e-Invoice Exchange
What is e-Invoice Exchange
e-Invoice 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.
The e-Invoice Exchange and ISO 20022 Request for Payment (RfP) are both mechanisms aimed at facilitating electronic transactions, particularly in the realm of invoicing and payments. Let's compare them:
- Scope and Purpose:
- e-Invoice Exchange: Typically refers to a platform or system that enables the electronic exchange of invoices between businesses. It focuses on streamlining the invoicing process, reducing paper usage, and enhancing efficiency.
- ISO 20022 Request for Payment (RfP): A standard for requesting payments, often used in electronic payment messages. It provides a structured format for requesting payments, including detailed information about the transaction.
- Functionality:
- e-Invoice Exchange: Primarily focused on exchanging invoices electronically, managing invoice approvals, and facilitating payments related to those invoices. It may include features like invoice tracking, automated reminders, and integration with accounting systems.
- ISO 20022 Request for Payment (RfP): Provides a standardized format for requesting payments in electronic payment messages. It specifies fields for information such as payment amount, due date, invoice number, and payment instructions.
- Interoperability:
- e-Invoice Exchange: Interoperability may vary depending on the specific platform or system being used. Some platforms may support integration with other systems or standards to enable seamless exchange of data.
- ISO 20022 Request for Payment (RfP): ISO 20022 is an international standard for financial messaging, designed to promote interoperability between different financial systems and institutions. Requests for payment conforming to this standard should be interoperable across systems that support ISO 20022 messaging.
- Adoption and Implementation:
- e-Invoice Exchange: Adoption of e-Invoice Exchange platforms varies by region and industry. Many businesses are increasingly adopting electronic invoicing solutions to streamline their processes and reduce costs.
- ISO 20022 Request for Payment (RfP): ISO 20022 is a widely adopted standard in the financial industry, used for various types of financial messages, including payment instructions. Adoption of ISO 20022 RfP messages may depend on factors such as regulatory requirements and industry initiatives.
In summary, while both e-Invoice Exchange and ISO 20022 Request for Payment (RfP) serve to facilitate electronic transactions, they have different scopes, functionalities, and levels of interoperability. e-Invoice Exchange focuses on electronic invoicing and payment management within a specific platform, while ISO 20022 RfP provides a standardized format for requesting payments in electronic payment messages, promoting interoperability across different financial systems.
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-Invoice 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-Invoice 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-Invoice Exchange payment processing
