Request for Payment (RfP) is a secure, real-time way to ask for—and receive—funds directly through the banking system.
• RfP lets you request money directly from your customer’s bank. When they approve, the funds arrive in real time.
• It works over FedNow and RTP networks. These are U.S. payment rails that move money 24/7.
• You keep control. You decide when to send a request and see when it’s been paid— no waiting, no guesswork.
Request for Payment, or RfP, is a digital payment request sent from your bank to your customer’s bank. Your customer then approves it through their own bank app. The payment is completed within seconds over a real-time payment network—either FedNow or RTP (Real-Time Payments).
RfP is not a pull like ACH debit or auto-pay. It's a push-based payment: your customer is in control of when and whether to pay. It also passes rich data (like invoice numbers, payment references, and memos) along with the payment. This reduces fraud risk and improves transparency.
Request for Payments could be a good fit if:
RfP can help many types of businesses, especially when timing, visibility, and confirmation matter. Here are a few examples:
Whether you’re looking to streamline collections, reduce delays, or offer more convenient payment options to your customers, RfP can help. Contact your banker or reach out to our Treasury Services specialists to learn how we can support your transition to real-time payments.
RfP allows a payee to send a digital payment request to a payer through their respective banks. The payer receives a notification with payment details and can authorize the payment directly from their bank account. Once approved, the funds are transferred instantly using real-time payment networks like FedNow or RTP. This process streamlines invoicing and reduces the time to receive payments.
A payment rail is the underlying infrastructure that facilitates the transfer of funds between parties. Think of it as the "tracks" over which money moves from one bank account to another. Examples include ACH, wire transfers, credit card networks, and real-time systems like FedNow and RTP. Each rail has its own processing speed, cost, and settlement process.
FedNow is a real-time payment service developed by the Federal Reserve, launched in July 2023. It enables participating banks to offer instant fund transfers, allowing customers to send and receive money within seconds, 24/7, including weekends and holidays. Transactions are settled immediately between financial institutions, providing immediate availability of funds.
RTP is a real-time payment system operated by The Clearing House, available to federally insured U.S. depository institutions. It facilitates instant clearing and settlement of payments, providing immediate confirmation to both sender and receiver. RTP supports various transaction types, including bill payments and business-to-business transfers, enhancing the efficiency of financial transactions.
ISO 20022 is an international standard for electronic data interchange between financial institutions. It provides a common platform for the development of messages using a standardized methodology, enabling richer and more structured data in financial communications. Adoption of ISO 20022 enhances interoperability, improves compliance, and facilitates more efficient payment processing.
A U.S. financial network for processing low-value, batch-based electronic payments, such as direct deposits and bill payments.
A real-time payment service developed by the Federal Reserve, enabling instant fund transfers between participating banks.
An international standard for financial messaging that allows for more detailed and structured data in payment transactions.
The infrastructure or network that enables the transfer of funds between parties, such as ACH, wire transfers, or real-time payment systems.
A payment system operated by The Clearing House, allowing instant clearing and settlement of payments between U.S. banks.
A digital payment request sent by a payee to a payer, facilitating immediate payment through real-time payment networks.
The process of transferring funds from the payer's bank to the payee's bank, completing a financial transaction.
A global messaging network used by financial institutions to securely transmit information and instructions through a standardized system of codes.
