Payment Power in the Palm of your Hand
Instant transfer, full access, no cancellations. The future of monetary transfers is now. Both Venmo and DailyPay have adopted the Real-Time Payments (RTP) and FedNow networks, which are the latest innovations in fund transfers. Consumers Credit Union is also committed to supporting RTP and FedNow, both of which deliver funds immediately.That means unrestricted access of the receiver to the full amount of the transaction. It's different from the Automated Clearing House (ACH) network that's been used for decades – and will soon be a relic of the past.
ACH puts checks and other transfers on hold until funds arrive, initially sends only part of the money, and waits for banks to greenlight transactions. In this day and age, we should be able to do better.
That’s why we support RTP and FedNow. Not only are transfers immediate, but they can't be cancelled or revoked by the sender. They can't be held up by the whims or old-school protocols of banks. And since RTP and FedNow are 24/7 in nature, you can make and receive payments at night, on weekends, during holidays, and just whenever the heck you want to.
The RTP and FedNow networks are expanding every day, but for the moment your best bet is to continue to use Venmo and DailyPay. There are no reserves, holds or limitations. Now that’s the way money should move.
Receive Money Instantly:
- Immediate fund delivery.
- Unrestricted access of the receiver to the full amount of the transaction.
- Funds can't be cancelled or revoked by the sender.
- RTP and FedNow are 24/7 in nature. You can make and receive payments at night, on weekends and during holidays.
What are Instant Payments?
Instant Payments is a new and secure payment method that can be utilized to send and receive funds within seconds. Instant Payments consists of two real-time networks: The RTP Network and FedNOW.
Instant payments are non-revocable (final) and confirmed within seconds.
Why Use Instant Payments?
As the people in your corner, CCU is proud to offer the latest in digital payment technology. Our members can now receive funds from a sender quickly using Instant Payments.
Example: If your employer is partnered with Instant Payments and you are a CCU member, once they authorize a fund transfer, we can put it into your CCU account in seconds!
How secure are Instant Payments?
Very! Our system supports real-time screening of all inbound transactions. Confirmation to the sender and the receiver will be provided when the transaction is processed successfully.
How are Instant Payments different than other payment methods?
When using wire transfers, bill payments and other payment applications, you more than likely will experience a delay in processing. It can happen whether you are the sender or receiver. Instant Payments credits the payee’s deposit account within a matter of seconds after initiation. This includes the transmission message and settlement of your payment. In addition, these services are working 365 days a year, 24/7.