Instant Payments

With the introduction of FedNow, VictorFi has instant payment capabilities via two different networks.

The FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows eligible depository institutions of different sizes across the U.S. to provide instant payment services. Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive Instant Payments in real time, around the clock, every day of the year, including weekends and holidays. Financial institutions and their service providers can use the service to provide innovative instant payment services to customers, and recipients will have full access to funds immediately, allowing for greater financial flexibility when making time-sensitive payments.

Real Time Payments (RTP) is an electronic payment network governed by The Clearing House that runs 24 hours a day, 7 days a week, 365 days per year. This allows participating financial institutions to send and receive payments immediately, at any time, including weekends and holidays. Because of this immediate availability, Real Time Payments are not reversible. This network works in a similar way to other payment methods like Same Day ACH in that it only allows credit push payments.

How are FedNow and RTP different from peer-to-peer services such as Zelle and Venmo? Peer-to-Peer services rely on multiple payment rails to send funds. Depending on the sending and receiving banks and their agreements, the funds may be sent via ACH or other payment channels. The sender has no ability to choose the payment rail used, and the timeframes and monetary limits may vary by service and financial institution. Victor sends Instant Payments through the desired network's rails (FedNow Service or RTP) without the need for an additional peer-to-peer service.

Instant Payment it is a broad term that encompasses multiple facets to support the sending of payments:

Credit Transfer – an outbound push payment
Payment Request – a request to an account holder via the account holder’s Financial Institution for payment. This is only a request and not a transaction - if the request is approved, then an instant payment credit payment may be created and sent on the account holder’s behalf

FedNow and RTP are not currently supported by all Financial Institutions in the US, though adoption is quickly growing.

According to The Clearing House, the RTP network is currently accessible to financial institutions that hold close to 90% of US Demand Deposit Accounts (DDAs) and the network currently reaches 90% of US DDAs (as of OCT 2025). Click here for a list of participating RTP Financial Institutions.

The Federal Reserve FedNow Service has more than 1,400 participants, up 56% YOY and has 41 service providers certified to process payments (as of JUL 2025). Click here for a list of participating FedNow Service Financial Institutions.

As the list of participating financial institutions grows and they add support for the for the different facets of Instant Payments outlined above, Victor has provided an Instant Payment Eligibility Endpoint within the API to see if a given FI is on the network and which aspects of the network they support. This eligibility endpoint is available here: https://docs.victorfi.com/reference/instantpaymentbankeligibility#/

Instant Payment Statuses

Instant Payments created in Victor are transmitted to the bank for processing shortly after they are created. The status of an Instant Payment be tracked through the following states. There are also states for received Instant Payments (Inbound Instant Payment).

Instant Payment Send Statuses

Created - Instant Payment Sends enter a Created state when the object is initially created. Transactions typically immediately transit from this status toPending
Declined - Transaction Declined; Instant Payment network rejection
Failed- General / default / unknown processing errors
Pending - Transaction posted successfully to an Instant Payment Network
Sent - Money transferred to the payee
Success - The transaction is completed successfully
Pending Approval - On Hold for analysis

Instant Payment Receive Statuses (Inbound Instant Payment)

Sent - Money transferred to the payee
Success - The transaction is completed successfully
Declined - Transaction Declined; Instant Payment network rejection
Failed - General / default / unknown processing errors

Memo Notes

Memo notes of Instant Payments for both the sending party and receiving party may be amended by utilizing the ultimate_creditor, and ultimate_debtor fields to avoid confusion within your organization, and that of the end beneficiary of the payment.

Example Victor Client PaySystems Inc. is a payment processor helping hundreds of merchants to process payments for end consumers. An end consumer doesn’t have any knowledge of PaySystems Inc. as all of their interactions is with the merchant. PaySystems Inc. therefore want to include a reference in the payment to avoid confusion as to the purpose of the payment.

For an originating account (owned by Victor client), the memo notes for an Instant Payment Send will appear as follows:

Instant Payment Credit to ULTIMATE_CREDITOR via CREDITOR (for example, Instant Payment Credit to "John Doe" via "Merchant Inc.") Note CREDITOR will now be one of the following (in order of occurrence):

The name on the virtual account, if the payment is being sent from a virtual account or,
The name on the core account unless, if the payment is being sent from a core account.

A recipient would then see the following: Instant Payment Deposit from ULTIMATE_DEBTOR via DEBTOR (for example, Instant Payment Deposit from "Merchant Inc." via “PaySystems Inc.”) Note DEBTOR is the legal name on the sending account and cannot be changed.

Note: The receiving bank may still not display this information. This feature is only effective if the receiving bank’s core banking provider populates the memo details.