Real-Time Push Payments
What is Real-Time Push Payments
Real-Time Payments is an exciting new service brought about by the Faster Payments Initiative of the FedNow ™ US Federal Reserve providing payments that are instant, final and secure. FedNow, Real-Time Push Payments 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 account-to-account (A2A) transfers that utilize a real-time and text messaging system connected to every transaction participant through all U.S.-based financial institutions.
To integrate Request for Payment (RfP) functionality via real-time push payments from a payer to a payee using either FedNow or RTP (Real-Time Payments) into QuickBooks Online (QBO) or QuickBooks Desktop, you would follow a similar process as outlined before, with some adjustments to accommodate the RfP aspect. Here's how you might approach it:
- Understand RfP Specification:
- Familiarize yourself with the RfP specifications within the ISO 20022 standard. Understand the required data elements and message formats for RfP transactions.
- Choose the Real-Time Payment Network:
- Decide whether you want to integrate with FedNow or RTP based on availability, compatibility with RfP, and other factors.
- Access Developer Resources:
- Visit the developer portals for FedNow and RTP to access documentation, code samples, and resources related to RfP transactions.
- Develop Integration:
- Work with your development team or hire developers experienced in integrating payment APIs. They'll need to write code that interacts with the chosen real-time payment network's API to support RfP transactions.
- Authenticate and Authorize:
- Follow the authentication and authorization process outlined in the API documentation to ensure secure access to the payment network's RfP services.
- Handle RfP Requests:
- Within your QuickBooks integration, create functionality to generate RfP requests from payers. This involves gathering all necessary transaction details required by the RfP specification.
- Initiate RfP Payments:
- Use the appropriate API to initiate the RfP payment through the chosen real-time payment network. Include all required RfP data elements in the payment request.
- Receive RfP Confirmation:
- Set up mechanisms to receive confirmation of RfP payment execution from the real-time payment network. This may involve webhook notifications or polling the payment status through the API.
- Update QuickBooks Records:
- Upon receiving RfP payment confirmation, update the relevant records in QuickBooks to reflect the completed transaction. Ensure accurate accounting and reconciliation.
- Handle Errors and Exceptions:
- Implement error handling mechanisms to deal with any issues during the RfP payment process, such as validation errors or network failures.
- Testing and Deployment:
- Thoroughly test your integration in a sandbox environment provided by the payment network before deploying to production. Once tested successfully, deploy the integration to your live QuickBooks environment.
- Maintenance and Support:
- Monitor your integration for performance and reliability. Provide ongoing support to address any issues and keep the integration up-to-date with changes to the payment network's APIs or RfP specifications.
By following these steps, you can integrate Request for Payment functionality via real-time push payments from a payer to a payee using FedNow or RTP into QuickBooks, providing users with a seamless and efficient payment experience while complying with RfP standards.
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 Final: All RTP and Instant Payments are Final & Irrevocable.
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.
Software Integration: Integrate your A/R & A/P 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."
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 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.
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 files 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 Real-Time Push Payments 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 Real-time Payments processing