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Instant Payments

Instant payments aren’t just fast; they’re strategically smart. By adopting this technology, you’re positioning your bank for greater efficiency, control, and ultimately, a competitive advantage. Bankers’ Bank of Kansas is here to help you develop a strategy tailored to your bank. Whether you start with just receiving payments, or you’re pursuing send and liquidity management, we can be your settlement solution and a trusted advisor on your instant payments journey.

FedNow® and RTP®

The FedNow® Service (The Federal Reserve) and RTP® (The Clearing House) are instant payment platforms. They provide financial institutions of every size, and in any location across the nation, access to safe and efficient instant payment services in real-time, 24 hours a day, 7 days a week.

Why offer instant payments now?

  • Your customers are increasingly taking deposits out of your financial institution and putting them into non-bank applications to move their money faster.
  • Having a faster payment option now allows you to remain competitive in meeting the banking needs of your customers.
  • It positions your bank for future growth in your deposit base as demand for instant payment use increases over time.
  • Familiarize yourself with the posting process and create a reporting plan while there are fewer transactions.

Use Cases

  • Peer-to-peer payments (P2P)
  • Business to consumer payments (B2C)
  • Person to business payments (C2B)
  • Business-to-business payments (B2B)
  • Government payments (G2C)
  • Emergency funds and disaster relief
  • Bill payments
  • Payroll and gig economy payments