EMTransfer responds to the Federal Reserve’s announcement on the FedNow® Service now being live
EMTransfer, a leading solutions provider improving the electronic movement of money in real estate transactions, responds to the recent press release issued by the Federal Reserve on July 20, 2023, highlighting the launching of its long-awaited service which aims to modernize the country’s payment technology.
In the original press release, the Federal Reserve announced that its new system for instant payments, the FedNow® Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year.
As a company committed to driving innovation in the movement of money in real estate, EMTransfer applauds the efforts of the Federal Reserve in providing a competitive alternative to The Clearing House (TCH) Real-Time Payment Network (RTP) rails for their payment transactions, Wires and Automated Clearing House (ACH). The addition of the FedNow® Service is seen as an additional option in which the payments market is evolving. It also broadens the payment options for EMTransfer customers to provide final payments instantly.
“With the launch of the FedNow network and the continued growth of The Clearing House’s Real-Time Payment network, the tools are in place for the real estate industry to meet their customer’s expectations to receive disbursements instantly. Using Instant Payments will also allow our customers to implement security protocols to obtain instant confirmation that the funds have been received by their customers through the EMTransfer platform. This will result in settlement companies being able to finalize real estate transactions more effectively and efficiently and not be tied to wire cut off times and running paper checks around town.”, said Bob Beams founder and CEO of EMTransfer.
In response to this announcement, EMTransfer reaffirms its commitment to collaborating with industry leaders and meeting the evolving needs of electronic payments in the real estate marketplace.
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About EMTransfer
EMTransfer is the forerunning service for everything related to moving money in real estate both securely and compliantly. Our service provides an intuitive user experience that connects your company, your bank, and your customers together for a complete embedded banking solution. Through the EMTranfer portal, you’ll have access to the newest payment methods, Real-Time Payments and FedNow, for the instant movement of funds. Additionally, we offer direct integrations with EMTransfer via our suite of APIs to expand the reach of the systems you already use.
