In preparation for the FedNow Service launch in 2023, financial institutions can work internally or with service providers to build new instant payment billing and payment solutions for their customers using the request for payment (RFP) feature.
Watch our new video for a look at one way the RFP process could work. The video follows the story of a hypothetical small business, GreenAcres Lawn Care, working with its financial institution and a service provider to set up a recurring RFP billing process for one of its customers.
While the video goes step by step, the actual RFP process will be automated, meaning GreenAcres’ customer will receive the RFP seconds after it’s sent. And when the customer pays the bill, the money instantly transfers to GreenAcres.
RFP will be a powerful feature of the FedNow Service that can benefit all players in the instant payment ecosystem:
- Businesses can improve billing operations and increase customer satisfaction with straight-through processing.
- Consumers can gain more control over their cash flow by being able to more precisely time payments.
- Financial institutions and service providers can boost customer satisfaction, retain and attract customers and gain a competitive edge.
Get to know RFP today — read more about this feature on FedNow Explorer (Off-site).
