XPress Processing is excited to announce our latest and greatest payment method to date. The XPress RTP network provides both consumers and businesses with the ability to conveniently send payments directly from their accounts at federally insured depository institutions 24/7. In addition, they can receive and access funds sent to them over the network immediately.
Recipients receive the payment within seconds of the sending bank initiating the transaction. The receiving financial institution is required to make the funds available immediately, except where necessary for risk management or legal compliance purposes.
Customers of our RTP network, are able to initiate payments from their existing bank accounts. There is no need to create an external account elsewhere.
Originating financial institutions (FI) are not able to revoke or recall a payment once it has been authorized and submitted to the network. However, there is a process to facilitate FI-to-FI communication regarding return of funds sent in error.
The XPress RTP network is live and operates 24/7.
The ability to send and receive immediate payments gives customers more control over cash flow, which may be particularly important for cash-constrained small businesses and consumers.
The transaction limit is currently set to $100,000.00.