PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Events
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • COVID-19
  • News
  • Events
No Result
View All Result
PaymentsJournal
No Result
View All Result

Another Kind of RTP: How Request-To-Pay Enables Real-time Payments

Steve Murphy by Steve Murphy
March 11, 2020
in Analysts Coverage, B2B, Real Time Payments
0
Another Kind of RTP: How Request-To-Pay Enables Real-time Payments
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

An interesting piece in The Paypers about real-time payments and the use cases around what the author calls RTP (Request-To-Pay). We need to distinguish the use of that acronym (a European one) with the real-time payments network in the U.S. from The Clearing House, which is also referred to as RTP. 

The use case for a biller sending a request for someone to pay in real-time from the RTP Network in the U.S. is referred to here as Request For Payment (RFP).  The posting is a summary around an interview with an executive of a German payments software vendor.

‘Why does the payments ecosystem need RTP? What are the benefits for payers and payees and how is it gaining traction over other similar options? ….RTP at its core is the idea of pushing transaction details from a payee to a payer’s device and into the chosen payment flow. How much, what for, to whom, to which bank account, by when. And crucially, a unique reference to match the payment later on for cash allocation….Doing so enables the payer to simply authorise the payment, instead of entering those details from scratch into a bank transfer. No hassle, no mistakes, real-time confirmation and perfect reconciliation later in the payee’s system.’

Nonetheless, there is a great deal of expectation in that use case.  We recently chatted with a number of U.S.-based banks and the interest from a biller perspective is quite high. The ability to send along extended rich data with the message is also an important feature, especially in B2B message exchanges, because it facilitates more sophisticated invoice presentation and remittance data. There are also additional uses as discussed in the article that make it worth a read:

‘Could you elaborate a bit more on the Request to Pay (RTP) services your company is offering, what different use cases does AcceptEasy support?…Our cloud-based platform is the universal RTP connector. We’ve integrated with hundreds of business applications to generate RTPs for any process, deliver them via any channel, and arm them with any payment method or provider….We do this on behalf of hundreds of corporates, reaching millions of people for billions of euros. Insurance, energy, telco, housing, mobility, lending, and more. With use cases in onboarding, billing, service, dunning, and collections. Think also of last-minute orders or last-chance (emergency) payments by small businesses to their suppliers. Instead of waiting days for money to arrive and match, our service completes the order-to-cash cycle in seconds.’

Tags: B2Bemerging marketsReal Time PaymentsRequest-to-PayRTP
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily
    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    How PayPal Achieves High Authorization Rates

    How PayPal Achieves High Authorization Rates

    January 19, 2021
    Explaining the Bill Payment Ecosystem

    Explaining the Bill Payment Ecosystem

    January 15, 2021
    QSRs Can Address Loyalty Program Shortcomings by Serving Up Better Offers

    QSRs Can Address Loyalty Program Shortcomings by Serving Up Better Offers

    January 14, 2021
    How Merchants Can Prevent Account Takeovers—and Why Failing to Do So Amplifies Operational Expenses

    How Merchants Can Prevent Account Takeovers—and Why Failing to Do So Amplifies Operational Expenses

    January 13, 2021
    How Banks Can Leverage Tech Partnerships to Enable Innovation for Commercial Clients

    How Banks Can Leverage Tech Partnerships to Enable Innovation for Commercial Clients

    January 11, 2021
    The Future of Phixius (and Interoperable Financial Services)

    The Future of Phixius (and Interoperable Financial Services)

    January 8, 2021
    Fraudulent Activity is the New Virus, and Here Are Some Possible Solutions

    Fraudulent Activity is the New Virus, and Here Are Some Possible Solutions

    January 7, 2021
    The Future for Restaurants is Touchless

    The Future for Restaurants is Touchless

    January 6, 2021

    Connect With Us

    • Advertise With Us
    • About Us
    • Terms of Use
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • COVID-19
    • News
    • Events

    © 2021 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result
    ×

    Login

    Forgotten Password?

    Lost your password?
    | Back to Login

      Subscribe!

      Thank you for visiting PaymentsJournal! Please subscribe to our newsletter to receive consumer data insights and daily analysis from Mercator analysts and industry experts.

      ×

      How will COVID-19 Effect the Payments Industry?

      Check out our latest:

      – Consumer Data – Complimentary Reports
      – Podcasts – Mercator Analyst Commentary
      – Industry Opinions

      ×

      WEBINAR:
      How Digital Acceleration Will Affect Payment Industry

      Please join us for this panel discussion on addressing the challenges to pave the way to payments innovation and profitability and gain insights on the key trends and challenges impacting the payments landscape in North America.

      REGISTER