Send and Receive FedNow Instant Payments

To send and receive FedNow instant payments through Real-TimePayments.com and integrate these transactions into your financial workflow, follow these steps:

Step 1: Set Up Real-TimePayments.com Account

1. Visit Real-TimePayments.com: Go to Real-TimePayments.com and create an account if you don’t already have one.
2. API Access: Obtain API credentials from Real-TimePayments.com to enable integration with your banking and accounting systems.

Step 2: Configure FedNow Integration

1. API Credentials: Ensure you have the API credentials from Real-TimePayments.com and your financial institution that supports FedNow.
2. Integration Settings: In your Real-TimePayments.com account, navigate to the integration settings and input the necessary API credentials to connect with FedNow.

Step 3: Sending a FedNow Instant Payment

Using Real-TimePayments.com

1. Log In: Access your Real-TimePayments.com account.
2. Initiate Payment:
   • Navigate to the “Send Payment” section.
   • Fill in the required payment details:
     • From Account: Your bank account details.
     • To Account: Recipient’s bank account details.
     • Amount: Payment amount.
     • Currency: USD (or as applicable).
     • Reference Information: Details such as invoice number or payment reason.

Example API Request to Send Payment

json code

{

  "fromAccount": {

    "bankId": "87654321",

    "accountNumber": "0123456789"

  },

  "toAccount": {

    "bankId": "12345678",

    "accountNumber": "9876543210"

  },

  "amount": "100.00",

  "currency": "USD",

  "referenceInformation": "Payment for invoice #12345"

}

3. Confirm and Send: Review the payment details and confirm the transaction.

Step 4: Receiving a FedNow Instant Payment

1. Log In: Access your Real-TimePayments.com account.
2. Receive Payment:
   • Navigate to the “Receive Payment” section.
   • Review the incoming payment details.
   • Confirm the transaction to receive the funds.

Example API Request to Receive Payment

json code

{

  "toAccount": {

    "bankId": "12345678",

    "accountNumber": "9876543210"

  },

  "fromAccount": {

    "bankId": "87654321",

    "accountNumber": "0123456789"

  },

  "amount": "100.00",

  "currency": "USD",

  "transactionId": "abc12345xyz",

  "status": "CONFIRMED"

}

Step 5: Integrate with Accounting Software

1. API Integration: Use the API provided by Real-TimePayments.com to integrate the payment data with your accounting software (e.g., QuickBooks).
2. Automated Sync: Configure automatic synchronization of transactions between Real-TimePayments.com and your accounting system to ensure seamless updates.

Step 6: Verify Transactions

1. Check Account Statements: Regularly check your bank account and accounting software to verify that all transactions are accurately recorded.
2. Transaction History: Use the transaction history feature on Real-TimePayments.com to review all sent and received payments.

Security Best Practices

• Secure API Keys: Keep your API keys and credentials secure.
• Enable Two-Factor Authentication: For additional security, enable two-factor authentication on your Real-TimePayments.com account.
• Regular Updates: Ensure that both your Real-TimePayments.com account and your accounting software are up to date with the latest security patches.

Conclusion

By following these steps, you can efficiently send and receive FedNow instant payments using Real-TimePayments.com and ensure seamless integration with your accounting software. Regularly verify transactions and maintain secure practices to protect your financial data.