The new era of payments is here with the FedNow Service. “JJ – InstaPay”, the FedNow Service module, helps financial institutions of all sizes to offer this instant payment service to its clients. “JJ – InstaPay” is JJ4tech’s solution to connect your bank or credit union to the FedNow Service. Our solution was developed to fully meet all the needs of the financial institutions, enabling instant payments, liquidity and account management, and providing several APIs for integration that will serve the end user in all instant payment flows. As our purpose is to fully assist FIs, all operational flows and internal message exchanges with the FedNow Service are performed by JJ – InstaPay, allowing financial institutions to offer their customers the instant payment service quickly and efficiently.
Our service is made to fit the specific needs of each financial institution - small, medium or large.
Our mission is to facilitate your connection with the FedNow Service. JJ4Tech converts various formats into the FedNow Service ISO20022 standards.
Through JJ4Tech your institution is able to monitor its account balance, the number and amount of transactions and extract account reports.
We believe that the best technology should always come with the best support. JJ4Tech provides a top-tier helpdesk 24x7x365.
Step 1. Initiation. The sender (an individual or business) initiates a payment with their FI through an end-user interface outside of the FedNow Service.
Step 2. Sender's submission of payment message. The Sender FI submits a payment message (ISO® message pacs.008) to the FedNow Service.
Step 3. Validation. The FedNow Service validates the payment message.
Step 4. FedNow forwards payment message. The FedNow Service sends the contents of the payment message to the recipient’s FI to seek confirmation that the Receiver FI intends to accept the payment message.
Step 5. Confirmation. The Receiver FI sends a positive response of “accept” to the FedNow Service, confirming it intends to accept the payment message.
Step 6. Settlement. The FedNow Service settles the payment, debiting and crediting the designated master accounts of the Sender FI and Receiver FI (or of their correspondents), respectively.
Step 7. Advice. The FedNow Service sends an advice to the Receiver FI and an acknowledgement to the Sender FI, executing the payment order and notifying each that the Federal Reserve Banks settled the payment message
Step 8. Funds availability and notification to customer. As a term of participation in the FedNow Service, the Federal Reserve Banks anticipate requiring the Receiver FI to make funds available to the recipient immediately after step 7.
Step 9. Confirmation of posting. In general, the Receiver FI has the option of sending a message through the FedNow Service to the Sender FI indicating that the payment has been posted to the recipient’s account.
Step 10. Notification. If the Receiver FI sends a confirmation of posting message through the service, the Sender FI should notify its customer that the funds have been made available to the recipient.
JJ4tech will provide the software for your FI to send and receive messages to and from the FedNow Service seamlessly, regardless if your institution is a Sender or Receiver FI. That way we facilitate your life so you only worry about doing business.
JJ-InstaPay periodically compares the local copy stored by the financial institution with its settlement account balance. In case balance differences are detected, the financial institution is promptly notified for reconciliation purposes.
JJ-InstaPay enables your financial institution to have a local copy of its account balance. At each new transaction, JJ-InstaPay updates the referred balance.
JJ-InstaPay enables real-time monitoring of your financial institution's account balance. Our system allows you to set alarms for self-set liquidity thresholds.
With JJ-InstaPay your institution will be able to generate QR codes for payments. We are ready to quickly adapt to future standards in this regard.
Our system identifies different accounts and their aliases. We are ready to quickly adapt to future standards in this regard.
Click below to access "The FedNow ℠ Service Readiness Guide" and learn more about the advantages and how to join a faster-paying world!
It takes only a few seconds for the payer to send and the payee to receive a payment. Both parties receive immediate confirmation, and the payee is immediately able to use the funds received.
Instant payments cannot be revoked for insufficient funds in the payer’s account, and the payer is able to precisely control the timing of the payments they make.
Instant payments have the capacity to carry a significant amount of data about each transaction, like invoice and remittance details, increasing internal efficiency and control.
With a 24/7/365 availability, payers can complete last-minute or emergency payments. Consumers avoid late fees, the risk of account overdrafts, and damage to their credit scores.
201 S. Biscayne Blvd, Suite 1200, Office 14 - Miami, Florida 33131, United States
Copyright © 2022 JJ4tech – ALL RIGHTS RESERVED
Usamos cookies para analisar o tráfego do site e otimizar sua experiência nele. Ao aceitar nosso uso de cookies, seus dados serão agregados com os dados de todos os demais usuários.