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The Federal Reserve developed the FedNow network to enable instant payments between financial institutions in the United States. FedNow operates 24/7/365, requires that funds are transferred from debtors to creditors in 20 seconds or less, and mandates that the receiving financial institution informs creditors of available funds immediately. Lead has a direct connection to the FedNow network and offers a rich experience with the payment rail while abstracting operational complexity.

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Instant Payment Object

The instant_payment object describes both incoming and outgoing payments and is organized into three sections: payment details, related messages, and return requests.

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Payment Details

{
"id": "instant_payment_xyz123",
"account_id": "account_xyz123",
"account_number_id": "account_number_xyz123",
"created_at": "ISO-8601", 
"updated_at": "ISO-8601", 
"direction": "enum(incoming|outgoing)",
"status": "enum(created|under_review|canceled|rejected|posted)",
"counterparty_status": "enum(under_review|rejected|posted)",
"amount": 5000,
"currency_code": "USD",
"description": "Payment for invoice 12345",
"debtor": {
	"name": "Alex Smith",
	"account number": "account_number_xyz123"
},
"debtor_agent": {
	"routing_number": "987654321"
},
"creditor_agent": {
	"routing_number": "987654321"
},
"creditor": {
	"name": "Alex Smith",
	"account_number": "account_number_xyz123"
},
"payment_identifiers": {
	"end_to_end_id": "string",
	"uetr": "string",
	"transaction_id": "string"
},
"return": {
	"reason": "enum",
	"details": "string"
},
"rejection": {
	"rejected_by": "enum(lead|network|counterparty)",
	"reason": "enum",
	"details": "string"
},

"related_objects": {
	"original_payment_id": "instant_payment_xyz123",
	"return_payment_ids": ["instant_payment_xyz123"]
},

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Return Request

"return_requests": [{ 
	"created_at": "ISO-8601", 
	"deadline": "ISO-8601",
	"status": "enum(response_needed|pending|rejected|accepted)",
	"reason": "enum",
	"details": "string",
	"resolution": {
		"resolved_at": "ISO-8601",
		"resolved_by": "enum(client|lead|network|counterparty)",
		"accepted_amount": 2500,
		"rejection_reason": "enum",
		"rejection_details": "string"
}
}]