Request for Payment (RFP) is a financial messaging scheme built on the rails of real-time payments that enables billers to initiate real-time payments from bill payees with the click of a button. As we approach 2025, RFP is set to become a major feature across the RTP® network and FedNow® Service. But what does RFP look like today, and how will it shape the future of payments?
In this CUTimes-hosted webinar, speakers Stuart Bain, SVP of Product Management at Alacriti, and Mark Majeske, SVP of Faster Payments at Alacriti, a member of the Faster Payments Council Board Advisory Group, and Chair of their Cross-Border Payments Work Group, explore the evolution of RFP and how it’s already being used in different forms.
Key learnings include:
- Current use of RFP and RFP-like solutions such as Pay By Text and CSR Bill Notifications.
- How services like Zelle, PayPal, and Venmo are already training members to receive and approve payment requests.
- Key 2025 trends to watch, including account funding as a primary use case for future RFP via instant payments networks.
- Additional potential use cases and how RFP can extend beyond account funding to optimize member experiences.
