Instant Credit Transfer

RTP / FedNow synchronous credit transfer: screen, clear, settle, credit, and the ambiguous timeout

Instant Credit Transfer RTP / FedNow synchronous credit transfer: screen, clear, settle, credit, and the ambiguous timeout initiate credit check approved pacs.008 forward pacs.002 ACCP settled (final) credit funds confirmed timeout: status inquiry Initiate + screen Clear + settle Credit + confirm Payer · debtor app · Sequence participant Payer debtor app Sending Bank · originator · Sequence participant Sending Bank originator Risk Check · liquidity + fraud · Sequence participant Risk Check liquidity + fraud Clearing · RTP / FedNow · Sequence participant Clearing RTP / FedNow Receiving · beneficiary bank · Sequence participant Receiving beneficiary bank Payee · creditor · Sequence participant Payee creditor Legend request return security async trace

Happy path

  • • Screening runs inline before pacs.008 leaves the bank
  • • Acceptance at the receiving bank makes the money final
  • • The sending bank learns finality second-hand via pacs.002

The ambiguous timeout

  • • A missing pacs.002 is indeterminate, not a failure
  • • Resolve by status inquiry keyed on the end-to-end id
  • • There is no cancel; corrections are new payments

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