Requests 4 Pay

What is Requests 4 Pay

Requests 4 Pay, RfP ™ , 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 Requests 4 Pay

RfP FedNow Request for Payment is a service provided by the Federal Reserve Banks in the United States that enables banks and other financial institutions to send and receive real-time payments between accounts using the FedNow Service.

Banks can use RfP FedNow Request for Payment to request payment from other banks or financial institutions, or to receive payment requests from their customers or other parties. The service supports both one-time and recurring payments, and can be integrated into the banks' existing payment systems and processes.

To use RfP FedNow Request for Payment, banks must first enroll in the FedNow Service and establish the necessary connections and technical infrastructure. They can then begin using the service to send and receive real-time payments using the ISO 20022 messaging standard.

Banks can also offer RfP FedNow Request for Payment to their customers as a payment option, allowing them to initiate payments or receive payment requests from their mobile devices or online banking platforms. This can provide greater convenience and flexibility for customers, while also enabling banks to offer a more comprehensive set of payment services.

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 Requests 4 Pay Professionals