The Speed of Money: Real-Time Payments vs. ACH 💸 🚀 Real-Time Payments (RTP) and ACH transfers are popular choices for electronic funds transfer, but they cater to different needs. Consider these factors 👇🏻 https://bit.ly/3WffDqw
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⏩ Want your winnings fast? Use #FastBankTransfer for quicker deposits and withdrawals. Learn how to speed up your transactions: https://lnkd.in/d2GzkQKy #FastBankTransfer #QuickCash
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Zil Banking allows users to send money instantly online, anywhere at any time. Users can transfer money in simple steps via wire transfer, ACH, and check mailing. Sign up now. Learn more: https://lnkd.in/gyN4n2s7 #OnlineMoneyTransfer #MoneyTransfer
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It's all about the message, not the money ✉️ 💸 Did you know that SWIFT doesn't actually move funds? It acts as a messaging network for banks to communicate payment instructions, similar to how email allows individuals to share information. The actual transfer happens between correspondent accounts banks hold with each other, called Nostro & Vostro. It's like having a local bank account in another country, funded in advance for smooth transactions. However, this chain also contributes to the higher fees and longer delays often associated with SWIFT payments. Here's the breakdown 👇
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Transfer by ACH are electronic money transfers between banks. You can cost-effectively make ACH payments. This method allows individuals to send and receive payments conveniently from any device. Learn more: https://lnkd.in/g7nb4ymx #TransferbyAch #ACHTransfer
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Absolutely! 👌 With SPay's Direct Debit feature, lenders can automatically collect repayments from bank accounts, reducing manual effort and ensuring timely payments. Contact us today to learn more! #SPaybusinesssolutions #directdebit #paymentgateway #onlinetransaction
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💼💳 Curious about electronic bank transfers? They're a convenient and secure way to move funds between bank accounts electronically, without the need for paper checks. With Key2Pay's solutions, you can enjoy seamless transactions and peace of mind knowing your money is in safe hands. 💼💳 🌐 https://key2pay.online/ . . #ElectronicBankTransfers #ConvenientPayments #SecureTransactions #Key2Pay #PaymentSolutions #MobilePayments #payments #TransactionTimes #paymentsolutions #paymentdigital #paymentplans
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ACH and Electronic Payments Nerd at UMACHA
1moReal-time payments have many exciting use cases, including some that are best met with an instant payments solution! However, there is some incorrect information about ACH on your graphic. Issue #1 - Speed. ACH settles as quickly as the same banking day. In fact, there are three same-day settlement windows every day. If the Originator of an ACH transaction intentionally chooses a slower delivery speed, the settlement can take up to one banking day for a debit or up to two banking days for a credit. Again, the Originator selects the delivery speed. Issue #2 - Cost. The Federal Reserve Bank charges $0.0035 per ACH transaction originated (assuming no volume discounts), but there is a $0.0010 surcharge for a Same Day ACH transaction. For a FedNow instant payment, the Federal Reserve Bank charges $0.045 per PACS.008 origination. Of course, financial institutions will have a markup for both methods of payment since they have their own expenses and they're in the space to make money. However, the statement that real-time payments cost $0.25-$1 and ACH is $1-$5 seems impractical.