iWallet, a fintech startup, developed a payment app for businesses and is one of the first processing apps to integrate FedNow, the newest, real-time mobile check deposit technology by the end of 2023.
The real-time mobile check deposit “provides businesses instant payments and peace of mind if a transaction is completed or if it failed.”
All iWallet merchants making mobile remote check deposits in the field “will have the ability to have their techs cash checks, make refunds and use funds deposited instantly thanks to the FedNow, July 2023 real-time payments launch.”
Jim Kolchin, iWallet Founder and CEO, said:
“Traditionally merchants pay a processing fee to use credit cards and businesses aren’t able to have their technicians make remote check deposits in the field. As an early adopter of FedNow, iWallet will be offering real-time paper check deposits free to qualified businesses.”
The main difference with current check processing going forward “will be, the check 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 check 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 for techs “using iWallet’s mobile check deposits in the field are check 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 check deposits in the field even on holidays and weekends when banks are closed.”
As noted in the update, iWallet is “an end-to-end system payment processing platform created for field service providers.”
An easier, smarter and faster way to remotely manage “all forms of payments and automate simple bank functions by digitizing paper checks into instant deposits from a phone or tablet—anytime, anywhere.”
The safe and secure process improves cash flow, “is convenient and fills a much needed void for companies with two or more field service providers.”
