Just In Time Payment
What is Just In Time Payment
Just In Time Payment is an exciting new real-time, fun and shiny service offering all banks and credit unions brought about by the Faster Payments Initiative of the US Federal Reserve banks providing payments that are instant, final (Consumer cannot ChargeBack) and secure. Businesses and Individuals will be using, instant Real-Time Bill Pay, via Request for Payments.
Definition: FedNow ™ instant payments are real-time payments: FedNow - Federal Reserve instant payments. Financial institution’s customer-facing systems for services like bill payment, cash management, peer-to-peer (P2P) payments, and emergency disbursements. Messages such as request for pay, request to pay, payment confirmations, and remittance detail are used to create frictionless customer-facing interactions.
FedNow and Real-Time Payments (RTP) systems offer the immediate transfer of funds, providing recipients with access to "good funds" in real-time. Here's how it works:
1. Immediate Availability: When a payment is initiated through FedNow or RTP, the funds are transferred instantly from the sender's account to the recipient's account.
2. Certainty of Funds: Unlike traditional payment methods where there might be delays in processing and settlement, FedNow and RTP ensure that the funds are available to the recipient immediately upon completion of the transaction.
3. Finality of Payments: Once a payment is made through FedNow or RTP, it is final and irrevocable. This means that the recipient can rely on the funds being available immediately without any risk of the payment being reversed or canceled.
4. Use Cases: The immediate availability of funds through FedNow and RTP enables a wide range of use cases, including person-to-person payments, bill payments, payroll, business-to-business transactions, and more. It is particularly beneficial for scenarios where instant access to funds is crucial.
5. Enhanced Cash Flow: Businesses and individuals benefit from improved cash flow management as they can access funds instantly, allowing for faster settlement of transactions and better liquidity management.
6. 24/7 Availability: FedNow and RTP operate 24/7, allowing payments to be initiated and processed at any time, including weekends and holidays. This provides flexibility and convenience for users who need to make or receive payments outside of traditional banking hours.
Overall, the immediate availability of funds through FedNow and RTP ensures efficient and secure payment processing, enabling faster and more reliable transactions for businesses and individuals alike.
Features & Benefits
FedNow instant payments has benefits for all parties involved in
Financial Transactions.
Benefits to your company include:
Money Transfer: Current limit of $500,000.
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.
It's Final: All RTP and Instant Payments are Final & Irrevocable.
Software Integration: Integrate your 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."
About Just In Time Payment
Today Payments is a leader in the evolution of instant instant payments. We own Real-Time Payments. We were years ahead of competitors recognizing the benefits of Same-Day ACH funding through Same-Day Direct Deposits (ACH Push) and Same-Day Direct Payments (ACH Pull). Our customers 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. Our platform hub with its tools / widgets help organizations of all sizes reduce transaction costs, mitigate risk and increase efficiencies. Our system ensures proper Authentication, Authorization, Verification, Settlement, Notifications and Postings.
Today Payments
...continues to meet the challenge of our clients by offering cost effective "good funds", real-time, instant, credit card, ACH and e-invoice payment processing services into the electronic payment solutions banking system. Electronic banking includes the transfer of funds between companies (B2B) and/or (B2C) consumer accounts for collection and payments. Today Payments' FedNow Instant Merchant Services gives your company choices in the method of faster payments that you can accept from your customers.
Our payment processing platform is designed for simplicity and ease-of-use.
SecureQB Cloud payment processing integration for QuickBooks ® give you the Best transaction detail information, real-time, with matching error-proof through QuickBooks.
Process with the Just In Time Payment Professionals
- Automation of Accounts Receivable Collection with Instant Settlement & Deposit
- Automation of Accounts Payable Payments with Instant Settlement & Deposit
- One-Time & Recurring Debits & Credits with Instant Settlement & Deposit
Each day, thousands of businesses around the country are turning their transactions into profit with instant payment solutions like ours.
Contact Us for Just In Time Payment payment processing
