instant 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 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 Send Instant 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 Request For Payment payment processing
