Request To Pay

What is Request To Pay

Request To Pay is an exciting new "digital overlay service" facilitating real-time payments through instant invoicing using RTP payments that are instant, final (irrevocable - "good funds") and secure. A Request to Pay, RtP, is also referred to as a Request for Payment, RfP ™. Both terms, Request to Pay and Request for Pay are generic umbrella terms for a number of scenarios in which a payee ( Biller ) takes the initiative to request a specific payment from the payer ( Customer ). The enticing feature of this communication is that it can integrate and streamline data exchanges between the payee and payer improving the certainty, transparency and convenience of payments for corporates, retail customers and their Payment Service Providers (PSPs).

The basic idea behind Request to Pay, or R2P, is to simplify payments through digital invoices. With R2P, no printed invoices are sent to the customer; rather they are sent electronically via a platform directly into the customer's online banking system, where the customer can manage his invoices. In addition to the environmental advantage, the risk of errors being inadvertently introduced by the customer when making the payment is eliminated, the distribution of the payment initiation details being done electronically and instantly. The combination of request to pay technology and real time payments, will enable an alternative to direct debit and biller-direct models, providing more optionality for different customer segments, reducing time, inconvenience and risk of inaccuracy for payers and billers alike.

Fundamentally, a request to pay enables a payee (person, business or other account holder) to make a request for initiation by a payer (person, business or other account holder) of a payment. The main purpose of a request to pay is to:
~ Ensure verified payee data is provided to the payer before the payment initiation;
~ Provide ease of use to the payer, who has minimal data to enter for a payment;
~ Provide confirmation of issuance of a payment order to the payee; and
~ Facilitate reconciliation of the related payment both for the payee and the payer.

 

"Invoicing" Request To Pay

Shopping Cart via Request To Pay