Request to Pay (RTP/R2P) data financial consultancy data consultancy london
25 Apr '22

3-Minute Masterclass: What is Request to Pay and what are the benefits?

Request to Pay (RTP/R2P) is an exciting and innovative development for the payments industry, enabling a more flexible and transparent method for bills to be settled between people, organisations, and businesses. 

It is a messaging service that has been created to complement existing payments infrastructure and gives billers the ability to request payment for a bill rather than simply sending an invoice. 

For each ‘request’, customers will be able to pay in full, pay in part, ask for more time, communicate with the biller, or decline to pay. A customer’s response does not change their legal obligations.

To find out how RTP works, why we need it, and what banks need to do, read the full 3-minute masterclass from ::projective here.

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