Reconciling FedNow®

Alias-Based Real-Time Payments: Use Phone Numbers and Emails as Payment IDs

TodayPayments.com helps you turn your phone number or email into a real-time payment alias, linked with one or multiple financial institutions.
Alias Features:

• Use your cell phone number as a unique RTP® or FedNow® alias for faster transactions.
• Assign a separate MID to each phone number or email, even across banks.
• Support for 100+ aliases per business, perfect for subsidiaries and departments.
• Consolidate and reconcile all aliases in one dashboard.

Why Businesses Prefer TodayPayments.com for FedNow® and RTP® Merchant Accounts

TodayPayments.com goes beyond what traditional banks offer. Our solution is tailor-made for merchants who demand speed, flexibility, and powerful reconciliation tools.

✅ Key Benefits and Features for U.S. Merchants Using TodayPayments.com

• 🔁 Batch & Real-Time Payment Reconciliation – Automatically reconcile batch or single transactions instantly with built-in tools.
• 🧾 Multiple MIDs across States & Banks – Whether you're a multi-state business or a high-risk merchant, we’ve got you covered with multiple Merchant IDs.
• 📲 Alias Support: Use Phones & Emails – Set up unique MIDs for every email and phone number – process payments with flexible identity mapping.
• 🏦 FedNow® & RTP® Integration with All Major Banks – Instantly enroll your business with multiple banks and credit unions in all 50 states.
• 🔗 Hosted Payment Pages & ISO 20022 RfP Messaging – Send out invoices and request payments using industry-compliant ISO 20022 messaging.
• 📘 QuickBooks® QBO Integration – Sync real-time payments and auto-reconcile directly into your accounting software.
• 🏢 Support for All Entity Types – From Sole Proprietors and Schedule C filers to LLCs, S-Corps, and Corporations — we support every business type.
• 🛒 Omnichannel Payments – Use our software for POS, retail, wholesale, MOTO, mobile, SMS, and email invoicing.
• 💸 FREE Real-Time Treasury Reconciliation Tools – Perfect for your Treasurer or CFO to manage liquidity and track incoming RTP® and FedNow® payments in real time.
• 🕐 24/7 Online Enrollment & Support – No more going to the bank. Enroll online, anytime, and get merchant processing without delays.

To integrate aging accounts receivable (A/R) processes with FedNow Reconcile for real-time payment reconciliation and review of outstanding requests for payments, businesses can follow these steps:

1. FedNow Integration Setup:

• Establish connectivity with the FedNow service through your financial institution or a third-party provider.
• Configure your systems to receive real-time payment notifications and transaction data from FedNow.

2. Digital Invoice Generation:

• Generate digital invoices for goods or services rendered, including all necessary details such as invoice number, amount due, and payment terms.
• Ensure that each invoice includes a unique identifier that can be matched with corresponding payments received through FedNow.

3. Real-Time Payment Matching:

• Develop automated algorithms or utilize software solutions that can instantly match incoming payments received via FedNow with outstanding invoices or A/R entries.
• Implement logic to reconcile payments based on invoice numbers, customer IDs, or other unique identifiers to ensure accurate matching.

4. Aging A/R Monitoring:

• Integrate aging A/R functionality into your financial management system to track the aging of outstanding invoices and payments in real-time.
• Create aging reports and dashboards that dynamically display the aging status of A/R balances, categorizing them based on predefined aging buckets (e.g., current, 30 days, 60 days, 90 days).

5. Automated Alerts and Notifications:

• Configure automated alerts and notifications to notify relevant stakeholders when invoices become overdue or payments are received.
• Set up thresholds for triggering alerts based on aging status changes or outstanding payment amounts to facilitate proactive collections management.

6. Workflow Automation:

• Implement workflow automation tools to streamline collections processes based on aging A/R data and real-time payment reconciliation.
• Automatically initiate follow-up actions for overdue invoices, such as sending reminders, initiating collection calls, or escalating delinquent accounts as necessary.

7. Exception Handling and Resolution:

• Develop protocols for handling exceptions or discrepancies identified during the reconciliation process, such as mismatched payments or unapplied funds.
• Establish procedures for investigating and resolving discrepancies promptly to ensure accurate A/R reporting and reconciliation.

8. Continuous Optimization:

• Continuously monitor the effectiveness of your FedNow Reconcile integration and aging A/R processes.
• Analyze key performance metrics, such as days sales outstanding (DSO) and collection rates, to identify areas for improvement and optimization.

By integrating aging A/R processes with FedNow Reconcile, businesses can effectively manage real-time payments, monitor the aging of outstanding invoices, and streamline collections management for improved cash flow and financial efficiency.

Ready to Accept Real-Time Payments Like a Pro?

Don’t let your bank hold you back.
Whether you’re accepting payments via the RTP® Network or The FedNow® Service, TodayPayments.com gives you the tools, integrations, and flexibility to scale nationwide. Accept payments through multiple aliases, manage MIDs across states, and auto-reconcile with QuickBooks®. You’ll be up and running 24/7 without stepping foot in a branch.

👉 Get started with real-time payment processing today at TodayPayments.com – where your payments move at the speed of now.