Global Real-Time Payments can help transform how you transact, making business easier with anytime availability, sender and receiver notifications and enhanced messaging. Whether it is a credit transfer or a request for payment, RTP enables customers to seamlessly integrate payments directly into their end user digital experience workflows. The solution offers immediate funds availability in domestic currencies and operates on a 24/7 model, so users can send and receive payments at any time. Now available in major markets globally with more to come soon.
Global Real-Time Payments (RTP)
Transact 24/7 with greater speed, precision and certainty
How it works
Benefits
- Expectation: meet customer expectations of speed and availability of payments as markets move to real time.
- Convenience: The 24/7 “always on” availability of the RTP system eliminates cut-off times and allows customization of payment delivery times and dates, even on major holidays.
- Digitally Native: The digital nature of real time payments allows for seamless integration into business workflows.
- Transparency & Finality: Receive credit confirmation from the beneficiary bank proving receipts of funds.
- Visibility: Use standard industry ISO return codes to understand and rectify payment errors.
- Reconciliation: Improve payables and receivables reconciliation with ISO20022 data standards using reference data, remittance information and payment party detail.
Payments that benefit from RTP:
- Time-critical payments and customer dispute resolution.
- Payments requiring visibility into transaction outcome.
- On-demand delivery collection.
- Payments requiring certainty on beneficiary name. (Applicable in certain jurisdictions).
- Embedded finance workflows.
Request for payment
The request for payment functionality is available in select countries. It offers a way to request funds from debtors and allows those debtors to receive and act on requests. This can help increase efficiency with reconciliation while improving your working capital over time. When used with Real-Time Payments, it also offers instant acknowledgment of associated payments, with increased AR/AP efficiencies. The benefits of this functionality include:
- Improved working capital through dynamic use of RFP to accelerate AR payments
- Streamlined invoicing and reconciliation processes
- Enhanced transparency on bill payments
Innovations that are available with some schemes include alias registration and routing, QR code generation and scanning, and eCommerce integration. These services ease payment burdens and enhance the customer experience.
Account validation
Account validation can help you make transactions with a greater level of confidence and security. You have the ability to validate the owner or status of a bank account prior to sending Real-Time payments (as well as ACH and Wires) to your customers, keeping your payments protected and punctual — every time.
Account validation helps to:
- Prevent payments to fraudulent counterparties
- Reduce financial and inventory losses incurred from misdirected payments
- Supplement micro deposits or pre-notifications in order to validate accounts
To learn more about our global capabilities for Real-Time Payments and how this solution can benefit your treasury workflow, please reach out to your Bank of America representative.
