Request Payment

Creating and Sending a Request Payment File

A Request Payment file can be created using Excel, CSV, or ISO 20022 XML to suit your business’s workflow. These files are structured with:

• Payee and payer alias (email or mobile number)
• Amount due, currency, and scheduled date
• Recurrence details (static or variable)
• Invoice reference and notes
• Hosted Payment Page link or QR code
• FedNow® or RTP® routing data

Once created, the file is uploaded to a FedNow®- or RTP®-enabled dashboard. From there, RfPs are distributed through secure payment channels. Payers approve the request in their banking interface, and the funds are credited to the payee in real time—confirmed and settled.

Managing Aging RfPs and Bank Reconciliation

As RfPs are sent, aging data is automatically tracked by the dashboard, giving you visibility into outstanding, completed, and failed payments.

Features include:

• Real-time AR aging reports: 1–30, 31–60, 61–90+ days
• Return and reject code tracking with error details
• Excel download for CFOs, bookkeepers, and controllers
• Auto-updated RfP statuses: Paid, Rejected, Expired
• Alias-by-alias payment performance insights
• Built-in reconciliation tools for both FedNow® and RTP®
• No chargebacks, no guesswork, no batch delays

Recurring transactions, though credited from the payer, functionally behave like digital debits, initiated by the payee, and processed on a set schedule. These are especially useful for utility companies, SaaS providers, lenders, or subscription-based platforms.

Requesting payment from a payer to a payee through real-time payment systems can be executed via various channels, including digital platforms, texting, or traditional paper invoicing methods. Here's how each of these approaches can work:

1. Digital Invoicing and Payment Requests

• The payee generates an invoice digitally through an invoicing platform or accounting software, detailing the amount owed, invoice number, due date, and any other relevant information.
• The invoice includes instructions for payment, such as bank account details or a link to initiate payment through a payment gateway.
• The payee sends the invoice to the payer via email or through the invoicing platform.
• The payer receives the digital invoice and can initiate the payment directly through the provided payment link or by logging into their account on the invoicing platform.
• Payment is processed through the chosen real-time payment system, such as RTP or FedNow, with funds transferred instantly or within minutes from the payer's account to the payee's account.

2. Texting Payment Requests

• The payee sends a payment request to the payer via text message, including details such as the amount owed and instructions for payment.
• The payment request may contain a link to a payment portal or instructions for initiating payment through a designated method, such as mobile banking.
• The payer receives the text message and follows the provided instructions to initiate the payment.
• Payment is processed through the chosen real-time payment system, and funds are transferred instantly from the payer's account to the payee's account.

3. Paper Invoicing with Real-Time Payments

• The payee generates a paper invoice detailing the transaction and includes instructions for payment, such as bank account information or QR codes linked to payment portals.
• The paper invoice is sent to the payer via mail or handed over in person.
• The payer reviews the invoice and initiates payment through their preferred method, such as online banking or mobile payment apps, using real-time payment systems.
• Payment is processed instantly or within minutes, with funds transferred from the payer's account to the payee's account through the chosen real-time payment system.

In all these scenarios, real-time payment systems enable fast and secure transfer of funds between the payer and payee, regardless of whether the payment request originated digitally, via text message, or through traditional paper invoicing methods.