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Requests for Pay

What is Requests for Pay

Mobile Requests 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 Requests for Pay, RfP ™, is also referred to as a RfP Invoicing. Both terms, Requests 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. Requests for Pay communication via Digital Mobile / Text / Email message. Working with BillPayExchange - "Request for Pay".

Requests 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.

Basically, RfP is a digital invoice. The Billers and their Customers desire the most various payment methods. Customers want to use Credit & Debit Cards, ACH, Real-Time Payments (through either The Clearing House or the FedNow), ZELLE, VENMO, PayPal, etc.

ACH and Real-Time Payments Requests for Pay ISO 20022 XML Message Versions
The versions that NACHA recommends for the Requests 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 Requests for Pay. The ACH, RTP® and FedNow® versions are Credit Push Payments.

How to Enroll in Request for Payment invoicing

All Merchants / Billers on the messaging via their financial institution of Requests for Pay via mobile app or website network have to actively enroll. Enrollment can be through their current payment processor. But, what if, as a Merchant / Biller, you currently only accept Credit/Debit Cards as payments but want to now offer your Customers additional payment methods such as Same-Day ACH or Real-Time Payments? You may either contact your payment provider or enroll directly with us for the additional payment methods.




"Invoicing" Requests for Pay

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Today Payments

...Requests for Pay makes Real-Time Payments possible as a digital overlay service. RTP payments, is considered as a key element in an evolving payments landscape shaped by developments such as Open Banking and real-time payments. Requests for Pay solutions are aimed at further increasing certainty, transparency and convenience when making and receiving payments. Requests for Pay, will play the pivotal role in the context of real-time electronic invoice presentment and payment, where it is seen as a means to speed up the end-to-end process and ease reconciliation processes in particular.

Today Payments is a leader in the evolution of instant real-time payments. We were years ahead of competitors recognizing the benefits of Real-Time Payments funding through Real-Time ACH (ACH Push and Pull) and Instant Direct Deposit. Our customers receive faster availability of funds on deposited items and instant notification of items presented for deposit all based on real-time activity. Dedicated to providing superior customer service and industry-leading technology. Our platform with its tools / widgets help organizations of all sizes reduce transaction costs, mitigate risk and increase efficiencies. Our system ensures proper Authentication, Authorization, Verification, Settlement, Notifications and Postings.

Process with the Requests for Pay Professionals

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  • Automation of Accounts Receivable Collection with Real-Time Settlement & Deposit
  • Automation of Accounts Payable Payments with Real-Time Settlement & Deposit
  • One-Time & Recurring Debits & Credits with Real-Time Settlement & Deposit

Each day, thousands of businesses around the country are turning their transactions into profit with real-time payment solutions like ours.

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