Requesting A Payment

To request a payment with a Request for Payment (RfP) for one-time Instant Real-Time Payments (RTP) and FedNow, you'll need to follow specific guidelines and procedures for each system. Here's a step-by-step guide for both RTP and FedNow:

Request for Payment (RfP) Overview

RfP is a standardized message that allows billers to request payment from payers. It contains all necessary payment details, including the amount, due date, and other relevant information. The payer can then review and approve the payment instantly.

Steps for RTP (Real-Time Payments)

1. Initiate the RfP:
   • Use your bank or payment service provider's interface to initiate an RfP.
   • Provide the necessary payment details:
     • Payment amount
     • Due date
     • Payer's details (name, account number)
     • Payee's details (name, account number)
     • Invoice or reference number
2. Send the RfP:
   • Submit the RfP through the RTP network. Your bank or payment service provider will handle the transmission of the RfP to the payer's bank.
3. Payer's Bank Notification:
   • The payer's bank receives the RfP and notifies the payer, typically through their banking app or online banking platform.
4. Payer's Approval:
   • The payer reviews the RfP details and approves the payment. Approval can be done instantly.
5. Payment Processing:
   • Once approved, the payment is processed in real-time. Funds are transferred immediately from the payer's account to the payee's account.
6. Confirmation:
   • Both the payer and payee receive confirmation of the successful payment.

Steps for FedNow

1. Enroll in FedNow:
   • Ensure both the payer's and payee's banks are enrolled in the FedNow service.
2. Create the RfP:
   • Log in to your bank or payment service provider's portal and create an RfP.
   • Enter all required payment information:
     • Amount
     • Due date
     • Payer's details
     • Payee's details
     • Invoice or reference number
3. Send the RfP:
   • Submit the RfP through the FedNow service. Your bank or payment service provider will send the RfP to the payer's bank.
4. Payer Notification:
   • The payer is notified of the RfP via their bank’s notification system (e.g., mobile app, email, SMS).
5. Payer Authorization:
   • The payer reviews the RfP details and authorizes the payment. This can be done quickly through their bank’s interface.
6. Instant Payment:
   • Upon authorization, the payment is processed instantly, transferring funds from the payer to the payee.
7. Confirmation:
   • Confirmation of the completed transaction is sent to both the payer and the payee.

Best Practices

• Verify Details: Double-check all details in the RfP to ensure accuracy.
• Security: Use secure channels for transmitting payment information.
• Communication: Inform the payer in advance about the expected RfP to ensure timely approval.
• Record Keeping: Keep records of all RfPs and payments for accounting and auditing purposes.

By following these steps, you can effectively request and receive one-time instant real-time payments using RTP and FedNow systems.