RTP/FedNow

Introduction to RTP and FedNow payment methods

Overview

RTP, operated by The Clearing House, and FedNow, from the Federal Reserve, are U.S. payment networks that facilitate immediate fund transfers between participating financial institutions, with transactions typically completing within seconds, 24/7/365.

Zūm Rails combines RTP and FedNow into one seamless payment method, enabling customers to instantly transfer funds.

Benefits of using RTP/FedNow

• Speed and Availability: Funds are transferred and available to the recipient almost immediately, typically within seconds, at any time of the day, week or year - including weekends and holidays.

• Finality of Payment: Once a payment is successfully processed, it is final and cannot be reversed by the sender. This provides certainty for the recipient.

• Increased Transparency and Security: Both sender and receiver typically receive immediate confirmation of the transaction.

• Broader Accessibility: FedNow and RTP aim to provide broad access to instant payments for financial institutions of all sizes, including smaller banks and credit unions.

• Facilitates Innovation: Instant payments can enable new business models, improve customer experiences (e.g., instant insurance payouts, gig economy worker payments), and foster stronger buyer-supplier relationships.

Transaction Types

Using RTP/FedNow, you can only send funds to your users or withdraw the Zūm Wallet with the following transaction types:

• WithdrawZumWallet

• AccountsPayable

Transaction Limits

Transaction Limit	Minimum	Maximum
Amount limit per transaction	$0.00	Unlimited
Maximum volume per day	$0.00	Unlimited
Transaction per day	0	99,999,999
Maximum Volume Per Month	$0.00	Unlimited

Transaction Events

Zūm Rails offers comprehensive transaction event tracking, detailing each step in a transaction's lifecycle. These events are also available as webhooks for real-time updates.

RTP/FedNow

Event	Description
RtpFedNowTransactionAccepted	When transaction is accepted
RtpFedNowCreditResponseReceived	When response is received for credit transaction
RtpFedNowFailedReturnedOrClosedAccount	When transaction is returned due to a closed account or any other reason
RtpFedNowFailedRejectedWithReason	When transaction is rejected for a reason
RtpFedNowFailedTransactionNotAllowed	When transaction is not allowed by the provider
RtpFedNowFailedGeneralError	When transaction failed due to a generic error
RtpFedNowFailedHighRiskOrPotentialFraud	When transaction is rejected as high-risk or potential fraud
RtpFedNowFailedInvalidValueForField	When transaction failed due to invalid value for field
RtpFedNowFailedDuplicateTransaction	When transaction failed due to duplicated transaction
RtpFedNowBankAccountVerificationFailed	When transaction fails because bank account is unverified

For detailed instructions on initiating RTP/FedNow transactions, please consult the API Reference.

Testing

To simulate a failure, include the event name from the list above in the COMMENT field when creating a transaction. If you don't mention an event in the COMMENT, the transaction will change its status to "Completed" in the sandbox environment.

Simulating Success

{
  "ZumRailsType": "AccountPayable",
  "TransactionMethod": "RtpFedNow",
  "Amount": 123.45,
  "Memo": "This transaction will succeed",
  "Comment": "This transaction will succeed because there's no keyword",
  "UserId": "1d431e8b-...85452adb4eee",
  "WalletId": "8ebd932b-...b92633e14297"
}

Simulating Failure

{
  "ZumRailsType": "AccountPayable",
  "TransactionMethod": "RtpFedNow",
  "Amount": 123.45,
  "Memo": "This transaction will fail with event AchFailedRejectedWithReason",
  "Comment": "RtpFedNowFailedGeneralError",   // Include event name in comment
  "UserId": "1d431e8b-...85452adb4eee",
  "WalletId": "8ebd932b-...b92633e14297"
}