We’re happy to announce that Manasquan Bank is now able to receive both FedNow® and RTP® payments for commercial and consumer clients!
In a world where people, things and time move fast and furiously, your payments should also be fast, easy and secure!
Manasquan Bank clients now have the ability to accept external FedNow® or RTP® transactions.
Benefits of real-time payments:
- 24/7 – Manasquan Bank clients can receive payments at any time.
- Immediate Availability – Payments are received within seconds of the sending bank initiating the transaction, and the funds are available immediately to Manasquan Bank clients.
- Payment Certainty – Sending financial institutions are not able to revoke or recall a payment once it has been authorized and submitted.
Anatomy of an Instant Payment
What happens when a person initiates a transaction through a financial institution in a world of instant payments?
Let's take a look at what happens when Jim makes a payment of $300 to his handyman, Bob:
