Georgia Banking Company (GBC) is excited to unveil
groundbreaking payment channels set to transform the banking landscape. For the
first time in over four decades, the United States will witness the launch of
two innovative payment networks for business and consumer use: FedNow and Real-Time Payments. Administered by
the Federal Reserve Bank and The Clearinghouse Company, respectively, these
networks are pioneering the adoption of the ISO 20022 format, an international
payment standard designed for the digital era.
What's New?
FedNow Network: Operated by the Federal Reserve Bank, this "receive only" module is GBC's first step towards modernizing payment methods. Clients can now swiftly receive payments from other banks without any required action.
Real-Time Payments Network: Managed
by The Clearinghouse Company, this network will soon offer a "receive
only" option and with more features to follow.
Why Use Instant Payments?
Credit Transfer: Transfer funds between banks in a mere 30 seconds—a speed unmatched by any other platform.
Finality of Payment: Say goodbye to return items and penalty fees. Transfers are final and irrevocable, and funds are instantly available.
Nearly 4 in 10 (39%) businesses have stated that they want to have the flexibility to send and receive payments in the way that works best for them as well as for their customers and suppliers. Source: Federal Reserve Payments Insight Brief 2024
The Future of Banking with GBC
GBC is paving the way for a future where banking technology integrates seamlessly with your backend business systems. This change means you'll have access to Open Banking and Straight-Through Processing (STP), which translates to less hassle and more time focused on running your business.
Get ready for 24/7/365 real-time settlement. Your funds will clear instantly, regardless of the time or day, even on weekends and holidays.
Real-World Applications
For families, it means being able to pay for things like tuition right after payday. For business owners, it means settling up with suppliers when they deliver. And for your hardworking team, especially those gig workers, it means enjoying the satisfaction of same-day pay. GBC is proud to lead the way in this technological revolution, enhancing your business operations and daily life. Welcome to the new era of banking—it's efficient, secure, and operates in real time.
Customized Solutions for Your Business
At GBC, our Treasury Solutions team combines cutting-edge technology, analytics, and personalized service. With over 200 years of combined experience, our experts are committed to supporting clients throughout their financial journey. We prioritize relationships, ensuring businesses receive the attention and guidance they deserve.
To find out how GBC can help your business, schedule time with one of our bankers today!
