RTP Network Improves Availability for Request For Payment Function

The Clearing House’s competing platform RTP has moved to increase the availability of its Request for Payment (RfP) functionality shortly after the Federal Reserve’s FedNow fast payment system became operational.

Broker dealers, billers, and suppliers can now ask for payments on the RTP network over secure bank channels from their clients and receive quick payments from both individuals and companies.

One of the platform participants that gives billers the RfP option is Bank of America. Other participants include BNY Mellon, Citi, Fifth Third, PNC Bank, US Bank, and Wells Fargo.

According to The Clearing House, this puts the payer in charge of the transaction and gives them the option to analyze the RfP before accepting or declining it. Depending on the financial institution, a payer may plan an RTP payment for a future date or send an RTP payment immediately in response to the RfP (available 24 hours a day, 7 days per week).

The payment is made instantly across the RTP network, giving the payer instantaneous confirmation that the biller has received their payment and giving the biller access to quick and irrevocable money.

The Clearing House’s SVP of RTP Product Management, Rusiru Gunasena, says:

“Businesses have been looking for more efficient and user-friendly ways to send bills and invoices to customers, while customers have been searching for a better payment experience that gives them more control.

Request for Payment provides a way for billers to efficiently and securely send bills and invoices to customers through a bank’s digital channel and allows customers to have full control and insight over the payment.”

Last Monday, the RTP network achieved the 500 million payment milestone after five years of operation. FedNow, which debuted earlier this month, is now a competitor, though.