Real-Time Rail
What is Real-Time Rail
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 Rail 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.
Let's compare Canada's Real-Time Rail (RTR), the Real-Time Payments (RTP) platform, and FedNow in the United States:
- Country and Scope:
- Canada's Real-Time Rail (RTR): Operates in Canada and is managed by Payments Canada. It facilitates real-time payment transactions within Canada's domestic financial system.
- Real-Time Payments (RTP) Platform: Operates in the United States and is managed by The Clearing House (TCH). It provides real-time payment capabilities within the U.S. financial system.
- FedNow: A forthcoming real-time payments platform in the United States, developed and operated by the Federal Reserve. It aims to provide ubiquitous access to real-time payments for financial institutions and consumers across the U.S.
- Launch Status:
- Canada's Real-Time Rail (RTR): Launched in May 2022, RTR enables financial institutions to offer real-time payment services to their customers.
- Real-Time Payments (RTP) Platform: Launched in 2017 by The Clearing House, RTP has been operational for several years, providing real-time payment capabilities to financial institutions and businesses in the United States.
- FedNow: Still under development as of the last update, with an anticipated launch date in 2023 or later. FedNow aims to provide a competitive real-time payments option alongside existing solutions like the RTP platform.
- Operational Structure:
- Canada's Real-Time Rail (RTR): Governed and operated by Payments Canada, with participation from financial institutions and payment service providers in Canada.
- Real-Time Payments (RTP) Platform: Operated by The Clearing House, a private-sector payments organization owned by a consortium of major U.S. banks. RTP provides real-time payment infrastructure and services to its member financial institutions.
- FedNow: Being developed and operated by the Federal Reserve, the central bank of the United States. FedNow aims to provide nationwide access to real-time payments and promote competition and innovation in the payments industry.
- Features and Capabilities:
- Canada's Real-Time Rail (RTR): Supports real-time fund transfers, with capabilities for both immediate and future-dated payments. It aims to enhance payment efficiency, speed, and accessibility within Canada.
- Real-Time Payments (RTP) Platform: Offers real-time payment capabilities, including instant funds availability, messaging with rich data, and robust security features. RTP supports various use cases such as person-to-person payments, bill payments, and business-to-business transactions.
- FedNow: Anticipated to offer similar real-time payment capabilities as the RTP platform, including instant funds availability, rich data messaging, and enhanced security features. FedNow aims to provide nationwide coverage and interoperability with existing payment systems.
- Interoperability and Accessibility:
- Canada's Real-Time Rail (RTR): Designed to interoperate with existing payment systems and support widespread adoption by financial institutions and payment service providers in Canada.
- Real-Time Payments (RTP) Platform: Designed to be highly interoperable, with connectivity to various payment systems and financial institutions across the United States. RTP aims to provide ubiquitous access to real-time payments for consumers, businesses, and financial institutions.
- FedNow: Intended to promote interoperability and broad accessibility across the U.S. financial system, enabling financial institutions of all sizes to offer real-time payment services to their customers.
In summary, while Canada's Real-Time Rail (RTR), the Real-Time Payments (RTP) platform, and FedNow in the United States share the goal of providing real-time payment capabilities, they differ in terms of operational structure, launch status, features, and accessibility. Each platform aims to enhance payment efficiency, speed, and accessibility within its respective country's financial system.
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 Rail 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
