After adding your bank account, you might notice that it's verifying. This is a crucial step to ensure that the bank added corresponds to the beneficiary and faster transfers can be made.
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Additionally, the verification process ensures we aren't sending money to closed, invalid accounts or with a different beneficiary. It's all part of the compliance offering we have and thwarts money laundering and illicit activities. This process is very fast for bigger banks that use RPT and FedNow payments but can take 2-3 business days for smaller banks that use ACH.
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For US banks, you can check here all the banks that are part of the Federal Reserve’s FedNow Service, an instant payment infrastructure that allows participating banks and credit unions to send and receive transactions within seconds on behalf of their customers.
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New to Rise? Please check our help articles here.