BNY Mellon to Offer Request for Payment Messaging Capabilities on TCH Real-Time Payments Network

BNY Mellon has announced that it has released request for payment messaging capabilities on The Clearing House’s (TCH) Real-Time Payments (RTP) network. The network allows businesses and consumers to send and receive funds and messages in real time, 24/7/365, directly from their bank accounts. The messaging capabilities will be available to all BNY Mellon corporate and financial institution clients.

BNY Mellon also supports request for information messages, acknowledgements, and other RTP message sets that add value to the interaction between counterparties to a payment. With these messaging capabilities in place, RTP will enrich the relationship between parties to a payment transaction. It supports complex digital commerce services with integrated messaging that allows issuing and paying of e-invoices and e-bills, rich remittance data, confirmation of delivery, and requests for information or return of funds as well. BNY Mellon clients can use these non-payment messages to initiate or support payment messages between an organisation and its partners and customers. Clients can also pair this capability with Application Programming Interface (API) connectivity for integration with other enterprise applications and for machine-to-machine communication.

RTP payment origination can now begin with a new message type, the RTP request for payment. This message type is a real-time message requesting payment from the receiver of the message. RTP request for payment messages allow for the immediate electronic delivery of invoice details, desired payment due date, and other pertinent transactional details. The receiver of this message may approve or reject the request before payment transfers. Once the recipient approves the request, payment is immediate, final, and irrevocable.