The Clearing House has expanded the feature’s availability, allowing brokerage companies, billing firms, and suppliers to request payments from customers while receiving instant payments.

RTP Network expands RfP availability

The Clearing House will see Request for Payment capability running on the RTP network becoming available on various financial institutions that rely on the RTP network. The move will see customers having more control over their payments.

Through this expansion, the customers and businesses obtaining an RfP can review it and decide whether to authorize or deny it. If the customer or company chooses to make the payment, an RTP payment is sent in response. However, in some financial firms, the payment is scheduled later.

The senior vice president of RTP product management at The Clearing House, Rusiru Gunasena, said that the Request for Payment service allowed billers access to an efficient and secure way of sending bills and invoices to customers using the bank’s digital channel.

“Request for Payment provides a way for billers to efficiently and securely send bills and invoices to customers through a bank’s digital channel and allows customers to have full control and insight over the payment,” Gunasena said.

Amid the anticipated launch of RfP, The Clearing House announced it had collaborated with RTP participants over the past year to mitigate the risks that came from the potential misuse of these services.

At launch, The Clearing House has said it will be limiting the capability of this feature to three use cases. The service also applies to consumer bill payments, where companies can request payment for recurring consumer service.

The other use case is facilitating B2B payments where businesses can pay their suppliers, allowing the payroll department to request the funding needed to meet the payroll needs.

The expanded feature will also facilitate account-to-account (A2A) transactions where individuals can request transfers between banks and brokerage platforms that the same person owns.

Use cases expand amid a rise in adoption

In the release, The Clearing House said that amid an increase in market adoption and participants in the RTP system, payers and billers gained more experience with RfP.

The report noted that the use cases across the RTP network would likely expand and integrate all the experiences in the digital and traditional payment industries.

The Clearing House also said that the early adopters of this feature would play a crucial role in the expansion of operations offered by the company.

These early adopters would also drive the largest-scale adoption of RfP. The RTP Network surpassed the 500 million payment milestone on July 22.

The move comes after a report revealed that demand for request-for-pay tools has increased globally. Customers and businesses seek to tap into the potential and cash flow benefits these tools offer.

Request-to-pay features have become increasingly popular in digital payments making the recent integration crucial for The Clearing House.