FREQUENTLY ASKED QUESTIONS
ANSWERS TO OUR MOST ASKED QUESTIONS.
We know it's important that your bank or credit union have as much information as possible to ensure superior service to your customers. Below is a list of our most common questions to help you better assist your customers and understand the ins and outs of PayMōli .
WHAT IS PAYMŌLI?
Simply put, PayMōli is a person-to-person (P2P) mobile payments app. It allows community FI customers to send money to anyone, anytime using a iOS or Android smartphone or tablet.
HOW DO MY CUSTOMERS GET THE PAYMŌLI APP?
Community FI customers will be able to download the PayMōli app from the Google Play and Apple app stores.
WILL THE FI BE ABLE TO CONTROL WHO IS ABLE TO USE THE APP AND MAKE PAYMENTS?
Yes. The FI will have access to an FI management console and can manage all users and transactions there.
WILL I BE ABLE TO BRAND IT WITH THE FI'S LOGO?
The FIs logo will appear on the apps "Home" and Contact Us" page.
HOW DOES THE SYSTEM VERIFY THE ACCOUNT OF THE PAYMŌLI USER?
The system will submit two small verification credits and debits to the customer's account which the user will need to verify the amount in the app.
WHAT IS THE PAYMENT SETTLEMENT FLOW/TIMEFRAME?
WHEN ARE FUNDS AVAILABLE TO THE PAYEE?
Funds are available in minutes, with a debit card and same or next day, if using ACH.
ARE THERE ANY PAYMENT LIMITS FOR THE PAYER?
Financial institutions will be able to create a standard set of limits that apply to all customers/members.
WHAT, IF ANY, PROCESSES ARE AVAILABLE FOR A PAYER/PAYEE TO USE IF THEY WANT TO ORIGINATE/RECEIVE FUNDS IN EXCESS OF STANDARD LIMITS?
Limits are set at $300/day and $1,500/week.
CAN THE PAYER ACCOUNT BE OVERDRAWN OR WILL THE PAYMENT BE DENIED?
If an account has insufficient funds, the PayMōli transaction will be processed just as any other ACH transaction which will follow standard procedures established by the FI whether it be overdrawn, denied, or overdraft applied.
WHAT IS REQUIRED (e.g., steps for sending/receiving a payment) OF A PAYER/PAYEE TO AUTHORIZE A PAYMENT?
Open the PayMōli app
Select the Payee (if the Payee is not listed, enter the Payee's bank name, email address and account number)
Enter the amount
WHAT ACCOUNT TYPES (e.g. business, consumer) ARE ELIGIBLE TO SEND OR RECIVE A PAYMENT?
All that is required is a standard Checking account.
IS THERE A TRANSACTION HISTORY AVAILABLE FOR FI CUSTOMERS TO SEE?
PayMōli users will be able to see a transaction history list in the app on their mobile device.
DOES PAYMŌLI CONNECT TO RTP OR FEDNOW?
PayMōli will connect to RTP and FedNow in the near future.