Request for payment: Building block for payments transformation

Steve Ledford and Michael J. Thomas
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Steve Ledford: Product Executive, The RTP® Network, The Clearing House, USA

Journal of Payments Strategy & Systems, 2016, vol. 10, issue 3, 238-244

Abstract: This paper examines the benefits and drawbacks of debit-based payment systems and credit-based payment systems, and introduces the Request for Payment (RFP), an enhancement to the traditional credit-based system. An RFP allows a biller, supplier or creditor to request a payment be initiated by its customer that will apply to a specific account on the payee’s receivable system, and solves many of the reconciliation issues that exist in traditional credit-based payment systems. Although similar in terms of basic functionality, the RFP has broad applicability, beyond the traditional electronic bill presentment and payment use case. The result is a payment system that combines the simplicity and certainty of credit transfers with the control over payment application associated with interbank debits.

Keywords: request for payment; credit transfer; payment systems; immediate payment; real-time payment; business-to-business payments (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2016:v:10:i:3:p:238-244

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