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RTP® and FedNow® Recurring Debit Transactions: A Faster Way to Debit Customer Accounts
RTP® Real-Time Payments – A Reliable Alternative for Instant Recurring Transactions
The RTP®
(Real-Time Payments)
network provides an alternative to FedNow® for instant,
secure business-to-consumer and business-to-business transactions.
Like FedNow® RfP, RTP® offers real-time settlement, reducing
reliance on traditional batch processing systems. Businesses can
use RTP® for recurring debits, ensuring immediate payment
authorization and instant fund availability.
However, RTP® adoption remains limited,
with fewer banks currently supporting the network compared to
FedNow®'s growing infrastructure. While RTP® is excellent for
high-value transactions, FedNow®'s Request for Payment (RfP)
offers better flexibility for small businesses, recurring
consumer payments, and automated invoicing. Companies seeking
scalable, secure, and real-time recurring debit transactions
should consider integrating FedNow® RfP alongside RTP® for
maximum coverage.
RTP® and FedNow® Recurring Debit Transactions: A Faster Way to Debit Customer Accounts
The RTP® (Real-Time Payments) network
provides businesses with a secure and instant method to
process recurring debit transactions directly from
customers’ bank accounts. Unlike traditional payment methods that
rely on credit cards or ACH batch processing, RTP® enables
businesses to debit payers’ accounts in real-time, with
immediate settlement and full transparency. By using RTP®
for recurring payments, businesses can automate billing
cycles, reduce payment failures, and improve cash flow
predictability.
One of the key advantages of RTP®
recurring debit transactions is its 24/7/365 availability.
Payments are processed instantly, eliminating weekend or
holiday delays common with ACH transfers. Additionally, RTP®
ensures that businesses can request and collect payments with
full authorization from customers, reducing the risk of
chargebacks and unauthorized transactions. This makes RTP® an
ideal solution for businesses managing subscription services,
utility payments, and loan repayments.
FedNow® Recurring Debit Transactions:
Automating Payments with Real-Time Processing
The FedNow® Service offers businesses
an alternative to RTP® for real-time recurring debit
transactions, allowing them to send payment requests and
debit customer accounts instantly. Through FedNow® Request
for Payment (RfP), businesses can schedule recurring debits
while providing payers full control over their approvals.
Unlike credit card auto-pay, FedNow® requires customers to
authorize each payment, ensuring a more secure and
transparent payment process.
With FedNow® debit transactions,
businesses eliminate failed payments, reduce processing costs,
and ensure immediate fund availability. Because FedNow®
operates in real-time, businesses no longer have to wait
for ACH processing delays or risk credit card payment failures
due to expired or declined cards. By integrating FedNow® RfP
into their payment systems, businesses can enhance efficiency and
provide customers with a more reliable billing experience.
RTP® vs. FedNow®: Which is Better for
Recurring Debit Transactions?
|
Feature |
RTP® Real-Time Payments |
FedNow® |
|
Processing Speed |
Instant (24/7) |
Instant (24/7) |
|
Payment Control |
Business-initiated debits |
Payer-approved RfP transactions |
|
Recurring Payments |
Yes – Direct debit authorization |
Yes – Request for Payment (RfP) model |
|
Best Use Case |
Large business transactions, vendor
payments |
Consumer subscriptions, utility
payments, rent, loans |
|
Bank Network Availability |
Growing network, not all banks
support it |
Wider adoption among financial
institutions |
Both RTP® and FedNow®
provide real-time recurring debit capabilities, but FedNow® RfP
ensures payers authorize every debit request, reducing disputes
and chargeback risks.
How to Set Up Recurring Debit Transactions
with RTP® & FedNow®
1️⃣ Enable RTP® and FedNow®
in Your Business Banking Portal
- Confirm that your business bank
account supports RTP® and FedNow® transactions.
- Activate Request for Payment (RfP)
functionality for customer billing.
2️⃣ Automate Recurring Debit
Requests
- Set up automated RTP® payment
requests for direct debits.
- Schedule FedNow® recurring debit
transactions by sending RfP notifications to customers
for approval.
3️⃣ Track & Reconcile
Transactions in Real Time
- Use banking dashboards or accounting
software to monitor successful payments.
- Integrate FedNow® and RTP® with
QuickBooks® QBO for automated tracking and reconciliation.
