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FedNow® Business Pay: Real-Time Payments for Faster, Smarter Transactions

What is FedNow® Business Pay?

FedNow® Business Pay is a real-time payment solution designed for businesses to send and receive instant transactions 24/7/365. Powered by the Federal Reserve’s FedNow® network, this payment system eliminates ACH processing delays, wire transfer fees, and check-related inefficiencies, allowing businesses to improve cash flow, streamline operations, and enhance financial security.

Unlike traditional payment methods, which can take days to process, FedNow® Business Pay ensures transactions settle within seconds, giving businesses immediate access to funds and enabling faster B2B and B2C transactions.

Benefits of FedNow® Business Pay

✅ 1. Instant, 24/7/365 Payments

No more waiting for bank processing times—transactions are completed within seconds.

Available anytime, including weekends and holidays, ensuring uninterrupted business operations.

✅ 2. Faster Cash Flow & Liquidity

Reduce outstanding invoices and late payments with real-time funds availability.

Improve financial planning by eliminating payment delays and cash flow gaps.

✅ 3. Cost Savings on Transaction Fees

FedNow® is more affordable than wire transfers, which often have high transaction fees.

Avoid ACH processing fees and eliminate the costs of check handling and mailing.

✅ 4. Secure & Irreversible Transactions

FedNow® payments are final and cannot be reversed, eliminating fraud risks and chargebacks.

Built-in compliance and security measures protect businesses from unauthorized transactions.

✅ 5. Stronger Vendor & Customer Relationships

Instant supplier payments improve trust and payment terms.

Real-time B2B and B2C payments ensure better customer satisfaction and retention.

How FedNow® Business Pay Works

1️ A business initiates a payment request through FedNow®.
2️ Funds are transferred instantly through the FedNow® network.
3️ The recipient’s bank account is credited in real-time.
4️ Both parties receive immediate confirmation, ensuring transparency and security.

This seamless process eliminates the need for manual approvals, batch processing, and delayed settlements, making FedNow® Business Pay the fastest and most efficient payment solution for modern businesses.

Use Cases for FedNow® Business Pay

💼 B2B Supplier & Vendor Payments – Pay suppliers instantly, eliminating late fees and improving relationships.
💰 Payroll & Contractor Payments – Process employee salaries and freelancer invoices instantly.
🏢 E-commerce & Retail Transactions – Accept real-time customer payments for faster checkout.
📈 Intercompany Fund Transfers – Move cash between multiple business accounts in seconds.
⚡ Invoice & Recurring Payments – Reduce accounts receivable delays and speed up collections.

FedNow® Business Pay vs. Traditional Payment Methods

Feature	FedNow® Business Pay	ACH Transfers	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 Pay

🔹 Check with Your Bank – Ensure your financial institution offers FedNow® Business Pay services.
🔹 Set Up a Business Account – Open a FedNow®-enabled business account to access real-time payments.
🔹 Integrate with Accounting Software – Platforms like QuickBooks®, NetSuite, and SAP can streamline FedNow® transactions.
🔹 Train Your Finance Team – Educate your accounting and finance team on using FedNow® for business payments.

Future-proof your business finances with FedNow® Business Pay! Contact your bank today to enable real-time transactions and enhance operational efficiency.

Creation Request for Payment Bank File

Enhance Your FedNow Business Pay 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.