Fintech startup, iWallet, is one of the first processing apps to integrate FedNow, the new, real-time mobile cheque deposit technology by the end of 2023. The real-time offering provides businesses instant payments and peace of mind if a transaction is completed or fails.
All iWallet merchants making mobile remote cheque deposits in the field, will have the ability to have their techs cash cheques, make refunds and use funds deposited instantly thanks to the FedNow, the July 2023 real-time payments launch.
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“Traditionally merchants pay a processing fee to use credit cards and businesses aren’t able to have their technicians make remote cheque deposits in the field,” said Jim Kolchin, iWallet Founder and CEO. “As an early adopter of FedNow, iWallet will be offering real-time paper cheque deposits free to qualified businesses.”
The main difference with current cheque processing going forward will be, the cheque writer will get a text message from their bank in real-time with a six-digit code to confirm the transaction. This number will be used to verify the cheque transaction and will allow it to instantly process. Merchants will get a real time notification from the iWallet app via FedNow, that the funds have been received by their bank.
Additional merchant benefits
In addition, cheque stop payments will cease to exist since a stop payment can only be issued before payment is processed. The new real-time deposit capability for businesses will be at full capacity once all banks join FedNow, which can take some time.
With FedNow, iWallet merchants will be able to use the funds instantly from mobile cheque deposits in the field even on holidays and weekends when banks are closed.
iWallet is an end-to-end system payment processing platform created for field service providers. It manages all forms of payments and automates simple bank functions by digitising paper cheques into instant deposits from a phone or tablet—anytime, anywhere
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