The calculator estimates the number of wire transfers that can be replaced by instant payments and compares the cost of sending those payments through FedNow or RTP.

The number of wire transfers that can be converted into instant payments is based on the percentage of a company’s counterparties who are eligible to receive FedNow or RTP payments.

Based on industry benchmarks, approximately 70% of a company’s counterparties are eligible to receive FedNow or RTP payments. As more banks support instant payments rails, we expect savings to grow.

Modern Treasury supports FedNow and RTP at seven leading banks in the U.S. Key features help companies to send instant payments with confidence:

• Eligibility checks to verify that counterparties can receive instant payments.
• Automatic fallback to ACH if the recipient bank is not yet supporting instant payments.
• Real-time visibility into payments statuses.
• Automated ledgering and reconciliation.
• Support for Request for Payment (RFP) at participating banks.

Talk to us to learn how your company can benefit from instant payments.