Aeropay and Cross River are now partnering to launch the Request for Payment (RfP) service for secure instant payments. It uses the reliable RTP® network for real-time settlement. This marks a big step for the instant payments ecosystem. Furthermore, businesses get faster, safer payment options. The system helps eliminate common payment delays.
Most card payments take several days to settle. ACH processing is often limited by business hours. These delays create major cash flow problems. They also increase the risk of failed payments. Consequently, RfP directly solves these challenges. It transfers funds in seconds. This vital service happens 24 hours a day, 7 days a week. This ensures constant availability.
Enhancing Cash Flow with RfP Technology
The new Request for Payment service uses a “good-funds” model. This model greatly reduces the risk of overdrafts. Improved cash flow is a key benefit for companies. Businesses receive immediate access to their funds. In addition, the system delivers a smooth payment experience. It connects authorization and settlement in real time. This increases the conversion rate for merchants. Fewer payment disputes will also result. This builds deeper consumer confidence.
Businesses initiate the payment request through Aeropay’s API. The request goes to the customer’s banking application. The customer must securely authorize the fund transfer. Once approved, the funds settle instantly. Cross River provides the necessary technical and regulatory backing. It acts as the financial institution for RfP origination. This ensures secure and instant settlement. Therefore, this partnership offers true end-to-end money movement. This includes both pay-ins and real-time pay-outs.
The initial focus is on online gaming platforms. Splash Sports is the first client to adopt this service. They can now offer instant payments for account funding. Players can use this new system without card fees. Aeropay’s CEO, Dan Muller, called this launch significant progress. He noted that RfP makes payments safer and always available.
Adam Goller of Cross River confirmed the power of this innovation. He called RfP the next stage of the instant payments ecosystem. The collaboration brings RTP® network speed to more U.S. businesses. This helps businesses manage risk better. This also empowers them to deliver better customer experiences. The service is planned to expand to e-commerce and financial services.
Explore Finance Tech News for the latest innovations in financial technologies and expert insights shaping the future of digital finance!
News Source: Businesswire.com
