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FedNow® Business Payment: Revolutionizing Instant B2B Transactions

What is FedNow® Business Payment?

FedNow® Business Payment is a cutting-edge, real-time payment system developed by the Federal Reserve. It allows businesses to send and receive instant payments, making it easier than ever to manage cash flow, handle supplier payments, and process customer transactions with ease. With FedNow®, businesses can enjoy the benefit of instant, secure payments, available 24/7/365, compared to the traditional banking methods that require waiting for days.

Unlike ACH payments, wire transfers, and checks, which may take several business days to process, FedNow® ensures immediate settlement, significantly enhancing financial efficiency.

Benefits of FedNow® Business Payment

✅ 1. Instant, Real-Time Transactions

·        No more waiting—FedNow® ensures that payments settle within seconds.

·        24/7 availability means you can send and receive payments anytime, including weekends and holidays.

✅ 2. Improved Cash Flow Management

·        Instant access to funds enables businesses to optimize working capital and manage daily expenses with ease.

·        Eliminates the cash flow gaps that can result from traditional batch processing or manual reconciliation.

✅ 3. Cost Savings on Fees

·        Lower transaction fees than wire transfers, which can incur high processing costs.

·        Businesses can also avoid the hidden costs of ACH payments, such as delays and manual reconciliation.

✅ 4. Security and Fraud Protection

·        FedNow® transactions are final and irreversible, reducing the risk of fraudulent chargebacks and payment disputes.

·        Built-in security features safeguard transactions and ensure compliance with financial regulations.

✅ 5. Strengthened Vendor Relationships

·        Make instant supplier payments, fostering stronger business relationships and negotiating better terms and discounts.

·        Improve business reputation with vendors and customers by offering real-time payments that enhance satisfaction and loyalty.

How FedNow® Business Payment Works

1️ A business initiates a payment request via FedNow® for either suppliers, customers, or vendors.
2️ The transaction is processed instantly, with no delays, and is completed in seconds.
3️ Funds are transferred in real-time into the recipient’s bank account.
4️ Both businesses receive immediate confirmation of the completed transaction, ensuring that there are no waiting periods.

This instant payment process eliminates the need for manual approvals, lengthy processing times, and delays, making it the most efficient and cost-effective solution for B2B and B2C transactions.

FedNow® Business Payment Use Cases

💼 Supplier & Vendor Payments – Pay suppliers instantly to improve payment terms and negotiate discounts.
💰 Payroll & Contractor Payments – Pay employees and contractors instantly, reducing payroll delays.
🏢 Intercompany Transfers – Instantly transfer funds between business accounts for better liquidity management.
⚡ E-Commerce & B2B Transactions – Enable real-time checkout for faster payments and better customer experience.
📈 Invoice Payments – Speed up accounts receivable collections, reducing outstanding invoices.

FedNow® Business Payment vs. Traditional Payment Methods

Feature	FedNow® Business Payment	ACH Payments	Wire Transfers	Checks
Speed	Instant (seconds)	1–3 business days	Same-day (cutoff restrictions)	3–7 business days
Availability	24/7/365	Business hours only	Business hours only	Business hours only
Transaction Fees	Lower than wire transfers & ACH	Low, but slower	High	High (processing, mailing, and delays)
Settlement Finality	Immediate & irreversible	Can be reversed	Final	Can be lost or delayed
Best For	B2B payments, payroll, supplier transactions, online payments	Recurring batch payments	Large, one-time international transactions	Legacy payments

How to Get Started with FedNow® Business Payment

🔹 Check with Your Bank – Verify if your financial institution supports FedNow® Business Payment services.
🔹 Set Up a Business Account – Open an account that enables real-time payments for faster transactions.
🔹 Integrate with Accounting & ERP Systems – Leverage software like QuickBooks®, SAP, or NetSuite to streamline payment processing.
🔹 Train Your Team – Educate employees on real-time payment processing and financial system updates.

Ready to experience instant payments? Enable FedNow® Business Payment today for faster, secure, and cost-effective transactions that give your business a competitive edge.

Creation Request for Payment Bank File

Enhance Your FedNow Business Payment Payment Requests with FedNow’s ISO 20022 Messaging

Streamline Payments with Advanced Request for Payment Options:

Harness the power of FedNow's Request for Payment system to transform how you manage invoices and remittances. Our platform supports diverse data integration options, allowing payees to incorporate detailed invoice data directly within the RfP message or link to a comprehensive Merchant Page.

Flexible Invoice Details with ISO 20022 Messaging:

Leverage the flexibility of ISO 20022 messaging standards in our RfP system. You can choose to display crucial payment details directly in the message with a concise 140-character description, or through a dynamic "Hyper-Link" leading to a detailed Merchant Page. This Merchant Page can be hosted either on your website or TodayPayments.com/HostedPaymentPage.html through our seamless integration solution.

Customizable Merchant Pages for Enhanced Customer Experience:

Create a Merchant Page that not only details all the MIDs you own but also presents these options attractively to your customers through the RfP. This customization ensures that whether your payer opts for Real-Time Payment, Same-Day ACH, or Card transactions, they can easily navigate and complete their payments through a simple click on the hyperlink provided on your Merchant Page.

Call us today and receive the .csv or .xml FedNow® or Request for Payment (RfP) file you need—all during your very first phone call! We guarantee that our comprehensive reports integrate flawlessly with your bank or credit union. As pioneers in recognizing the benefits of RequestForPayment.com, we have stayed years ahead of our competitors. Although we are not a bank, our role as an "Accounting System" within the Open Banking ecosystem enables us to work with billers to create effective RfP files that seamlessly upload to the biller's online banking platform. U.S. companies rely on our expertise to learn how to deliver the RfP message directly to their bank with precision.

Our advanced solution, Today Payments' ISO 20022 Payment Initiation (PAIN.013), demonstrates how to create a Real-Time Payments Request for Payment file that sends a clear message from the creditor (payee) to its bank. Most financial institutions support the import of messaging and batch files for both FedNow® and Real-Time Payments (RtP), ensuring smooth processing. Once the file is correctly uploaded, the creditor’s bank processes the payment through a secure "Payment Hub"—with The Clearing House serving as the RtP Hub—and relays the message to the debtor's (payer's) bank. This streamlined approach not only accelerates transaction processing but also enhances transparency and reliability for all parties involved.

... 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.