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Online integrated Origination, Sending, Receiving and Recordation of all Good Funds Transfers.

"All participants receive instant real-time electronic notifications. Use our online Payment Gateway interface or integrate your in-house system with our API"

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Understanding Pay By FedNow® & RTP® with ISO 20022 Request for Payments (RfP)

What is Pay By FedNow® & RTP®? How Do They Work?

Pay By FedNow® & RTP®: Real-Time Payments Using ISO 20022 Request for Payments (RfP)

The Futre of Instant Payments with ISO 20022 RfP

In today’s fast-paced digital economy, businesses and consumers need faster, more reliable, and automated payment solutions. While traditional ACH and wire transfers still dominate, they lack real-time processing, automation, and flexibility.

Now, with the rise of Pay By FedNow® and RTP® (Real-Time Payments), businesses and individuals can send and receive funds instantly. But what makes these real-time payment systems even more powerful? The integration of ISO 20022 Request for Payments (RfP).

ISO 20022 RfP allows businesses to request and receive payments in real-time, automating invoicing, reducing fraud risks, and eliminating payment processing delays.

TodayPayments.com explains how Pay By FedNow® and RTP® use ISO 20022 RfP, why it’s a game-changer for real-time payments, and how businesses can adopt this innovative payment solution today.

"Pay by FedNow" for your business using Real-Time Payments

Pay By FedNow® and RTP® (Real-Time Payments) are instant payment systems that allow businesses and individuals to send and receive funds within seconds, 24/7/365. Unlike traditional payment methods, these systems offer real-time settlement with no processing delays.

Now, with ISO 20022 RfP integration, businesses can:
✔ Send a payment request and receive instant confirmation.
✔ Automate invoices and transactions for faster collections.
✔ Enhance payment security with standardized messaging.

What is ISO 20022 Request for Payments (RfP)?

ISO 20022 is a global messaging standard for financial transactions that enables more structured, data-rich communication between payment systems.

Request for Payments (RfP) is an ISO 20022 feature that allows businesses to send real-time payment requests, ensuring:

✔ Faster transaction approvals
✔ Automated invoice reconciliation
✔ Greater transparency in B2B, B2C, and C2B transactions

With RfP, businesses no longer need to wait for customers to make payments manually—they can send a request and get paid instantly.

Key Benefits of Using Pay By FedNow® & RTP® with ISO 20022 RfP

1. Instant Payments, No Delays

🚀 No more waiting for ACH or wire transfers. Payments settle instantly.
🏦 Works 24/7/365, including weekends and holidays.

2. Lower Transaction Costs

💳 Eliminate credit card processing fees (2-4%).
💰 No high wire transfer fees—real-time payments cost less.

3. Automated Invoice Processing & Reconciliation

📊 With ISO 20022 RfP, invoices are automatically matched to payments, reducing manual errors.
✅ Businesses can request payments in real-time and get immediate confirmation.

4. Enhanced Security & Fraud Protection

🔒 No chargebacks—payments are final and irrevocable.
🔍 More transparency with ISO 20022 data-rich messaging for fraud prevention.

5. Seamless B2B, C2B, and B2C Transactions

💼 B2B: Instantly settle invoices, pay suppliers, and automate transactions.
🏪 C2B: Customers can pay businesses instantly with real-time confirmation.
💰 B2C: Businesses can send instant refunds, rebates, and payroll payments.

Attributes:

  "Pay By FedNow® vs. RTP®: Which is better for real-time payments?"
  "How ISO 20022 Request for Payments (RfP) improves instant transactions"
  "Integrating ISO 20022 RfP with Pay By FedNow® & RTP®"
  "Real-time payments for B2B, B2C, and C2B using FedNow® and RTP®"
  "Why businesses should adopt ISO 20022 RfP for faster payments"

How Pay By FedNow® & RTP® Improve Payment Processing with ISO 20022 RfP

1. Businesses Can Send Real-Time Payment Requests

✅ Merchants and businesses can send payment requests instantly via ISO 20022 RfP.
✅ Customers receive a real-time notification and can approve the transaction instantly.

2. Financial Institutions Can Automate Payment Flows

✅ Banks can integrate ISO 20022 RfP into their real-time payment platforms for seamless fund transfers.
✅ Reduces administrative overhead and manual reconciliation efforts.

