Request For Finance
What is Request For Finance
Request For Finance is an exciting new service brought about by the Faster Payments Initiative of the FedNow ™ US Federal Reserve providing payments that are instant, final (irrevocable - "good funds") and secure.
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 messaging system connected to every transaction participant through all U.S.-based financial institutions. Funds are available for use by the receiver and real-time confirmation is provided to both you ("the sender") and receiver in seconds. Most Good Funds transactions are "Credit Push" versus "Debit Pull."
About Request For Finance
RfP (Request for Payment) FedNow Request for Finance is a service that allows US companies to request and receive real-time payments for financing needs using the Federal Reserve's FedNow service. This service can be particularly useful for companies that need to access financing quickly, such as for inventory purchases, payroll, or other business expenses.
To use RfP FedNow Request for Finance as a US company, you can follow these steps:
Enroll in the service: The first step is to enroll in the RfP FedNow Request for Finance service with your bank. Your bank may have specific requirements and processes for enrolling in the service, such as signing a contract or providing documentation.
Create a financing request: Once enrolled, you can create a financing request that includes details such as the amount needed, the purpose of the financing, and any other relevant information. You may also need to provide documentation to support the financing request, such as financial statements or invoices.
Send the financing request: After creating the financing request, you can send it to your bank using the appropriate interface or API provided by your bank. Your bank will receive the financing request in real-time and can review and approve it.
Receive the financing: Once the financing request is approved, you will receive the funds in your bank account in real-time, within seconds.
Repay the financing: Depending on the terms of the financing, you may need to repay the financing over a set period of time with interest. Be sure to carefully review the terms of the financing agreement and ensure that you can meet the repayment obligations.
It's important to note that the specific steps and requirements for using RfP FedNow Request for Finance may vary depending on your bank's specific policies and procedures. Additionally, there may be fees associated with using this service, so it's important to work closely with your bank to understand the costs and requirements. Finally, it's important to ensure that the financing request includes all necessary information and is sent to the correct recipient to avoid any delays or issues with financing.
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."
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 Gateway 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 Request For Finance Professionals
- Automation of Accounts Receivable Collection with Real-Time Settlement & Deposit
- Automation of Accounts Payable Payments with Real-Time Settlement & Deposit
- One-Time & Recurring Real-Time Credits with Settlement & Deposit
Each day, thousands of businesses around the country are turning their transactions into profit with real-time payment solutions like ours.
Contact Us for Request For Finance payment processing
