Finzly Launches Request for Payment Capability on RTP Network
What happened
Finzly announced it is technically certified to provide Request for Payment (RfP) functionality to financial institution participants of the RTP network. This capability allows businesses or consumers to send a payment request through their bank, which the recipient can review and approve before the payment is made. Once approved, payments can settle in seconds over the RTP network or the FedNow Service operated by the Federal Reserve.
From prnewswire.com
Why it matters
The deployment allows financial institutions to originate, receive, and respond to payment requests through APIs and customer-facing digital experiences. This introduces a new, emerging capability in U.S. banking for moving money and facilitating payments beyond traditional channels.
The initiative integrates an open payment network with RTP rails and the Federal Reserve FedNow℠ to enable instant payments for financial institutions.
From prnewswire.com