Business never stops. Neither should your banking.

Your money should move as fast as your business.

We are proud to introduce Instant Payment Services (IPS) - a new payment method that allows you to send and receive funds instantly, any time of day, any day of the year.1

Key benefits

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No cutoff time1

Instant payments are available around the clock. No more worrying about end of day ACH and wire cutoff times.

 

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High-value, instant settlement

Send up to $10 million per transaction, with funds available to the recipient within seconds.

 

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Irrevocable2

Payments are final and recipients receive immediate confirmation.

 

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Cash flow control

Hold onto your working capital until the moment payment is required.

 

Ready to enroll?

 

For current Amalgamated clients

Reach out to your Amalgamated representative to learn more and enroll in IPS. While there is no cost to enroll, a transaction fee3 applies to each payment sent. 

Please note: IPS must be authorized and set up on your account before you can send your first payment.4

For prospective clients

Not yet an Amalgamated client? We would love to show you how our commercial banking products and services, including IPS, can help streamline your financial operations. Please complete the form below and our team will be in touch.

 

Frequently Asked Questions

Instant Payment Services is an electronic funds transfer method, allowing users to send and receive electronic payments in real time with no cutoff time.1

IPS uses FedNow and Real-Time Payment U.S. Payments networks that enable immediate transfer of funds between participating financial institutions.
 

IPS payments provide immediate cash flow, improved liquidity management, faster customer payments, and reduced reconciliation delays.

Funds are typically delivered and available to the recipient within seconds.1

IPS payments operate around the clock (including holidays).1

No. Once an IPS payment is authorized and processed, it is final and cannot be cancelled.

If a payment is sent in error, the sender must request a return from the recipient.

Yes. IPS currently supports payments up to $10,000,000 per transaction (network maximum).

Yes. Funds are posted immediately and are available for use right away.

Common use cases include vendor payments, bill payments, emergency disbursements, account-to-account transfers, etc.

Yes. IPS uses bank-level authentication, encrypted network infrastructure, real-time fraud monitoring, and OFAC and sanctions screening. Payments must pass bank controls before being released.

We may delay or block the transfer to prevent fraud or to meet regulatory obligations. The Bank will communicate if additional information is required to make a decision.

No. IPS is currently U.S. domestic only.

Yes. Both the sending and receiving financial institutions must participate in RTP or FedNow networks.

If the receiving bank is not a participant, the payment cannot be delivered. 

The “ABA Search” button on the Amalgamated Digital Banking portal can be used to determine if the beneficiary bank supports IPS. ABA Search supports both exact and partial searches for Name and ABA number.

To enroll in IPS:

  1. Contact your Amalgamated representative to learn more.
  2. Your Amalgamated representative will provide you with the required forms:
    • AmalgamatedOnline™ Treasury Manager (AOTM) – Service Enrollment Form
    • Master Services Agreement for AOTM
    • Instant Payment Services Exhibit Form
  3. Complete the forms and return them to your Amalgamated representative.
  4. Your Amalgamated representative will process the enrollment and contact you to confirm IPS setup and training. 

Please contact your Amalgamated representative to discuss pricing.

Contact us

Acknowledge

1 IPS payments are available around the clock, except during scheduled maintenance. To send or receive money with IPS, both parties must have an eligible account with a financial institution that offers IPS.
2 IPS payments are irrevocable and final once initiated. Please ensure all recipient details are accurate before sending.
3 Transaction fees apply for outgoing IPS payments. Please consult your fee schedule or contact your Amalgamated representative for full details.
4 IPS enrollment is not required to receive IPS payments.