Introducing Instant Payments Receive
6/27/2024
SouthState Bank is excited to introduce Instant Payments Receive, a new payment technology allowing funds to be received instantly into your business account.
Instant Payments Receive Benefits
- Incoming funds are processed through an Instant Payment network and deposited into your account immediately. Your company’s payments will be received within seconds compared to other payment transactions than can take several hours or days to occur.
- Immediate funds availability with Instant Payments Receive1
- The funds sender can include details in the message such as invoice, purchase order numbers, purchase details, or other relevant information to ease payment reconciliation.
- Funds are irrevocable and immediately applied to your account
- Instant Payments Credit Alerts are sent when funds are received into your account.
- Download the RealTime Payment Details Report any time to monitor Instant Payment activity in your account.
We encourage you to inform any customers, from whom you are expecting to receive a payment, that SouthState is participating in The Clearing House and the FedNow Instant Payments networks.
If you have already received incoming funds with a description titled ‘RTP Enabled’, this means you received the funds through an Instant Payments network.By the Numbers
- Since the launch of Instant Payment Receive on March 21, SouthState has received over 35,000 transactions, totaling more than $18 million dollars.
- Although the industry continues to see growth in Instant Payments, ACH remains the predominant money movement channel. These graphs from Nacha show that ACH continues to see significant growth, particularly with SameDay.
- Nacha recognizes SouthState as one of the Top 50 ACH Originators and Receivers for 2023.
Later this year, we will introduce Instant Payments Send technology to help your business send payments instantly.
If you have any questions regarding Instant Payments Receive, please contact a member of your Relationship Management Team.
David Rauch - [email protected]
Garrett Nagy - [email protected]
Donyale Getz - [email protected]
Alan Dillard - [email protected]
David Rauch - [email protected]
Garrett Nagy - [email protected]
Donyale Getz - [email protected]
Alan Dillard - [email protected]
