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Request for payment: Building block for payments transformation

Author

Listed:
  • Ledford, Steve

    (Product Executive, The RTP® Network, The Clearing House, USA)

  • Thomas, Michael J.

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.

Suggested Citation

  • Ledford, Steve & Thomas, Michael J., 2016. "Request for payment: Building block for payments transformation," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 10(3), pages 238-244, October.
    • Handle: RePEc:aza:jpss00:y:2016:v:10:i:3:p:238-244
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    More about this item

    Keywords

    request for payment; credit transfer; payment systems; immediate payment; real-time payment; business-to-business payments;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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