3. Consumers Get a Seamless, Secure Payment Experience

✅ No need to manually enter payment details—just approve and pay.
✅ Instant notifications keep users informed of all transactions.

How to Integrate Pay By FedNow® & RTP® with ISO 20022 RfP

Step-by-Step Guide to Implementation

✅ Step 1: Confirm Your Bank Supports FedNow® or RTP® – Check if your financial institution offers real-time payments.

✅ Step 2: Enable ISO 20022 RfP Integration – Work with your bank or payment provider to activate Request for Payments functionality.

✅ Step 3: Set Up Payment Requests – Configure your business platform to send real-time payment requests via ISO 20022 RfP.

✅ Step 4: Start Accepting & Sending Instant Payments – Process B2B, C2B, and B2C transactions in real-time, 24/7/365.

Future-Proof Your Business with Instant Payments!

Still using slow ACH transfers, expensive credit card payments, and outdated invoicing systems?

It’s time to upgrade to Pay By FedNow® & RTP® with ISO 20022 RfP!

 Businesses: Get paid faster, eliminate chargebacks, and reduce transaction costs.

 Banks & Financial Institutions: Offer real-time payment solutions with automated processing.

 Merchants & Retailers: Improve cash flow with instant C2B transactions.

Freelancers & Gig Workers: Get paid instantly without delays.

🔹 ISO 20022 RfP + Pay By FedNow® & RTP® = The Future of Payments!

🚀 Talk to US TODAY and start using real-time payments with ISO 20022 Request for Payments!

 

Creation Request for Payment Bank File

Enhance Your Pay By FedNow Real-Time Payments Requests with FedNow’s ISO 20022 Messaging

Streamline Payments with Advanced Request for Payment Options:

Harness the power of FedNow's Request for Payment system to transform how you manage invoices and remittances. Our platform supports diverse data integration options, allowing payees to incorporate detailed invoice data directly within the RfP message or link to a comprehensive Merchant Page.

Flexible Invoice Details with ISO 20022 Messaging:

Leverage the flexibility of ISO 20022 messaging standards in our RfP system. You can choose to display crucial payment details directly in the message with a concise 140-character description, or through a dynamic "Hyper-Link" leading to a detailed Merchant Page. This Merchant Page can be hosted either on your website or TodayPayments.com/HostedPaymentPage.html through our seamless integration solution.

Customizable Merchant Pages for Enhanced Customer Experience:

Create a Merchant Page that not only details all the MIDs you own but also presents these options attractively to your customers through the RfP. This customization ensures that whether your payer opts for Real-Time Payment, Same-Day ACH, or Card transactions, they can easily navigate and complete their payments through a simple click on the hyperlink provided on your Merchant Page.

Call us today and receive the .csv or .xml FedNow® or Request for Payment (RfP) file you need—all during your very first phone call! We guarantee that our comprehensive reports integrate flawlessly with your bank or credit union. As pioneers in recognizing the benefits of RequestForPayment.com, we have stayed years ahead of our competitors. Although we are not a bank, our role as an "Accounting System" within the Open Banking ecosystem enables us to work with billers to create effective RfP files that seamlessly upload to the biller's online banking platform. U.S. companies rely on our expertise to learn how to deliver the RfP message directly to their bank with precision.

Our advanced solution, Today Payments' ISO 20022 Payment Initiation (PAIN.013), demonstrates how to create a Real-Time Payments Request for Payment file that sends a clear message from the creditor (payee) to its bank. Most financial institutions support the import of messaging and batch files for both FedNow® and Real-Time Payments (RtP), ensuring smooth processing. Once the file is correctly uploaded, the creditor’s bank processes the payment through a secure "Payment Hub"—with The Clearing House serving as the RtP Hub—and relays the message to the debtor's (payer's) bank. This streamlined approach not only accelerates transaction processing but also enhances transparency and reliability for all parties involved.

Request for Payment

... easily create Real-Time Payments RfP files. No risk. Test with your bank and delete "test" files before APPROVAL on your Bank's Online Payments Platform. Today Payments is a leader in the evolution of immediate payments. We were years ahead of competitors recognizing the benefits of Same-Day ACH and Real-Time Payments funding. Our business clients receive faster availability of funds on deposited items and instant notification of items presented for deposit all based on real-time activity. Dedicated to providing superior customer service and industry-leading technology.

Contact Us for Request For Payment payment processing