System and method for transferring funds

A system comprising:

• one or more processors;
• one or more computer-readable media comprising computing instructions configured to be executed on the one or more processors and perform:
• registering, by a second financial institution, a recipient using at least one public identifier, each of the at least one public identifier comprising contact information to contact the recipient, the recipient being registered by creating at least one record in an information directory at the second financial institution, the at least one record comprising a private identifier of the recipient, and the private identifier being usable by the second financial institution to determine an account number of a recipient account of the recipient at the second financial institution;
• receiving an expedited funds transfer message, the expedited funds transfer message requesting that the second financial institution provide recipient funds to the recipient account at the second financial institution before sender funds are received by the second financial institution from a first financial institution, the first and second financial institutions being members of a computer-implemented payment network, and the expedited funds transfer message comprising the private identifier;
• determining the account number of the recipient account using the private identifier;
• before the second financial institution receives the sender funds, the second financial institution providing the recipient funds to the recipient account using the account number of the recipient account before the second financial institution receives the sender funds, the recipient funds being provided to the recipient account after (i) the sender funds were removed from a sender financial account by the first financial institution and (ii) the expedited funds transfer message was sent by the first financial institution;
• notifying the recipient, using at least one of the at least one public identifier, that a payment has been provided to the recipient account in real-time after initiation of the expedited funds transfer message from the first financial institution, wherein:
• the sender funds are received at the second financial institution from the first financial institution after the recipient funds are provided to the recipient account.