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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

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.



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10555 Main Street, Ste 100
Fairfax, VA 22030
(703) 667-4167
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502 Maple Avenue West
Vienna, VA 22180
(703) 667-4170
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11700 Plaza America Dr Ste 110
Reston, VA 20190
(703) 663-2300
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4090 Lafayette Center Drive,
Ste B Chantilly, VA 20151
(571) 395-4000
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Effective February 2, 2023
4090 Lafayette Center Drive, Ste B
Chantilly, VA 20151
(703) 766-6400
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10611 BaIls Ford Road Ste 110
Manassas, VA 20109
703-349-2210
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