Real-Time Request Payment

What Is Real-Time Request Payment?

Real-Time Request Payment (RfP) is a method where a Payee initiates a secure payment request to a Payer using ISO 20022 standards. Upon approval, the payment is executed in real time via the FedNow® or RTP® network.

RfP includes structured data such as:

• Payment amount (static or variable)
• Description and purpose
• Due date or schedule
• Alias identifiers for both sender and receiver

The Payer receives the request via their financial institution and authorizes the transaction instantly, removing delays and manual processing.

Alias and Moniker-Based Transactions for Privacy

To eliminate exposure of sensitive financial data, both parties use alias-based identifiers. This includes:

• Email addresses or phone numbers in place of bank account numbers
• Alias-linked Merchant Identification Numbers (MIDs) for secure routing
• Full transaction visibility without needing to access counterparties’ financial information

This structure makes real-time payments not only faster but significantly more secure and private.

FedNow® and RTP® for Real-Time Settlement

By utilizing both FedNow® and RTP®, your business gains access to:

• 24/7/365 payment processing with no business-hour limitations
• Immediate fund transfers once a request is approved
• Notification and confirmation in real time upon transaction completion

These modern payment rails eliminate the waiting periods commonly associated with ACH, wires, or paper invoicing.

ISO 20022 Messaging for Smart, Structured Requests

All RfP messages are sent using ISO 20022, which allows for:

• Rich metadata including invoice numbers, service details, and payer notes
• Compatibility across financial systems and payment providers
• High-level security, traceability, and audit compliance

This standardized messaging format is ideal for recurring billing, B2B invoicing, and payment automation.

Who Can Use Real-Time Request Payment?

This method is ideal for any entity needing to request and receive payments quickly and securely, including:

• Freelancers and consultants
• SaaS platforms and membership sites
• Landlords and property managers
• Government and municipal agencies
• Utilities, telecom, and insurance companies

Whether you operate in retail, services, or public sectors, TodayPayments.com offers a simple and powerful RfP solution.

Hosted Payment Pages and Seamless Payer Experience

We provide optional Hosted Payment Pages for easy customer access. Features include:

• Branded request pages linked to the RfP
• Click-to-pay functionality from email, SMS, or app
• Instant redirection to complete authorization through the Payer’s bank

This helps businesses maintain a professional image while reducing friction for the payer.

Real-Time Reconciliation and Payment Tracking

Our platform ensures that every request and payment is automatically tracked and reconciled. You get:

• Live dashboards for tracking payment status
• Alias-based filtering and reporting
• Optional QuickBooks® Online (QBO) integration for accounting sync

With real-time transparency, finance teams always know the status of every RfP sent and settled.

Start Using Real-Time Request Payment Today

Say goodbye to outdated payment systems and hello to instant, private, and structured payment requests. With TodayPayments.com, you can:
✅ Send ISO 20022-compliant RfPs securely
✅ Accept real-time payments via FedNow® and RTP®
✅ Use alias-based transactions to protect financial identity

Integrating Real-Time Request for Payment (RfP) from a bank's dashboard or a payee/biller payment page for both one-time and recurring payments can significantly enhance the payment experience for businesses and consumers. Here’s how you can implement this using RTP and FedNow with QuickBooks Online (QBO):

Real-Time Request for Payment (RfP) Integration Steps

1. Set Up Payment Processing in QuickBooks Online (QBO):
   • Ensure QuickBooks Online (QBO) is configured to support payment processing through real-time payment networks like RTP (The Clearing House) and FedNow (Federal Reserve).
   • Register with payment processors or platforms that facilitate RTP and FedNow transactions, such as TodayPayments.com or SecureQBPlugin.com.
2. Configure ISO 20022 Messaging:
   • Ensure that the payment processor supports ISO 20022 messaging standard for rich data exchange.
   • Configure QBO to handle ISO 20022 formatted messages for RfP transactions.
3. Create Digital Invoices:
   • Use QBO to create digital invoices with all necessary details (amount, due date, itemized charges).
   • Configure invoices to include options for one-time or recurring payments as per the requirements.
4. Generate RfP for One-Time Payments:
   • In QBO, generate an RfP for a one-time payment when an invoice is created.
   • The RfP is formatted in ISO 20022 and sent to the payer via their bank’s dashboard or through an email link directing them to the payee’s payment page.
5. Set Up Recurring Payments:
   • For recurring payments, set up the recurring invoices in QBO.
   • Configure the RfP to be sent at regular intervals (e.g., monthly, quarterly) to the payer’s bank or payment app.
6. Sending RfP to Payers:
   • The RfP is sent to the payer’s bank dashboard or the payee’s payment page.
   • Payers receive the RfP notification and can review the details in their bank’s interface or the payment page.
7. Payer Approval and Instant Payment:
   • Payers review the RfP, approve it, and the payment is processed instantly through RTP or FedNow.
   • The payment is settled immediately, ensuring real-time transfer of funds.
8. Payment Confirmation and Reconciliation:
   • Both payer and payee receive payment confirmation.
   • QBO updates the invoice status to 'Paid' and reconciles the payment in real-time.
   • For recurring payments, the process is automated, and invoices are updated as payments are received.
9. Record Keeping and Reporting:
   • All transaction details, including the rich remittance information provided by ISO 20022, are stored in QBO.
   • This allows for detailed reporting, easy reconciliation, and efficient financial management.

Example Workflow for One-Time and Recurring Payments

One-Time Payment

1. Invoice Generation:
   • A business generates a one-time invoice in QBO.
2. RfP Creation and Sending:
   • QBO formats the invoice as an RfP using ISO 20022 and sends it to the payer’s bank dashboard or payment page.
3. Payer Approval:
   • The payer receives the RfP, reviews, and approves it.
4. Instant Payment:
   • Payment is processed instantly, and QBO updates the invoice status to 'Paid'.
5. Reconciliation:
   • The payment is reconciled in QBO with rich data from ISO 20022.

Recurring Payment

1. Recurring Invoice Setup:
   • The business sets up a recurring invoice schedule in QBO.
2. Automatic RfP Generation:
   • QBO automatically generates an RfP at each billing cycle.
3. RfP Sending:
   • The RfP is sent to the payer’s bank dashboard or payment page at regular intervals.
4. Payer Approval:
   • The payer receives the RfP, reviews, and approves it for each cycle.
5. Instant Payment:
   • Payment is processed instantly each time, and QBO updates the recurring invoice status.
6. Reconciliation:
   • Each payment is reconciled in QBO with detailed remittance information.

Benefits of Real-Time RfP Integration

1. Efficiency:
   • Reduces delays in receiving payments by enabling instant processing.
2. Improved Cash Flow:
   • Enhances cash flow management with quicker payment receipts.
3. Security:
   • Reduces fraud risk with secure, encrypted ISO 20022 messaging.
4. Convenience:
   • Provides a seamless payment experience for payers with easy approval through their bank’s interface or payment page.
5. Automated Processes:
   • Automates the invoicing and payment process for recurring transactions, reducing manual intervention.

Conclusion

By integrating Real-Time Request for Payment (RfP) using ISO 20022 in QuickBooks Online (QBO) for both one-time and recurring payments, businesses can streamline their invoicing and payment processes, enhance cash flow, and improve overall efficiency. This integration ensures that payments are processed in real-time, providing a better experience for both payers and payees.