FedNow and Real-Time Payments FAQ

FedNow and Real-Time Payments FAQ

• When are the funds from an instant payment available in my account?

  When you receive an instant payment through the FedNow or RTP® network, the available balance updates immediately. The funds are typically available in the account as soon as Visions receives the transaction, which can be a matter of seconds.

• Who can send a FedNow or RTP® instant payment?

  The sender who originates the payment must have an account with a financial institution that offers the capability to send payments through the FedNow or RTP® network. Visions currently does not send instant payments through either network. We operate as a receive-only financial institution.  

• What is the difference between instant payments, ACH, and Wire Transfers?

  The biggest difference is funds availability and processing times. 

  Although same-day ACH and Wire Transfers move funds quicker than a next-day ACH or check, they still aren’t processed as quickly as RTP® or FedNow transactions. Here's how they stack up:

  	RTP® or FedNow	Same-Day ACH	Wire
  Typical Funds Availability	Immediate	Throughout Transaction Day	Immediate
  Processing	24x7x365	During Business Hours	During Business Hours

   

• What if I send an instant payment transaction to the incorrect account number?

  Instant payments through Real-Time Payments and FedNow are final and irrevocable, which means if the incorrect account number is provided to the sender, there’s no guarantee the funds could be recovered.