FedNow Payments
Send FedNow Payments
Checkbook’s payments solution utilizes the FedNow network that is being launched by the federal reserve. Unlike ACH, FedNow is a real-time payments platform that allows recipients to receive funds directly into their bank account in less than 60 seconds.
Features
Faster Payments for All
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.
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Broad acceptance
FedNow will bring real-time payment capabilities to banks and payment processors across the US.
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Instant settlement
Checkbook’s FedNow payments post instantly to your recipient's bank account, 24 hours a day, 7 days a week.
Recipients
Instant Payments Are Here!
Launched in July 2023, 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.
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User friendly
Because the FedNow network uses routing and account numbers for routing payments, it’s easy to upgrade existing ACH processes.
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Finality of settlement
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.
More payment rails
