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Real-Time Payments Gateway


Trustee Payment

Using Trustee Payment

Trustee Payment Trustee Payment and recurring Real-Time instant payments, are defined simply as: Irrevocably collected funds in a Payee bank account and usable immediately by the owner of the account. An upfront on-time 'standing approval' using Trustee Payment is an instruction or set of instructions a Payer uses to pre-authorize their financial institution to pay future Request for Payments, RfPs without requiring the Payer to review and approve each RfP.

Attributes of Trustee Payment for your business using instant payments

To manage trustee payments from a trustee to beneficiaries using Real-Time Payments (RTP) and FedNow through an escrow and Client Trust Account (CTA), follow these detailed steps:

Step 1: Set Up Accounts

  1. Client Trust Account (CTA): Ensure the trustee has a properly set up CTA, specifically designated for holding and managing funds on behalf of beneficiaries.
  2. Escrow Account: Establish an escrow account to temporarily hold funds before they are distributed to beneficiaries.
  3. Beneficiary Accounts: Ensure all beneficiaries have bank accounts that can receive RTP and FedNow payments.

Step 2: Set Up Real-TimePayments.com Account

  1. Visit Real-TimePayments.com: Go to Real-TimePayments.com and create an account for the trustee if not already done.
  2. API Access: Obtain API credentials from Real-TimePayments.com for integrating RTP and FedNow services.

Step 3: Configure Accounts for RTP and FedNow Integration

  1. Link Accounts: Link the CTA and escrow accounts to the Real-TimePayments.com platform.
  2. API Integration: Input necessary API credentials for Real-TimePayments.com to enable RTP and FedNow payments.

Step 4: Trustee Transfers Funds to Escrow

Using Real-TimePayments.com

  1. Log In: Access the trustee’s Real-TimePayments.com account.
  2. Initiate Transfer to Escrow:
    • Navigate to the “Send Payment” section.
    • Fill in the required details:
      • From Account: Trustee’s CTA details.
      • To Account: Escrow account details.
      • Amount: Payment amount.
      • Currency: USD.
      • Reference Information: Details like “Transfer to Escrow for Beneficiary Distribution”.

Example API Request to Transfer to Escrow

json code

{

  "fromAccount": {

    "bankId": "87654321",

    "accountNumber": "0123456789"

  },

  "toAccount": {

    "bankId": "12345678",

    "accountNumber": "9876543210"

  },

  "amount": "1000.00",

  "currency": "USD",

  "referenceInformation": "Transfer to Escrow for Beneficiary Distribution"

}

  1. Confirm and Send: Review and confirm the transfer.

Step 5: Distribute Funds to Beneficiaries from Escrow

  1. Access Escrow Account: Trustee accesses the escrow account via Real-TimePayments.com.
  2. Initiate Payments to Beneficiaries:
    • For each beneficiary, fill in the payment details:
      • From Account: Escrow account details.
      • To Account: Beneficiary’s bank account details.
      • Amount: Payment amount.
      • Currency: USD.
      • Reference Information: Details like “Trustee Payment to Beneficiary”.

Example API Request to Pay Beneficiary

json code

{

  "fromAccount": {

    "bankId": "12345678",

    "accountNumber": "9876543210"

  },

  "toAccount": {

    "bankId": "23456789",

    "accountNumber": "0123456789"

  },

  "amount": "500.00",

  "currency": "USD",

  "referenceInformation": "Trustee Payment to Beneficiary"

}

  1. Confirm and Send: Review and confirm each payment.

Step 6: Verify and Reconcile Transactions

  1. Check Statements: Regularly check the CTA, escrow, and beneficiary account statements to verify that all transactions are accurately recorded.
  2. Transaction History: Use the transaction history feature on Real-TimePayments.com to review all transfers and payments.

Step 7: Security Best Practices

  • Secure API Keys: Keep API keys and credentials secure.
  • Two-Factor Authentication: Enable two-factor authentication on all relevant accounts.
  • Regular Monitoring: Regularly monitor account activities for any unauthorized transactions.

Conclusion

By following these steps, trustees can efficiently manage and distribute funds using RTP and FedNow via Real-TimePayments.com, ensuring secure and timely payments to beneficiaries. Regular verification and secure practices are essential to maintain the integrity and security of the transactions.

Creation Recurring Request for Payment

We were years ahead of competitors recognizing the benefits of RequestForPayment.com. We are not a Bank. Our function as a role as an "Accounting System" in Open Banking with Real-TimePayments.com to work with Billers to create the Request for Payment to upload the Biller's Bank online platform. Today Payments' ISO 20022 Payment Initiation (PAIN .013) shows how to implement Create Real-Time Payments Request for Payment File up front delivering a message from the Creditor (Payee) to it's bank. Most banks (FIs) will deliver the message Import and Batch files for their company depositors for both FedNow and Real-Time Payments (RtP). Once uploaded correctly, the Creditor's (Payee's) bank continues through a "Payment Hub", either FedNow or RTP, will be the RtP Hub will be The Clearing House, with messaging to the Debtor's (Payer's) bank. Request for Recurring Payment

ACH and both Instant and Real-Time Payments Request for Payment ISO 20022 XML Message Versions
The versions that NACHA recommends for the Request for Payment message and the Response to the Request are pain.013 and pain.014 respectively. Version 5 for the RfP messages, which The Clearing House Real-Time Payments system has implemented, may also be utilized as there is no material difference in the schemas. Predictability, that the U.S. Federal Reserve, via the FedNow ® Instant Payments, will also use Request for Payment. The ACH, RTP ® and FedNow ® versions are Credit Push Payments.


Payees ensure the finality of Instant Real-Time Payments (IRTP) and FedNow using recurring Requests for Payments (RfP), Payees can implement certain measures:

1.     Confirmation Mechanism: Implement a confirmation mechanism to ensure that each payment request is acknowledged and confirmed by the payer before the payment is initiated. This can include requiring the payer to provide explicit consent or authorization for each recurring payment.

2.     Transaction Monitoring: Continuously monitor the status of recurring payment requests and transactions in real-time to detect any anomalies or discrepancies. Promptly investigate and resolve any issues that arise to ensure the integrity and finality of payments.

3.     Authentication and Authorization: Implement strong authentication and authorization measures to verify the identity of the payer and ensure that only authorized payments are processed. This can include multi-factor authentication, biometric verification, or secure tokenization techniques.

4.     Payment Reconciliation: Regularly reconcile payment transactions to ensure that all authorized payments have been successfully processed and finalized. This involves comparing transaction records with payment requests to identify any discrepancies or unauthorized transactions.

5.     Secure Communication Channels: Utilize secure communication channels, such as encrypted messaging protocols or secure APIs, to transmit payment requests and transaction data between the payee and the payer. This helps prevent unauthorized access or interception of sensitive payment information.

6.     Compliance with Regulatory Standards: Ensure compliance with relevant regulatory standards and guidelines governing instant payments and recurring payment transactions. This includes adhering to data security requirements, fraud prevention measures, and consumer protection regulations.

By implementing these measures, Payees can enhance the finality and security of Instant Real-Time Payments using recurring Requests for Payments, thereby minimizing the risk of payment disputes, fraud, or unauthorized transactions.

 
Each day, thousands of businesses around the country are turning their transactions into profit with real-time payment solutions like ours.

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