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Data for today’s episode is provided by Mercator Advisory Group’s Viewpoint: Request for Pay: Opportunities Await, but It’s a Long Road to Mainstream Adoption
Emerging Use Cases for Request-for-Pay:
- Request-for-Pay (RfP) is in its early stages, but there is great potential in the industry.
- In September 2021, Verizon announced that customers could pay their bills instantly through The Clearing House’s RfP service if they have an account with Citi.
- This is a narrow use case, but represents a starting point for what will likely be a long road to the common use of this technology.
- JPMorgan Chase recently announced a B2B solution that uses The Clearing House’s RfP capabilities.
- The new product will allow corporate clients to send payment requests to the bank’s 57 million digital banking clients.
- As with Verizon, the Chase product is a narrow use case—but new products on new rails need to begin somewhere.
About Viewpoint
The U.S. payments market is beginning to see the launch of Request-for-Pay (RfP) products using the messaging system developed by The Clearing House and tied to the RTP network. RfP solutions currently being deployed have limited audiences, but the potential to expand is promising and a host of viable use cases are being identified.
In this Viewpoint, Mercator highlights the views of several industry experts who have a front-row seat to the advancement of RfP.