Current bank to bank payment solutions are prohibitively expensive (e.g. wire transfers) or take days to settle (e.g. ACH). Checkbook's FedNow payments solution is helping to bring US-based bank payments to the 21st century with instant, round-the-clock settlement 365 days a year.
FedNow will bring real-time payment capabilities to banks and payment processors across the US.
Checkbook’s FedNow payments post instantly to your recipient's bank account, 24 hours a day, 7 days a week.
Launching in July, the FedNow payments network brings a much needed upgrade to the domestic payments infrastructure. While bringing innovations in payment speed and convenience, the FedNow network will be supported at the financial institutions that you already use.
Because the FedNow network uses routing and account numbers for routing payments, it’s easy to upgrade existing ACH processes.
No need to worry about reconciling or chargebacks. FedNow will require request for payments before debits are made. Initially, only push payments will be rolled out as well.