Request for Pay

What is Request for Pay

Request for Pay, a new standard for requesting a payment, is an exciting new "digital overlay service" facilitating real-time payments through instant invoicing using RTP® payments that are instant, final (irrevocable - "good funds") and secure. A Request for Pay, RfP ™, is also referred to as a RfP Invoicing. Both terms, Request for Pay and Request to Pay are generic umbrella terms for a number of scenarios in which a payee ( Biller ) sends the initiative to request a specific payment from the payer ( Customer ). Soon invoices become real-time, even Point-of-Sale, and instant will beyond traditional invoicing. Request for Pay communication via Digital Mobile / Text / Email message. Working with BillPayExchange - "Request for Pay".

Request for Pay RfP ™ and Request to Pay RtP
Request for Payment RfP ™ is the term in the United States with European countries term as Request to Pay RtP.

The basic idea behind Request for Payment, or R4P, is to simplify payments through digital invoices. With R4P, no printed invoices are sent to the customer; rather they are sent electronically via a platform directly into the customer's online banking system, where the customer can manage his invoices. In addition to the environmental advantage, the risk of errors being inadvertently introduced by the customer when making the payment is eliminated, the distribution of the payment initiation details being done electronically and instantly. The combination of Request for Payment technology and real time payments, will enable an alternative to direct debit and biller-direct models, providing more optionality for different customer segments, reducing time, inconvenience and risk of inaccuracy for payers and billers alike.

Using RfP FedNow Request For Pay for mobile invoicing can be a convenient and efficient way to send and receive payments in real-time. Here are the general steps to use RfP FedNow Request For Pay for mobile invoicing:

Enroll in the service: The first step is to enroll in the RfP FedNow Request For Pay service with your bank. Your bank may have specific requirements and processes for enrolling in the service, such as signing a contract or providing documentation.

Create an invoice: You can use an invoicing app on your mobile device to create an invoice that includes details such as the amount owed, the payment due date, and any other relevant information. You may also need to provide documentation to support the invoice, such as a work order or purchase order.

Send the invoice: After creating the invoice, you can send it to the recipient using the invoicing app on your mobile device. The recipient will receive the invoice in real-time and can review and approve it.

Payment request: Once the invoice is approved, you can generate a payment request using the RfP FedNow Request For Pay service. The payment request will include the details of the invoice, including the amount owed and the payment due date.

Approve the payment request: The recipient will receive the payment request in real-time and can approve it. Once the payment request is approved, you can make the payment in real-time using the FedNow service. The payment will be sent directly to the recipient's bank account in seconds.

Receive payment confirmation: After the payment is made, you will receive confirmation that the payment was successful. The recipient will also receive confirmation that the payment was received.

It's important to note that the specific steps and requirements for using RfP FedNow Request For Pay may vary depending on your bank's specific policies and procedures. Additionally, there may be fees associated with using this service, so it's important to work closely with your bank to understand the costs and requirements. Finally, it's important to ensure that the invoice includes all necessary information and is sent to the correct recipient to avoid any delays or issues with payment.

ACH and Real-Time Payments Request for Pay ISO 20022 XML Message Versions
The versions that NACHA recommends for the Request for Pay message and the Response to the Request are pain.013 and pain.014 respectively. Version 5 for the RfP ™ messages, which The Clearing House Real-Time Payments system has implemented, may also be utilized as there is no material difference in the schemas. Predictability, that the U.S. Federal Reserve, via the FedNow® Instant Payments, will also use Request for Pay. The ACH, RTP® and FedNow® versions are Credit Push Payments.

Features & Benefits

FedNow instant payments has benefits for all parties involved in Financial Transactions.
Benefits to your company include:
Money Transfer: Current limit of $500,000.
It's Fast: 24/7/365 access to funds anytime vs. several days for paper checks or ACH transfers to process.
Request for Payments ( RfP ™): Mobile & Online Real-Time Bill Payments.
It's Final: All RTP and Instant Payments are Final & Irrevocable.
Software Integration: Integrate your Management or Enterprise software with us.
Message Detail: Full 145 characters available using ISO 20022 messaging XML format.
Online Down Payments: Don't use inconvenient and expensive Wires & Cashier's Checks.
Online Real-Time Reporting: Configured Dashboard with Virtual Terminal login.
Reduced calls / emails in the "Purchasing Chain": All parties to a instant payment transaction receive immediately text & email messaging.  The FedNow and RTP Systems enables Participants to initiate credit transfers, receive final and irrevocable settlement for credit transfers, and make available to Receivers funds associated with such credit transfers in real-time, twenty-four (24) hours a day, seven (7) days a week, fifty-two (52) weeks a year. All instant payments are "Credit Push" instead of "Debit Pull."

Our Real-Time Payment Platform

Process with the Request for Pay Professionals