Real-Time Payments

Real-Time Payments

Freedom Bank is proud to be a local leader in offering Real-Time Payments to our personal and business clients. Through the Federal Reserve’s FedNow Payments and The Clearing House’s Real-Time Payments (RTP®), we deliver accelerated payment channels for your receivables.

Real-Time Payments represent a new payment method that settles instantly, typically within 15 seconds of initiation. Real-Time Payments offer advantages over alternatives such as ACH or Wire transfers, including enhanced transparency and precision in the settlement processes.

Compare Real-Time Payments to Wire and Same-Day ACH

Real Time Payments Comparison
Feature Real-Time Payments Wire Transfer Same-Day ACH
Standard Funds Availability Immediate Immediate During Transaction Day
Processing Availability 24 hours a day, 7 days a week, 365 days a year During Business Hours During Business Hours
Transaction Information Availability Immediate End of Day End of Day

In Addition to Funds Being Available Immediately, Consumers and Businesses Benefit From

  • Greater Clarity: Real-Time Payments enable instant confirmation of payments

  • Enhanced Cash Management: Real-Time Payments improve liquidity through immediate deposits

  • Increased Communication: Real-Time Payments allows for messaging among consumers, businesses, and financial institutions

Currently, domestic credit transactions up to $1,000,000 per item are eligible for real-time payments for both consumer and business transactions.

Interested in utilizing Real-Time Payments? Please contact our Treasury Management Team at treasury@freedom.bank or (703) 667-4168.