Just In Time Payments
What is Just In Time Payments
Just In Time Payments 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.
Recurring immediate or instant payments through FedNow and Real-Time Payments (RTP) can be highly beneficial for various scenarios, such as subscription services, recurring bill payments, payroll, and more. Here's how recurring payments work with these systems:
1. Set-Up: Users can set up recurring payment schedules within their banking platform or through a service provider that supports FedNow or RTP. This involves specifying the payment amount, frequency (e.g., weekly, monthly), and recipient details.
2. Authorization: Users authorize recurring payments either through their banking platform or through a service provider. This authorization may require authentication, such as biometric verification or a secure PIN, to ensure security.
3. Immediate Payment Execution: Once the recurring payment schedule is set up and authorized, payments are executed immediately on the scheduled dates. FedNow and RTP facilitate the instant transfer of funds, ensuring that recipients receive "good funds" in real-time.
4. Finality and Security: Similar to one-time payments, recurring payments made through FedNow and RTP are final and irrevocable. This provides certainty to both the sender and recipient that the funds will be available as scheduled, without the risk of the payment being reversed or canceled.
5. Flexibility and Control: Users have the flexibility to manage their recurring payment schedules, including modifying payment amounts, frequencies, and recipients as needed. This can typically be done through the banking platform or service provider's interface.
6. Enhanced Cash Flow Management: Recurring immediate payments provide businesses and individuals with improved cash flow management by ensuring timely and predictable receipt of funds. This can help streamline financial operations and reduce administrative overhead.
7. Notifications and Reporting: Users may receive notifications or alerts for each recurring payment, providing visibility into their transaction activity. Additionally, detailed reporting features may be available to track payment history and reconcile accounts.
Overall, recurring immediate payments through FedNow and RTP offer convenience, efficiency, and security for both senders and recipients, making them an attractive option for various recurring payment needs.
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 Payments
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 Payments 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 Payments payment processing
