Community bank powers instant IRS tax refunds

Instant tax refunds using RTP rails for fintech partners

Objectives

• Modernize tax refunds: Use an instant payment rail-agnostic solution for RTP and FedNow to credit IRS refunds instantly upon notification
• Improve accessibility: Provide 24/7 instant refunds, including weekends
• Support financial inclusion: Deliver faster refunds to meet community needs
• Collaborate with fintechs: Enable refund handling with secure APIs
• Futureproof payments: Scale infrastructure for growing demand in instant refunds.

Solution

• Virtual accounts for fintechs: Manage funds with real-time virtual ledgers for transparency and compliance.
• Unified API: Access all payment rails — RTP, FedNow, ACH, and wires through one API.
• 24/7 instant payment platform: Receive IRS tax refunds anytime, including weekends and holidays, or when their core is down.
• Seamless integration: Connect easily to existing systems for smooth tax refund processing.
• Scalable and compliant: Handle high volumes with built-in regulatory compliance.

Outcome

• Simplified payments with access to all rails through one API
• Instant access to IRS tax refunds anytime, even on weekends and holidays
• Effortless integration with existing systems for smoother operations
• Scalable solution to easily handle growing transaction volumes
• Guaranteed compliance with built-in regulatory features