Larger enterprise retailers will need to maintain a Treasury Services account at a financial institution supporting The RTP® Network, FedNow™ or ACH bank payment rails.
Sionic submits Verified Rapid Payments℠ (VRP) on one or both bank payment rails through the financial institution.
We charge a small, flat fee to submit, manage, analyze and report VRP transactions and deliver an instant resolution tool to manage payer disputes directly and in real time.
We maintain a Fiduciary Deposit Commingled Account with a top-rated FDIC-insured financial institution for the sole purpose of receiving and sending digital cash through the bank payment rails. Funds are distributed to each payee’s account 24/7/365.
Sionic may not transfer funds on its own behalf nor take possession of the funds on behalf of local merchants.
We submit every RTP®, FedNow™ and ACH transaction with verified and trusted payer and payee accounts using decentralized IDs (DID) and digital cloud wallets. By tapping our Verified Rapid Payments℠ (VRP) services, your FI can sidestep costly and time-consuming modifications to your mobile apps, online banking platform and website.
Unlike card issuing challenges, our instant dispute service enables payers and payees to resolve any disputes directly and in real time, removing your FI from the process.
As a Jack Henry VIP Member, we can bring (VRP) to communities across the nation through our integration with PayCenter®.
Jack Henry financial institution clients supporting Banno digital banking can turn on Pay-by-Bank among individual and business retail customers in a matter of weeks, not months.
Business customers download a free, bank-branded merchant app called CODE Pay to accept digital cash payments at their point of sale.
