Instant Payments through FedNow and RTP®
Introduction
Want the fastest transfers to your Visions account? Use instant payments.
The quickest way to move money from one financial institution to another is instant payments. If you’re moving funds to a Visions account, that means using either the FedNow Service or the Real-Time Payments (RTP®) Network.
- FedNow
This new instant payments infrastructure was developed by the Federal Reserve to provide safe and efficient instant payment services to financial institutions of all sizes across the US. FedNow instant payments have a domestic transfer limit of $500,000.00 per transaction.
- Real-Time Payments (RTP®)
Provided by The Clearing House (TCH), the RTP® Network instant payments service offers real-time funds availability to recipients, typically funded within seconds. These transfers have a limit of 1,000,000.00 per transaction.
To send funds to your Visions account, all you’ll need is your account number and Visions routing number (221375378).
Individual accounts and business accounts at Visions can receive instant payments through both networks, available 24/7/365 for participating financial institutions. Contact your other financial institution(s) to ask if they send funds through either FedNow or RTP®. Note: Visions does not initiate or send instant payments through FedNow or RTP®. We participate as a receive-only financial institution.
FedNow and Real-Time Payments FAQ
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When are the funds from an instant payment available in my account?
When you receive an instant payment through the FedNow or RTP® network, the available balance updates immediately. The funds are typically available in the account as soon as Visions receives the transaction, which can be a matter of seconds.
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Who can send a FedNow or RTP® instant payment?
The sender who originates the payment must have an account with a financial institution that offers the capability to send payments through the FedNow or RTP® network. Visions currently does not send instant payments through either network. We operate as a receive-only financial institution.
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What is the difference between instant payments, ACH, and Wire Transfers?
The biggest difference is funds availability and processing times.
Although same-day ACH and Wire Transfers move funds quicker than a next-day ACH or check, they still aren’t processed as quickly as RTP® or FedNow transactions. Here's how they stack up:
RTP® or FedNow
Same-Day ACH
Wire
Typical Funds Availability
Immediate
Throughout Transaction Day
Immediate
Processing
24x7x365
During Business Hours
During Business Hours
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What if I send an instant payment transaction to the incorrect account number?
Instant payments through Real-Time Payments and FedNow are final and irrevocable, which means if the incorrect account number is provided to the sender, there’s no guarantee the funds could be recovered.
