Mobile Deposits
What is Mobile Deposits
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, Mobile Deposits 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.
Handling recurring payments via mobile deposit initiated by payers in response to Request for Payment (RfP) invoices can streamline payment processes for both payees and payers. Here's a breakdown of how it could work:
- Setting Up Recurring RfP Invoices:
- The payee (recipient) sets up recurring RfP invoices through their banking app or financial institution. They specify the payment frequency (e.g., weekly, monthly) and other relevant details.
- Generating RfP Invoices:
- On the scheduled dates, the payee's banking app automatically generates RfP invoices for recurring payments. These invoices detail the payment amount, due date, and payment instructions.
- Sending RfP Invoices:
- The payee's banking app sends out the recurring RfP invoices to the designated payers via email, text message, or another electronic channel.
- Payers Receiving RfP Invoices:
- Payers (customers or clients) receive the recurring RfP invoices and review the payment details. They may receive notifications reminding them of upcoming payments.
- Initiating Mobile Deposit Payments:
- Using their banking app, payers initiate mobile deposit payments in response to the RfP invoices. They access the mobile deposit feature and follow the prompts to deposit the specified payment amount into the payee's account.
- Capturing Check Images:
- If applicable (depending on the payment method chosen by the payer), they capture an image of a check (if using a check-based payment method) using their smartphone camera, ensuring clarity and legibility.
- Confirming Payment Details:
- Payers confirm the payment details, including the payee's account information and the payment amount, before finalizing the mobile deposit transaction.
- Submitting Mobile Deposit Payments:
- Once the payment details are confirmed, payers submit the mobile deposit payments through their banking app. The funds are deducted from their account and processed for deposit into the payee's account.
- Confirmation of Payment:
- Both the payee and the payer receive confirmation notifications from their respective banking apps or financial institutions once the mobile deposit payment is successfully processed.
- Payment Reconciliation:
- The payee reconciles the payments received with the corresponding RfP invoices in their accounting records, marking them as paid and updating their financial records accordingly.
By leveraging recurring RfP invoices and mobile deposit payments, payees can automate the receipt of funds from payers, enhancing efficiency and reducing administrative burdens associated with manual payment processing.
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 Mobile Deposits 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
