Faster and digital payments
Move at the speed of modern business.
Sending and receiving payments are central to your business strategy. Digital payment solutions can help you increase efficiency and improve customer satisfaction. Accelerate your digital transformation by partnering with a bank dedicated to delivering faster payment solutions to meet every business need.
Research shows instant payment adoption is quickly rising.
Sixty-eight percent of companies plan to use instant payments in the next two years, according to our large-scale survey of more than 1,400 financial leaders around the country. What’s motivating the adoption of instant payments? We’ve compiled an article and accompanying infographic based on the results of our research.
Faster payments continue to expand.
Instant payments started with real-time payments through the RTP® network in 2017 and expanded with the addition of the FedNow® Service, developed by the Federal Reserve, in July 2023. Leveraging the RTP network today prepares you for expansion of instant payment options. In the future, intelligent routing will direct each instant payment to the optimal network for each payment.
Instant payment solutions
Real-time payments
Send and receive instant payments of up to $1 million through the RTP network. Benefits include immediate settlement of funds, data-rich messaging and 24-hour access every day of the year.
The FedNow Service
The Federal Reserve launched the FedNow Service in July 2023, which will greatly expand the network for instant payments up to $500,000 over the next few years, particularly with smaller regional banks and credit unions.
Request for Payment
Leverage the RTP network to receive payments and benefit from immediate reconciliation by sending requests for payment directly to clients.
Digital payment solutions
Disbursements via Zelle®
Send payments to consumers for refunds, rebates, account closures and 1099 employee payments. Zelle® is easy for consumers to use. They can receive payments using their email address or mobile number. Plus, Zelle® provides efficiency and cost benefits for your business.
Push-to-card
Your business can make payments to a consumer’s account via their existing debit card, 24 hours a day, including holidays. This reverses the traditional pull of funds from a debit card, instead pushing funds to the account associated with a debit card.
Same Day ACH
Same Day ACH offers a faster option to accelerate funds availability for use cases such as late payroll, B2B payments and same day consumer bill payments. Make predictable ACH payments of up to $1 million to institutions in the network.
Solutions that provide multiple payment options
Payee Choice
Payee Choice lets you provide digital disbursement options to payees. Streamline payments while creating a superior experience. Offer payment choices via real-time payments, Zelle®, push-to-card, ACH, prepaid cards or checks within a single platform.
Pay Smart
Benefit from our Pay Smart intelligent routing service, which allows you to capture significant savings and efficiencies with automated, rules-based payments origination. Pay Smart recommends RTP whenever it’s available and, if it isn’t, the service prioritizes alternatives for you.
When you need to incorporate the latest capabilities, we can connect you.
Whether you’re logging into SinglePoint®, sending us bulk payment files directly from your ERP, accounting or treasury systems, or using APIs to interact with us. We have the solutions and the connections to help you build a comprehensive digital payment strategy.
Trends and insights about faster payments
Can faster payments mean better payments?
Along with rapid remittance, new payment technologies could provide increased ease, efficiency and information for receivables, as well as payables. The key to success is figuring out which technology to use – and when.
Instant payments are disrupting treasury.
The expansion of instant payments via FedNow and the RTP network is having real-world impact on businesses, governments and consumers as the digital payment ecosystem evolves.
Real-time payments add cross-department value.
Using RTP, treasury departments can have a positive impact on everything from customer experience to cash flow control. New research shows how.
Let’s talk about faster payments.
If you want to find out how a faster payments ecosystem can help your company and your customers, reach out to our team.