Solutions
– Enterprise
How Enterprise Retailers Can Use Instant Bank Pay
Instant Bank Pay acceptance begins with a treasury services relationship at your preferred financial institution (FI). Your FI must participate in one or more bank-to-bank payment services: The RTP® Network, FedNow® Network, or NOW Network® from Fiserv.
Next, your FI must assign Sionic or a partner as a Third-Party Service Provider (TPSP) Delegate, enabling us to insert payment messages using their Participation ID (PID). All FIs offering real-time Instant Bank Pay must support all three payment personas: Receive, Send, and Request for Payment (RfP).
Enterprise finance executives will negotiate payment transaction fees directly with their FIs for each of the three payment networks – Sionic fees are separate from FI’s payment network fees.
Customers securely link checking accounts, save their verified credential as a Bank Perks pass in Apple or Google wallets, then pay at the point of sale using a QR code or Tap-to-Pay using NFC. Sionic provides all software at no cost to your POS or payment terminal providers to enable Instant Bank Pay acceptance.
Finally, through the ULink® Business Portal, Sionic enables you to reach customers via email and text message notifications, reminding them to Instant Bank Pay at your business to earn special Perks. Customers may choose to opt out of being notified at any time.
Key Enterprise Retailer Benefits Include:
The flexibility of accepting real-time, digital cash direct deposits at the point of sale
Immediate reduction in payment acceptance fees by eliminating interchange
The ability to directly resolve customer payment disputes more efficiently
– SMB Retailer
How Instant Bank Pay Works
Not all financial institutions support real-time, bank-to-bank payments. Check our list. If your bank or credit union is not on the list, you are not eligible to receive lower-cost, credit card-free, instant cash payments. You may consider opening a business account with a participating financial institution.
Enrolling in Instant Bank Pay is fast, easy, and secure. Your financial institution or card payment processor has access to our ULink® Business Portal, where they can verify your existing business credentials and issue you a secure token. This token belongs to you, is unique to your business checking account, and may be used exclusively to receive Instant Bank Pay direct deposits during customer checkouts.
Accepting Instant Bank Pay Direct Cash Deposits
There are two ways to accept digital, Instant Bank Pay cash deposits:
First, a free CODE Pay mobile app for iOS or Android is available to download through a link from your financial institution or card payment processor. CODE Pay allows you to accept real-time payments at your point of sale from a payer directly to your bank account.
Second, we offer our Instant Bank Pay software for integration into popular point-of-sale (POS) systems. Ask your POS provider if they support Instant Bank Pay from Sionic.
Frequently asked questions
– Financial Institution
How larger financial institutions use Instant Bank Pay
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 PaymentsSM (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 for goods and services directly and in real-time.
How smaller financial institutions use Instant Bank Pay
Financial institution clients supporting digital banking can turn on Instant Bank Pay among individual and business retail customers in a matter of weeks, not months.
Business customers may download a free, bank-branded merchant app called CODE Pay to accept digital cash payments at their point of sale. Or, Instant Bank Pay transactions may be accepted directly through popular point of sale systems.
Frequently asked questions
– Payment Processor
How Payment Processors Leverage Instant Bank Pay
Payment processors use Instant Bank Pay as an alternative payment method (APM) to complement their current card processing, gift card, and other payment services, helping their merchant clients reduce payment costs and get faster access to their hard-earned cash.
Enrolling in Instant Bank Pay is a quick, simple, and safe process. Payment processor partners use Sionic’s ULink® Business Portal to verify their customers’ business credentials and issue a secure token. This token is unique to the merchant’s business checking account and belongs to the customer. It is used exclusively to accept Instant Bank Pay direct deposits at the point of sale.