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	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.