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Solvay Bank now supports receiving Real-Time Payments (RTP). This means money sent to your account can arrive in a matter of seconds… 24 hours a day, 7 days a week, including weekends and holidays.

The best part? This service is offered at no additional charge to you, and you don't need to do anything. Your account is already set up to receive these payments automatically.

Important Note: Right now, Solvay Bank is a receiving bank only. This means you can accept instant payments from others, but you cannot send real-time payments from your account just yet.

What Are Real-Time Payments?

Real-Time Payments move money between different bank accounts instantly. This happens through two major national networks: FedNow® (run by the Federal Reserve) and the RTP® Network (run by The Clearing House).

When a person, business or app sends you money through one of these networks, it shows up in your Solvay Bank account almost immediately. Once the money arrives, it’s officially yours. There is no waiting period and no risk of the payment being reversed.

Important Note: Your ability to receive Real-Time Payments depends on whether the sending platform participates in the required payment network. While most real-time payments arrive within seconds, funds may occasionally be delayed or unavailable due to network outages, transaction limits, fraud and risk screening, or other factors outside of Solvay Bank’s control. For these reasons, real-time delivery cannot be guaranteed for every transaction.

Key Benefits:

• Instant Access: Money appears in your account within seconds, not days.
• 24/7: Receive payments any time—nights, weekends and holidays.
• Better Cash Flow: Know exactly when your money arrives so you can pay bills or buy groceries without a wait.
• Secure & Final: Built-in safety features protect your money and payments cannot be unexpectedly canceled or held once they are sent to your account.

A Plus for Gig Workers and Freelancers

The gig economy is growing faster than ever. Whether you are driving rideshare, delivering food, renting out a short-term room or freelancing to get a better work-life balance, waiting days to get paid could be a thing of the past.

Who Can Send You Real-Time Payments?

To receive an instant payment, the app or platform sending the money must participate as a sender in either the FedNow or RTP network. Many of the most popular digital services already do! You can receive instant transfers from:

• Gig Economy & Freelance Platforms. You can use the "Instant Cash Out" feature on these platforms to get your hard-earned money the same day you work, rather than waiting for weekly payroll cycles. Examples may include apps such as Grubhub, Uber, Lyft, Instacart, Shipt and Airbnb as well as some project work platforms like TaskRabbit and Upwork.
• Payment Apps & Digital Wallets. Move your balances from your favorite payment apps directly into your Solvay Bank account almost instantly. Popular platforms may include PayPal, Venmo, Stripe, Square and Amazon.

Most systems will automatically detect that your Solvay Bank account is ready to accept instant payments. If a sender’s platform doesn't support it yet, don't worry—your money will simply arrive through a standard, regular bank transfer.

Important Note: Solvay Bank does not charge a fee to receive real-time payments. However, the app or platform you use to send or "cash out" the money may charge a fee on their end. Those fees are set by that platform, not by Solvay Bank.

Frequently Asked Questions

Real-time payments are designed to make your banking life faster and easier, with zero extra effort on your end. The Q&A below serves as an informational guide. If you have further questions, please reach out to us at 315-484-2201.

Q: Do I need to sign up to start receiving real-time payments?
A: No. Your Solvay Bank account is already set up. Just share your standard account and routing number with the sender, just like you normally would.

Q: Can I send money through Solvay Bank using RTP?
A: Not yet. Right now, Solvay Bank only supports receiving these payments. We are working on the ability to send them in the future, so stay tuned!

Q: How fast will my money arrive?
A: Most real-time payments arrive within seconds. Depending on the sender's bank and their security checks, a few might take up to 30 minutes.

Q: Is RTP the same as Zelle or Venmo?
A: Not exactly. Apps like Venmo and Zelle usually move money inside their own private networks. FedNow and RTP move money directly between different official bank accounts nationwide.

Q: Is it safe?
A: Yes. Both networks are backed by strict security rules from the Federal Reserve and The Clearing House. Plus, once a payment is in your account, it is final and cannot be pulled back by the sender.

Q: What if I get a suspicious or unexpected payment?
A: Stay safe! If you get unexpected money or someone asks you to "verify" your account details to get a payout, do not reply. Solvay Bank will never ask you for sensitive information this way. Call us directly if anything feels wrong.