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Account holders who provide authorization do not necessarily know when payees will withdraw the promised funds and may not remember to keep enough money in their accounts to cover the costs. The payer is in control of the timing, meaning he or she will make sure to have sufficient funds on hand when sending payments.
However, enablers of instant money assume the risk between the time when they make fundsavailable 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.”
The payer’s bank credits the payee’s account, which then makes the fundsavailable to the latter. Doing so is ideal as the payer can then not only know that the outgoing payment was transmitted but received by the payee. In fact, the transactions themselves are irrevocable.
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