By setting up RTP® and
FedNow® debit transactions, businesses can streamline collections,
improve payment accuracy, and eliminate delays.
Why Businesses Should Switch to RTP® and
FedNow® for Recurring Payments
✅ No Payment Delays –
RTP® and FedNow® process transactions instantly, 24/7.
✅ No Chargeback Risks – Payments are
authorized by payers before processing, reducing fraud
risks.
✅ Lower Costs Compared to Credit Cards
– No high processing fees, helping businesses save on
transaction costs.
✅ Ideal for
Subscription-Based Services – Ensures consistent cash flow
with automated billing cycles.
✅ Better
Customer Control & Transparency – Customers can authorize
and track payments in real-time, leading to higher trust.
By integrating RTP® and FedNow® recurring
debit transactions, businesses can move beyond outdated
credit card auto-payments and slow ACH processing, ensuring a
fast, secure, and cost-efficient payment experience.
Final Thoughts: The Future of Recurring
Debit Transactions with RTP® and FedNow®
RTP® and FedNow® are
transforming recurring debit transactions, making payments faster,
more secure, and fully automated for businesses. Whether
you're managing subscriptions, rent payments, utilities, or
loan collections, these real-time payment solutions provide a
modern alternative to ACH and credit cards.
Ready to integrate RTP®
and FedNow® into your payment system? Start automating real-time
recurring payments today!
Creation Request for Payment Bank File
Enhance Your FedNow Debit Transactions Real-Time Payments Requests with FedNow’s ISO 20022 Messaging
Streamline Payments with Advanced Request for Payment Options:
Harness the power of FedNow's Request for Payment system to transform how you manage invoices and remittances. Our platform supports diverse data integration options, allowing payees to incorporate detailed invoice data directly within the RfP message or link to a comprehensive Merchant Page.
Flexible Invoice Details with ISO 20022 Messaging:
Leverage the flexibility of ISO 20022 messaging standards in our RfP system. You can choose to display crucial payment details directly in the message with a concise 140-character description, or through a dynamic "Hyper-Link" leading to a detailed Merchant Page. This Merchant Page can be hosted either on your website or TodayPayments.com/HostedPaymentPage.html through our seamless integration solution.
Customizable Merchant Pages for Enhanced Customer Experience:
Create a Merchant Page that not only details all the MIDs you own but also presents these options attractively to your customers through the RfP. This customization ensures that whether your payer opts for Real-Time Payment, Same-Day ACH, or Card transactions, they can easily navigate and complete their payments through a simple click on the hyperlink provided on your Merchant Page.
Call us today and receive the .csv or .xml FedNow® or Request for Payment (RfP) file you need—all during your very first phone call! We guarantee that our comprehensive reports integrate flawlessly with your bank or credit union. As pioneers in recognizing the benefits of RequestForPayment.com, we have stayed years ahead of our competitors. Although we are not a bank, our role as an "Accounting System" within the Open Banking ecosystem enables us to work with billers to create effective RfP files that seamlessly upload to the biller's online banking platform. U.S. companies rely on our expertise to learn how to deliver the RfP message directly to their bank with precision.
Our advanced solution, Today Payments' ISO 20022 Payment Initiation (PAIN.013), demonstrates how to create a Real-Time Payments Request for Payment file that sends a clear message from the creditor (payee) to its bank. Most financial institutions support the import of messaging and batch files for both FedNow® and Real-Time Payments (RtP), ensuring smooth processing. Once the file is correctly uploaded, the creditor’s bank processes the payment through a secure "Payment Hub"—with The Clearing House serving as the RtP Hub—and relays the message to the debtor's (payer's) bank. This streamlined approach not only accelerates transaction processing but also enhances transparency and reliability for all parties involved.
... easily create Real-Time Payments RfP files. No risk. Test with your bank and delete "test" files before APPROVAL on your Bank's Online Payments Platform.
Today Payments is a leader in the evolution of immediate payments. We were years ahead of competitors recognizing the benefits of Same-Day ACH
and Real-Time Payments funding. Our business clients receive faster
availability of funds on deposited items and instant notification of
items presented for deposit all based on real-time activity.
Dedicated to providing superior customer service and
industry-leading technology.
Contact Us for Request For Payment payment processing
