Request For Payment

What is Request For Payment

Request For Payment is an exciting new service brought about by the Faster Payments Initiative of the FedNow ™ US Federal Reserve providing payments that are instant, final (irrevocable - "good funds") and secure.

Real-Time instant payments, are defined simply as: Irrevocably collected funds in a bank account and usable immediately by the owner of the account. Our "Good Funds" payment gateway allows for instant real-time digital payments that are immediate, irrevocable, intra-bank and/or interbank account-to-account (A2A) transfers that utilize a real-time messaging system connected to every transaction participant through all U.S.-based financial institutions. Funds are available for use by the receiver and real-time confirmation is provided to both you ("the sender") and receiver in seconds. Most Good Funds transactions are "Credit Push" versus "Debit Pull."

About Request For Payment

ISO 20022 is a global standard for financial messaging that defines message formats for a wide range of financial transactions, including payments, securities, and trade finance. RfP FedNow Request-For-Payment is a real-time payment system in the US that allows users to send and receive payments instantly.

To use ISO 20022 invoicing with RfP FedNow Request-For-Payment, you will need to ensure that your bank or financial institution supports the ISO 20022 messaging standard and the relevant message types for invoicing. You will also need to enroll in the RfP FedNow Request-For-Payment service with your bank and follow their specific procedures for initiating and approving payments using ISO 20022 invoicing.

Once you are enrolled and set up to use ISO 20022 invoicing, you can initiate payment requests using the appropriate invoicing message types defined in the standard. These payment requests will include information such as the payment amount, payment date, and invoice details. The payment request will be sent to the recipient's bank in real-time, and the payment will be made instantly through the RfP FedNow Request-For-Payment system.

Overall, using ISO 20022 invoicing with RfP FedNow Request-For-Payment can provide an efficient and secure way to send and receive payments in real-time. However, it's important to ensure that your bank and financial institution support the ISO 20022 standard and that you follow their specific procedures and requirements for using the standard with RfP FedNow Request-For-Payment.

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 Hub

Process with the Request For Payment Professionals