Faster Payments in Beastro provide participating credit unions with access to the Federal Reserve's FedNow® Service, enabling the transfer and settlement of funds within seconds, 24 hours a day, 7 days a week, 365 days a year. Unlike traditional payment methods that rely on processing windows and cutoff times, instant payments offer real-time settlement and immediate funds availability between participating financial institutions.
Outgoing Faster Payments History
To view historical outgoing wire activity, Users will provide searching and filtering information. Users may search and filter across the following column categories:
Instant Payment ID
Member - Your credit union
Debtor - Entity that originated the payment
Creditor - Final entity that will receive the payment funds
Creditor Agent/Instructed Agent - Final financial institution that will receive the payment funds on behalf of the creditor
Amount - Outgoing wire amount
Type - Business Function Code and Type Code
Effective Date - Effective date of the payment
Status - Current status of the payment
Returned - The return status of the payment
IMAD - Tracking number assigned by the Federal Reserve Bank
Entered By - Reflects the individual who entered the payment, as well as the date and time
Approved By - Reflects the individual who approved the payment, as well as the date and time
Sorting and filtering are available on all columns. Click the arrow next to the column header to sort the column. The orange arrow indicates which column is currently sorting the information. Search within a column by typing information into the Search box located just under the column header, or by utilizing the column dropdown, if available. To clear filters, click the x located in the search box, or click the Clear filters option at the top right side of the card.
Status | Description |
All Statuses | |
Corporate Hold | The payment is being held by the corporate |
Corporate Review | The payment is under review by the corporate |
Extracted | The payment is undergoing submission to the Federal Reserve Bank |
Rejected | The payment has been rejected by another user |
Fed Rejected | The payment has been rejected as it was being sent through the Federal Reserve Bank |
In Review | Seen by the initiating User when the wire has been created |
Pending Approval | Seen by Users that did not initiate the payment - indicates the payment is awaiting approval |
Post Error | The payment was unable to post (ex. insufficient funds) |
Posted | The payment has posted to the credit union settlement account |
Once the desired search information has been entered, a list of outgoing payments is displayed. The User may export the information to a PDF or Excel document by clicking the Export to PDF or Export to XLSX button.
To review information on individual instant payments, click on the Instant Payment ID. The individual information may also be exported via the Export to PDF or Export to XLSX button.
The Instant Payment detail screen displays more specific information about the payment, including;
OFAC Status
Payment Details
Member
Member Contact for verification
Business Function Code
Type Code
Effective Date
Amount
Charge Details
References
Debtor
Debtor Agent
Creditor Agent
Creditor
Faster Payment roles and monetary limits must be assigned to a user by a User Administrator via an Access Request. Roles and monetary limits for Faster Payments are as follows:
Roles
Faster Payment Authority – allows full access to view and initiate faster payments and pre-authorized faster payment templates
Faster Payment Verify Authority – allows faster payment verification
Faster Payment View Only – allows view only access to inbound and outbound faster payments and faster payment templates
Monetary Limits
Faster Payment Limit – total amount of faster payments that may be originated in a day
Faster Payment Pre-Authorized Limit – total amount of faster payment templates that may be originated in a day
Faster Payment Verify Limit – total amount of faster payments or payment templates that may be approved in a day
To create a new Instant Payment, the user must navigate in Beastro to;
Navigate to Money Movement
Click the Instant Payments tab
Select Outgoing Instant Payments from the dropdown
Select Create New Payment in the top right of the page
Please review articles specific to each payment type for an understanding of each field.