How to Send and Receive Real-Time Transfers with Slash

Overview

Slash lets you send and receive instant bank transfers using Real-Time Payment (RTP) and FedNow networks as an option. These payment rails enable immediate, 24/7/365 fund transfers between bank accounts in the United States, providing a faster alternative to traditional ACH transfers.

There are two real-time payment networks available in the U.S.:

RTP Network: Operated by The Clearing House, this network has been facilitating instant payments since 2017. RTP supports transfers up to $1 million and is available to financial institutions that have joined the network.
FedNow Service: Launched by the Federal Reserve in 2023, FedNow complements the RTP network by providing another instant payment option. FedNow also operates 24/7/365 and supports transfers up to $500,000.

Unlike ACH transfers that rely on batch processing and can take 1-3 business days, real-time transfers are processed immediately. Funds are typically available in the recipient's account within seconds, making them ideal for time-sensitive payments, emergency disbursements, or situations where immediate settlement is required.

How to Send a Real-Time Transfer

After logging into your Slash account, follow these steps to send a real-time transfer through the Slash dashboard:

Step 1: Navigate to the Payments Page

Locate the Payments section in your Slash dashboard. This is where you'll manage all your transfer activities.

Step 2: Select 'Transfer Funds'

Click on the 'Transfer funds' button to begin initiating a new transfer.

Step 3: Select or Add Your Recipient

If you've sent funds to this recipient before, select them from your saved recipients list.
For new recipients, click 'Add new recipient' and enter their banking information.

Make sure all recipient details are accurate to avoid delays or errors.

Step 4: Select 'FedNow/RTP Transfer' When Adding Payment Details

When prompted to choose a payment method, select 'RTP/FedNow transfer' from the available options. This ensures your payment will be processed instantly through one of the real-time payment networks rather than as an ACH transfer, wire transfer, or other payment type.

Step 5: Create an Email Confirmation for the Recipient (Optional)

You can choose to send an automatic email notification to the recipient informing them that a transfer has been initiated. This step is optional but recommended for transparency and record-keeping.

Step 6: Review Payment Information

Carefully review all details before submitting a payment to prevent processing delays, returns, or accidental payments:

Recipient name
Recipient account information
Transfer amount
Transfer type

Step 7: Click 'Send Payment'

Once you've confirmed all information is correct, click the 'Send payment' button to submit your real-time transfer. You'll receive a confirmation message once the transfer has been successfully initiated. The funds will typically reach the recipient's account within seconds.

How to View Incoming Real-Time Transfers

After logging into your Slash account, follow these steps to monitor real-time transfers you've received:

Step 1: Navigate to the Transactions Page

Locate the Transactions section in your Slash dashboard. This is where you can find all inbound and outbound transactions across your organization.

At the top of your transaction list, you can find options to filter which transactions appear in the list. The 'Method Is' dropdown menu allows you to select which payment rail populates on the list, including RTP, FedNow, ACH, wire, card authorization, and more.

Step 3: Select 'Inbound Real-Time Transfer'

Inbound real-time transfers refer to all instant payments your organization received into a Slash account via RTP or FedNow networks.

Step 4: Review Transactions

Once you press 'Apply,' your transaction page will update with only inbound real-time transfer transactions. From there, you can apply additional filters to identify payments that meet more specific parameters.

Additional Features and Considerations

Transfer Limits

Real-time transfers have different maximum limits depending on the network used:

RTP Network: Supports transfers up to $1,000,000
FedNow Service: Supports transfers up to $500,000

Your actual transfer limits may vary based on your account type and the receiving institution's capabilities. Contact support or check your account settings for your specific transfer limits.

Recipient Bank Participation

Real-time transfers require that both the sending and receiving financial institutions participate in either the RTP or FedNow network. If the recipient's bank is not yet connected to these networks, you'll need to use an alternative payment method such as ACH or wire transfer. Slash will notify you if a real-time transfer cannot be completed to a specific recipient.

Contact Slash customer support through your dashboard
Check your account notifications for any alerts about your transfers

How to Send a Real-Time Transfer Using Slash