Recurring FedNow instant transactions

When dealing with recurring FedNow instant transactions using real-time services, both the payee (recipient) and the payer (sender) need specific elements for effective transaction management. Here's how these elements might appear for both parties:

Payee Side (Receiving Payment):

1. Recurring Payment Profile: The payee sets up a recurring payment profile specifying details such as the payment amount, frequency, start date, and end date (if applicable).
2. Payment Amount: The fixed or variable amount to be received for each recurring transaction. The payee defines this amount when configuring the recurring payment profile.
3. Payment Frequency: The interval at which payments are expected, such as daily, weekly, monthly, or custom intervals. The payee selects the desired frequency when setting up the recurring payment profile.
4. Payment Start Date: The date on which the recurring payments will commence. The payee specifies this start date when configuring the recurring payment profile.
5. Payment End Date (if applicable): The date on which the recurring payments will cease, if there is a predetermined end to the payment schedule. The payee may optionally specify an end date when setting up the recurring payment profile.
6. Payment Instructions: Any specific instructions or details provided by the payee regarding the recurring payments, such as account information or payment terms. These instructions may be included in the payment profile or communicated separately.

Payer Side (Making Payment):

1. Authorization: Confirmation from the payer indicating their consent to initiate the recurring payments as requested. This authorization may be provided upfront when the payer sets up the recurring payment profile.
2. Payment Frequency: The interval at which payments will be made, corresponding to the frequency specified by the payee. The payer ensures that payments are initiated according to the agreed-upon schedule.
3. Payment Amount: The fixed or variable amount to be paid for each recurring transaction. The payer ensures that the correct amount is transferred for each payment, as specified in the recurring payment profile.
4. Payment Start Date: The date on which the recurring payments will commence, as specified by the payee. The payer initiates payments starting from this date based on the recurring payment profile.
5. Payment End Date (if applicable): The date on which the recurring payments will cease, if specified by the payee. The payer ensures that payments are not initiated beyond this end date, adhering to the terms set in the recurring payment profile.
6. Payment Execution: The actual transfer of funds from the payer's account to the payee's account for each recurring transaction. This may occur automatically according to the schedule defined in the recurring payment profile.

By incorporating these elements into real-time services for recurring FedNow instant transactions, both the payee and the payer can efficiently manage payments, ensuring accuracy, compliance, and convenience in the payment process.