Systems and methods for payment processing

A non-transitory, computer-readable medium storing instructions that, when executed, cause a computing device to:

• receive a payment request from an originator having an account at a first financial institution, wherein the payment request is associated with a receiver having an account at a second financial institution;
• in response to receiving the payment request, disburse a payment instrument to the receiver;
• receive a request for a payment amount designated by the payment instrument;
• in response to receiving the request for the payment amount, credit the payment amount to a clearing account;
• and
• credit the payment amount to the receiver's account in conjunction with debiting the payment amount from the clearing account.

A system comprising:

• at least one processor;
• and
• memory in communication with the at least one processor and storing instructions configured to instruct the at least one processor to:
• receive a payment request from an originator having an account at a first financial institution, wherein the payment request is associated with a receiver having an account at a second financial institution;
• in response to receiving the payment request, disburse a payment instrument to the receiver;
• receive a request for a payment amount designated by the payment instrument;
• in response to receiving the request for the payment amount, credit the payment amount to a clearing account;
• and
• credit the payment amount to the receiver's account in conjunction with debiting the payment amount from the clearing account.