FedNow® Instant Payment vs. Same-Day ACH: Which is Faster?

What is Same-Day ACH?

FedNow® Instant Payment is revolutionizing transactions by providing real-time fund transfers, 24/7/365, eliminating the batch processing delays of Same-Day ACH. While Same-Day ACH improves traditional ACH processing by settling payments within a business day, it still operates only during banking hours and requires cutoff times. In contrast, FedNow® allows businesses and individuals to send and receive payments instantly, even on weekends and holidays. This makes FedNow® the superior option for businesses needing immediate access to funds without waiting for bank processing windows.

Another key advantage of FedNow® over Same-Day ACH is its real-time confirmation and security, reducing payment failures and fraud risks. Same-Day ACH transactions can still take hours to clear, while FedNow® ensures that funds are available instantly after approval. Additionally, FedNow® offers Request for Payment (RfP), allowing businesses to send payment requests that customers can approve in real time, something ACH does not support. Whether for payroll, vendor payments, or customer transactions, FedNow® provides a faster, more efficient, and more secure payment solution compared to Same-Day ACH.

Would you like help transitioning from Same-Day ACH to FedNow® Instant Payment? 🚀

Creation Request for Payment Bank File

Enhance Your FedNow Instant Payment Same-Day ACH 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 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.