How to Send and Receive Real-Time Transfers Using 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 ACH or wire 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.
• FedNow Service: Launched by the Federal Reserve in 2023, FedNow complements the RTP network by providing another instant payment option.

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. Plus, real-time networks operate 24/7/365—no holiday hours, no cutoff times.

How to Send a Real-Time Transfer

Step 1: Navigate to Send Funds

From your homepage, navigate to the top-right corner and click Move Money. From the options in the dropdown, click Send Funds.

Step 2: 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 and contact information. Make sure all recipient details are accurate to avoid delays or errors.

Click Select Recipient to continue.

Step 3: Select 'FedNow/RTP Transfer' When Adding Payment Details

When prompted to choose a payment method, select 'RTP/FedNow transfer' from the available options. From there, choose the account to fund the payment, the correct destination account, and enter the amount to send.

Step 4: Add a Memo & Description (Optional)

Before proceeding to review, you can add a memo, which is a message only visible to you (the sender) that can be helpful for record-keeping, or a description, which is a message that will be sent to the recipient along with the funds via email.

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

Important: Real-time payments are irrevocable. Once they are sent, they are generally unable to be cancelled, reversed, or recovered in the event of an accidental payment. Always carefully review transaction details before sending real-time payments.

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.

Step 2: Select the 'Method Is' Dropdown Menu

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 Information

Transfer Limits

Both RTP & FedNow have network restrictions of $10M per transaction. However, Slash limits users to a maximum transaction size of $1M.

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.

Pricing and Fees

• Pro Users: No per-transaction fees for real-time transfers.
• Free Users: $5 fee per real-time transfer.

International transfers

RTP and FedNow only support domestic U.S. transfers. For international payments, read our guide 'Sending and Receiving International Payments with Slash'.

Need More Help?

If you encounter issues during the transfer process, or have questions not covered in this guide, please contact support@slash.com