e-Invoices Exchange
What is e-Invoices Exchange
e-Invoices Exchange is an exciting new real-time, fun and shiny service offering all banks and credit unions brought about by the Faster Payments Initiative of the US Federal Reserve banks providing payments that are instant, final (Consumer cannot ChargeBack) and secure. Businesses and Individuals will be using, instant Real-Time Bill Pay, via Request for Payments.
Definition: FedNow ™ instant payments are real-time payments: FedNow - Federal Reserve instant payments. Financial institution’s customer-facing systems for services like bill payment, cash management, peer-to-peer (P2P) payments, and emergency disbursements. Messages such as request for pay, request to pay, payment confirmations, and remittance detail are used to create frictionless customer-facing interactions.
Compare the e-Invoice Exchange and the open system of ISO 20022 Request for Payment (RfP) for all payees and payers:
- Scope and Purpose:
- e-Invoice Exchange: Typically operates within a specific platform or network designed to facilitate electronic invoicing and payment management between businesses. It focuses on streamlining invoice processing, reducing paperwork, and enhancing efficiency within its ecosystem.
- ISO 20022 Request for Payment (RfP): Operates within a standardized messaging framework (ISO 20022) that facilitates electronic payment requests across various financial systems and institutions. It provides a common language for payment instructions, allowing interoperability between different systems and parties.
- Functionality:
- e-Invoice Exchange: Offers features such as electronic invoice submission, approval workflows, payment initiation, and tracking within its closed ecosystem. It may also include integration with accounting systems and automated reminders.
- ISO 20022 Request for Payment (RfP): Provides a standardized format for payment requests, including details such as payment amount, due date, invoice references, and payment instructions. It is designed to be interoperable across different financial systems, allowing any payer to receive and process payment requests conforming to the ISO 20022 standard.
- Interoperability:
- e-Invoice Exchange: Operates within its own closed ecosystem, so interoperability may be limited to parties within that specific platform or network. Integration with external systems may require custom development or standardized interfaces.
- ISO 20022 Request for Payment (RfP): Is part of an open and standardized messaging framework (ISO 20022), promoting interoperability between different financial systems and institutions. Payment requests conforming to the ISO 20022 standard can be exchanged seamlessly between parties using compliant systems, regardless of their specific implementation.
- Adoption and Implementation:
- e-Invoice Exchange: Adoption of e-Invoice Exchange platforms varies by industry and region. Businesses may choose to adopt specific platforms based on factors such as industry requirements, vendor relationships, and functionality.
- ISO 20022 Request for Payment (RfP): ISO 20022 is a widely adopted standard in the financial industry, supported by many financial institutions, payment service providers, and regulatory bodies. The adoption of ISO 20022 RfP messages may be driven by regulatory mandates, industry initiatives, or the need for interoperability between different payment systems.
In summary, while both e-Invoice Exchange and the open system of ISO 20022 Request for Payment (RfP) serve to facilitate electronic transactions, they differ in scope, functionality, and interoperability. e-Invoice Exchange operates within a closed ecosystem, focusing on electronic invoicing and payment management within its platform, while ISO 20022 RfP provides a standardized format for payment requests, promoting interoperability across different financial systems and institutions.
Features & Benefits
FedNow instant payments has benefits for all parties involved in
Financial Transactions.
Benefits to your company include:
Money Transfer: Current limit of $500,000.
It's Fast: 24/7/365 access to funds anytime vs.
several days for paper checks or ACH transfers to process.
Request for Payments ( RfP ™): Mobile & Online Real-Time Bill Payments.
It's Final: All RTP and Instant Payments are Final & Irrevocable.
Software Integration: Integrate your Management
or Enterprise software with us.
Message Detail: Full 145 characters available
using ISO 20022 messaging XML format.
Online Down Payments: Don't use inconvenient
and expensive Wires & Cashier's Checks.
Online Real-Time Reporting: Configured
Dashboard with Virtual Terminal login.
Reduced calls / emails in the "Purchasing Chain": All
parties to a instant payment transaction receive immediately
text & email messaging.
The
FedNow and RTP Systems enables Participants to initiate credit transfers,
receive final and irrevocable settlement for credit transfers,
and make available to Receivers funds associated with such
credit transfers in real-time, twenty-four (24) hours a day,
seven (7) days a week, fifty-two (52) weeks a year. All instant payments are "Credit
Push" instead of "Debit Pull."
About e-Invoices Exchange
Today Payments is a leader in the evolution of instant instant payments. We own Real-Time Payments. We were years ahead of competitors recognizing the benefits of Same-Day ACH funding through Same-Day Direct Deposits (ACH Push) and Same-Day Direct Payments (ACH Pull). Our customers receive faster availability of funds on deposited items and instant notification of items presented for deposit all based on real-time activity. Dedicated to providing superior customer service and industry-leading technology. Our platform hub with its tools / widgets help organizations of all sizes reduce transaction costs, mitigate risk and increase efficiencies. Our system ensures proper Authentication, Authorization, Verification, Settlement, Notifications and Postings.
Today Payments
...continues to meet the challenge of our clients by offering cost effective "good funds", real-time, instant, credit card, ACH and e-invoice payment processing services into the electronic payment solutions banking system. Electronic banking includes the transfer of funds between companies (B2B) and/or (B2C) consumer accounts for collection and payments. Today Payments' FedNow Instant Merchant Services gives your company choices in the method of faster payments that you can accept from your customers.
Our payment processing platform is designed for simplicity and ease-of-use.
SecureQB Cloud payment processing integration for QuickBooks ® give you the Best transaction detail information, real-time, with matching error-proof through QuickBooks.
Process with the e-Invoices Exchange Professionals
- Automation of Accounts Receivable Collection with Instant Settlement & Deposit
- Automation of Accounts Payable Payments with Instant Settlement & Deposit
- One-Time & Recurring Debits & Credits with Instant Settlement & Deposit
Each day, thousands of businesses around the country are turning their transactions into profit with instant payment solutions like ours.
Contact Us for e-Invoices Exchange payment processing
