Send and Receive FedNow Instant Payments

To send and receive FedNow instant payments, follow these steps:

Step 1: Ensure Financial Institution Support

Make sure your financial institution supports FedNow. This service must be integrated into the bank’s system to facilitate real-time payments.

Step 2: Register and Authenticate

You need to have a registered account with your financial institution that supports FedNow. Ensure your account is set up for real-time payments and that you have the necessary credentials for authentication.

Step 3: Sending a FedNow Instant Payment

Example API Request to Send Payment

Here's a sample API call to send a FedNow instant payment:

http code

POST /sendPayment

Content-Type: application/json

Authorization: Bearer {access_token}

{

  "fromAccount": {

    "bankId": "87654321",

    "accountNumber": "0123456789"

  },

  "toAccount": {

    "bankId": "12345678",

    "accountNumber": "9876543210"

  },

  "amount": "100.00",

  "currency": "USD",

  "referenceInformation": "Payment for invoice #12345"

}

Explanation:

• Authorization: The bearer token for secure API access.
• fromAccount: Details of the sender’s bank account.
• toAccount: Details of the recipient’s bank account.
• amount: The amount to be transferred.
• currency: The currency of the transaction.
• referenceInformation: Any reference for the payment.

Step 4: Receiving a FedNow Instant Payment

Example API Request to Receive Payment

Receiving a payment generally involves confirming the transaction details through your financial institution’s platform. Here's how an API call might look for confirming a received payment:

http code

POST /receivePayment

Content-Type: application/json

Authorization: Bearer {access_token}

{

  "toAccount": {

    "bankId": "12345678",

    "accountNumber": "9876543210"

  },

  "fromAccount": {

    "bankId": "87654321",

    "accountNumber": "0123456789"

  },

  "amount": "100.00",

  "currency": "USD",

  "transactionId": "abc12345xyz",

  "status": "CONFIRMED"

}

Explanation:

• Authorization: The bearer token for secure API access.
• toAccount: Details of the recipient’s bank account.
• fromAccount: Details of the sender’s bank account.
• amount: The amount received.
• currency: The currency of the transaction.
• transactionId: Unique identifier for the transaction.
• status: The status of the transaction (e.g., CONFIRMED).

Step 5: Monitor and Confirm Transactions

1. Notifications: Ensure you have notifications enabled for transaction alerts.
2. Transaction History: Regularly check your transaction history to verify successful payments and receipts.
3. Customer Support: Contact your bank's customer support if you encounter any issues.

Step 6: Secure Transactions

Always ensure your transactions are secure by:

• Using strong, unique passwords.
• Enabling two-factor authentication (2FA).
• Keeping your banking software and mobile apps up to date.

Conclusion

By following these steps, you can send and receive FedNow instant payments efficiently. Ensure you comply with your financial institution's requirements and security protocols for a seamless experience.