Faster Payments Council

SEPTEMBER 23, 2023

The RFP Customer Experience Work Group selected consumer-to-business bill pay as an initial use case, producing industry standards focused on this goal. Participating organizations will share insights gained and how they will implement these standards to catalyze instant payments adoption with a streamlined RFP customer experience.

FPC 88

FPC Federal Reserve RFP Faster Payments 88

Fintech Finance

MAY 8, 2024

It highlights the importance of features such as Request for Payment (RfP) and standing approval, providing a robust foundation for seamless and secure transactions in the dynamic landscape of instant payments. For those reasons, the FPC urges all system participants to adopt the recommendations in this report.”

Faster Payments 52

Faster Payments FPC Payments RFP 52

Faster Payments Council

JULY 21, 2020

In addition to presenting the benefits and drawbacks of the two models, the paper explores how Request for Payment (RfP) messaging could bring the best of both models together to help drive broader industry adoption, and ultimately transform the bill pay experience.

Faster Payments 68

Faster Payments FPC Research Consumer 68

Seon

JULY 27, 2023

The bank of the soon-to-be-paid employee sends back a request for payment (RFP) via the FedNow Service for the payer to confirm the transaction on their app. This is alongside small per-transaction fees, including those for the initial request for payment (RFP) messages. How Can Retailers Prepare for It? When does FedNow go live?

FedNow 40

FedNow Federal Reserve ISO 20022 Fraud Detection 40