Does the quick pay feature use Fednow system?

JRW1
JRW1 Quicken Windows Other Member ✭✭
edited August 13 in Paying Bills, Online Billers & Reminders (Windows)

I am curious if the quick pay feature uses Fednow

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  • Quicken Jasmine
    Quicken Jasmine Quicken Mac Subscription Moderator mod

    Hello @JRW1 ,

    To clarify, are you asking if Quick Pay is paying bills via the Fednow system or if Fednow is an available Quick Pay Payee?

    Let me know!

    -Quicken Jasmine

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  • JRW1
    JRW1 Quicken Windows Other Member ✭✭

    The first one, does it go through the Fednow system if your financial institution supports that?

    Thanks.

  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited July 13
    https://community.quicken.com/discussion/comment/20443338#Comment_20443338

    If by "Fednow" you're talking about https://www.frbservices.org/financial-services/fednow/about.html …

    Somebody please correct me if I'm wrong …
    AFAIK, Quick Pay accesses your biller's website and authorizes a one time payment from your credit card or checking account.
    For example, the traditional Federal ACH service is still being used for all debits from my checking account.

    So, IOW, when using Quick Pay, it seems to depend on the individual biller which system, ACH or Fednow they're using.

  • Chris_QPW
    Chris_QPW Quicken Windows Subscription Member ✭✭✭✭

    I purposely didn't post anything to this thread because I was hoping to see that the "Official Quicken" statement would be. Hopefully one of the moderators will post that.

    But in the meantime, in my opinion it is safe to say no Quick Pay doesn't use Fednow.

    To me the state of "Does Quick Pay use Fednow?" implies that Quicken accesses that system to send out payments, and that is not the case.

    Quicken Inc pays a third-party service to login as you into the biller's website and schedule payments. There is also now a fall back for when that fails to use an ACH transfer for the cases where the biller supports that. But that is only used if the logging into the biller's website fails.

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  • JRW1
    JRW1 Quicken Windows Other Member ✭✭

    Thanks, I was just curious. I think when you login to a site to pay a bill, ach transactions are sent through to take money from your bank and send it to the bank of the vendor being paid. Some financial institutions support fednow so I was wondering if a bill payment app could recognize that and use the best payment option available, ACH or immediate if you want. That is probably still in the future. I have not used the bill payment feature in quicken before but was trying it out.

    Thanks again

  • Chris_QPW
    Chris_QPW Quicken Windows Subscription Member ✭✭✭✭

    @JRW1 If you try it out be sure to monitor closely and have a back plan, others have found it to be unreliable.

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