RTP^® - Request for Payment

Overview

The RTP^® Request for Payment API allows partner applications to originate and manage transactions safely and securely.

Features

Immediacy and certainty

• Clear and settle invoices in real time.
• Link transparency of bills.
• Payments are final and irrevocable.

Consistency and security

• Verification of biller identity and registration with their financial institution minimizes fraud risk.
• Customers initiate the credit transfer, providing protection against unauthorized debits.

Flexibility and communication

• Configurable Request for Payment reminders to customers enhance real-time payment experience.
• Customers communicate directly with the biller, ensuring effective exception handling.
• Payments can be scheduled for the future or customers can make partial payments.

Control and precision

• Request for Payment can be updated to provide customers with the most immediate information.
• Customer experience is enhanced by making the payment for the most updated amount.

Workflow

Example use cases

Link transparency of bills.

Beth needs to pay her electric bill. Using the RTP^® Request for Payment API, her utility company’s developer team employs a Request for Payment option that notifies her a utility payment is due. She can easily submit a payment and see that her Request for Payment option has completed/has been received.

Provide customers with the most immediate information.

Kris is a developer for a mid-size company that recently implemented using the RTP^® Request for Payment API. His friend, who works in accounts payable for the company, has noticed the difference it’s made in working with her vendors and partners. She can now receive requests to pay invoices in real time via Request for Payment and can immediately submit a payment in return, completing transactions within seconds.

Restrictions

• Current credit transfer limits for the RTP^® Network are $100,000 per transaction.
• Receiving bank of the transaction must be part of the RTP^® network.
• Originated credit transfer messages are irrevocable.