Checks Funds Availability Irrevocability 
PYMNTS
SEPTEMBER 26, 2019
Common forms of pull payments include debit cards and paper checks. Payers provide PINs or signatures, which grant recipients permission to extract funds. Slower payment methods, such as checks, can leave merchants in the dark for weeks. When ‘Pull’ is Not Fast Enough. Instant payment systems, such as TCH’s RTP and the U.K.’s
PYMNTS
OCTOBER 8, 2019
However, enablers of instant money assume the risk between the time when they make funds available and when settlement happens later.”. That’s particularly true when funds are truly instant — meaning they are irrevocable. “In either case, the consumer is going to say, “oh, cool, I got my money right away.”
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Nanonets
SEPTEMBER 8, 2023
It's a massive upgrade to the traditional paper checks. A wire transfer is an electronic transfer of funds from one bank or credit union to another. Once a wire transfer has cleared, it becomes irrevocable, with a few exceptions. This process makes it cheaper to transact than other payment methods.
Seon
JULY 27, 2023
The payer’s bank credits the payee’s account, which then makes the funds available to the latter. In fact, the transactions themselves are irrevocable. There will no longer be the safety net of a long timeframe to spot, report, and counteract fraud risks because FedNow uses instant and irrevocable transactions.
PYMNTS
MARCH 7, 2016
Coupons and discounts would be applied at checkout automatically – no paper coupon stuff to fumble with — and would maybe even be triggered by a device that a consumer has in her hand or her pocket just like she experiences when she checks out online. Instantly, and irrevocably. HOW DO WE ALL AVOID THE CURSE OF THE TYPEWRITER?
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