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Instant Payments

RTP® Network and FedNow® Service

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Get ready for 24/7/365 payment processing

Experience the revolutionary advantages of the next era of payment innovation - Instant Payments. With RTP® and FedNow® Instant Payments, businesses will enjoy the ability to send and receive payments instantly, outpacing traditional methods of payments like checks and even ACH.

Leveraging these services, participating businesses gain immediate access to funds and transaction remittance within seconds. This evolution from quick to quickest processing will allow businesses to prioritize client experience and overall operational efficiency. Embrace the future of seamless payment processing with us and stay ahead of the curve.

Instant Payment Benefits

24/7/365 processing

Facilitate your payment processing any day of the year, at any time, whenever it's convenient for your business.

Processing Speed & Funds Availability

When receiving an instant payment, gain immediate access to your funds in a matter of seconds, providing certainty that the funds are here to stay and cannot be reversed.

Improve Efficiency of Corporate Payments

Switching from paper to digital invoicing can help you save both money and time.

Expand Payment Processing Capabilities

Integrating and adopting instant payment solutions for your businesses can help make conducting business with your company easier than ever.

The Power of Instant Payments

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No matter the size of your business, the power of Instant Payments can be leveraged in many ways:

  • Facilitate account-to-account transfers for cash concentration needs
  • Pay vendors in real-time on invoice due dates 
  • Make just-in-time payments to establish credit with new suppliers 
  • Pay associates for emergency payroll, earned-wage access or termination pay 
  • Fund 401k, Health Savings Account contributions or payroll for your business in real-time 
  • Send a time-bound request for payment to clients inviting them to respond back with a credit transfer
  • Send remittance information and addenda with your credit transfers to support more streamlined reconciliation
  • Johnson Financial Group will be joining both RTP® and FedNow® networks.
  • Phase 1 – Receiving payments – All clients, businesses and consumers will be eligible to receive Instant Payments mid-2024.
  • Phase 2 – Sending payments – AccessJFG clients will be able to start sending Instant Payments within Digital Banking in late 2024-early 2025. 
  • Updates will be forthcoming as we work through implementation.

There are two major options when it comes to instant payments within the United States. As mentioned above, this includes the RTP® Network and the FedNow® Service. The main difference between these services is the network's ownership. RTP® is operated by The Clearing House - a banking association and payments company owned by the country's largest banks - and FedNow® is operated by the Federal Reserve Bank

Johnson Financial Group is joining both of these services due to the fact that there isn't interoperability between these services. Whether you are receiving an Instant Payment via the FedNow® Service or Real-Time Payment using the RTP® Network, your transaction will be able to successfully post to your account with us.

Start strategizing on how your business might be able to utilize Instant Payments, from both a Receive and Send perspective. Think about your Payables and Receivables today, and work to understand where Instant Payments might fit best.

Some of your processes might be able to be optimized through use of Instant Payments. Additionally, consider the 24x7x365 aspect of this product. Does your business operate Monday through Friday?

Would your business benefit from conducting bank-to-bank transfers and settlement on the weekend? If so, what would that mean for staffing and your operations?

The FedNow® and RTP® Payment Systems are both optional for banks and credit unions to offer. For Financial Institutions of all sizes, prioritizing joining one or both payment services is a significant undertaking. The Federal Reserve anticipates FedNow® adoption will reach 100% participation. Although, it may take many years to get there due to the amount of resources and work involved in implementing these services to all Financial Institutions across the country.

Clients will only be able to send Instant Payments to individuals or businesses who bank at an institution set up to receive Instant Payments.

Additional Resources

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