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From a Press Release dated June 9, 2025, Fort Lee, NJ Cross River Bank has launched its Request for Payment (RfP) solution, a new feature designed to enable secure, real-time inbound payments via the RTP® (Real-TimePayments) network.
Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded finance solutions, announced the launch of Request for Payment (RfP), a transformative addition to its growing suite of instant payment capabilities.
According to Russ Waterhouse , executive vice president of Product Development and Strategy at The Clearing House (TCH), the surge in digitization brought on by the COVID-19 crisis has accelerated the evolution of a range of RTP (Real-TimePayments) network advancements, including instant payroll, merchant settlements and tokenization.
When The Clearing House (TCH) unveiled the Real-TimePayments (RTP) system in 2017, it propelled swifter payments and brought about the next generation of fund transfers. It wasn’t the first to roll out such a system, but it was the first “major payments upgrade” in the U.S. in approximately four decades. .
In my last post I wrote about the fraud and financial crime problems the USA is likely to encounter as real-timepayments increase in both value and volume. In countries such as the UK, real-timepayment schemes have been ubiquitous for many years. What Can the Industry & Real-TimePayments Schemes Do?
(NYSE:BR), a global Fintech leader, today announced the launch of its highly resilient and scalable managed service for connectivity, message processing and workflow management for instant payments. Instant payments are expected to become the industry standard, particularly for recurring transactions such as bill payments.
Broadridge Financial Solutions , the investor communications and technology-driven solution provider, has launched a new managed service for connectivity, message processing and workflow management for instant payments.
This week’s look at the latest in payment rail innovation finds solution providers largely embracing the opportunity to develop new technologies for legacy payment rails. Some firms are focusing on the payer — looking to combat fraud or cross-border payments friction — with their tools.
Realtime, ready for prime time? Adoption of any new payments service does not happen overnight. And when it comes to 24/7 real-timepayments, adoption by businesses, and by consumers, will be pushed ahead use case by use case and transferring funds between accounts in minutes or seconds will gain traction.
FedNow works by offering banks, credit unions, and other organizations such as retailers a system where they can utilize instant payment services that go through this core process: The payer (e.g. an employer paying an employee their wages) uses an app provided by their credit union to request the desired payment.
This invoice serves as a request for payment. Payment Terms: Before the transaction occurs, both parties agree on payment terms, including the payment due date, acceptable payment methods, and any discounts or penalties for early or late payment.
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