EP386: Spotlight - Nick Chandi - Revolutionizing Payments With Instant Services

Guest: Traditionally what we see, anytime the due date is 30th, you have to send that payment by 27th most likely. And if it's a weekend, then by 25th, right? Now if you are making a bill payment through using this technology, you can technically hold the payment till the last day, till the last hour, last minute, and push the button at the last minute and money will be still on the other end. You're listening to the Spotlight Edition of The Successful Bookkeeper with your host, Louie Prosperi. Listen each week as inspiring guests share their secrets of success to help you increase your confidence, work smarter, and build a business you love. This episode of The Successful Bookkeeper is brought to you by purebookkeeping.com. The proven system to grow your bookkeeping business. Welcome back to the Successful Bookkeeper Podcast. I'm Louis Prosperi. Our guest today is the CEO and co-founder of Forwardly. Nick Chandi, welcome to the show. Oh, hi, Louis. Thanks for having me on the show. It's my pleasure. Nick, tell us a little bit about you and how you co-founded Forwardly. Sure, thanks, Louie. I am Nik Chandi, CEO and co-founder of Forward AI, and Forwardly is one of our products. We are the first product in the US market that can bring instant payments, can deliver instant payments to your bank 24/7, 365 days in a year. We are based on the new technology that's developed by FedNow, that's, or Federal Reserve, the technology name is FedNow. There's also another payment system called ITP that's available from the clearinghouse. And I'm going to call these two technology collectively as instant payments. And we support instant payment. So anytime your clients make a payment to you, we can deliver those funds instantly in your back in your bank account within 20, 30 seconds. So that's a new technology, new payment rails that's available from the Fed today.

Michael Palmer: That's fantastic. So let's, let's do, let's, let's find out, because people are going to think instant payment, well, we already have that. But what you're talking about is completely different. For example, e-transfers or payments by your bank card, when people pay, that's not the same as what you're talking about. Is that correct? That is correct. You know, if you look at current payment method, the ACH that we have, you know, that was developed in 1970, almost 4 or 5 decades ago. And those days we thought, okay, if you get a payment in your bank account within 7 days, that's going to be a