Request-to-pay platform

May 26, 2021

In today's world, each technology is getting better and better, and the only limit is the sky. Of course, the financial sector - no exception. The RTP has a messaging functionality. It is not a payment means or a payment instrument but a way to request a payment initiation.

The scheme can complement the payment flow because it supports the end-to-end process and lies between an underlying commercial transaction and the payment itself. An RTP as such is an enabler for digital payments. The investigation of the possibilities of request to pay began in 2018. In November 2018, EBA CLEARING launched a task force composed of experts from financial institutions across Europe to work on a blueprint for a pan-European request to pay infrastructure solution. The task force delivered a blueprint in early 2019 that set out a thin-layer infrastructure based on real-time messaging and separated from both end-user and payment infrastructure layers.

In 2020 Systems integration solutions, in collaboration with Vilnius business college, launched a project, Development of a Payment Platform Based on Innovative Technologies INO-PAY. This project aims to build up a platform based on DLT technology (another known as Blockchain), allowing you to pay easier and quicker.

So, how does it work? R2P service begins with the payer receiving a request via an electronic interface such as a mobile banking app. The payer will choose his payment: full price, half of the cost, or even an extension of his pay time. The choice which will payer make will be sent to the sender, and only in a few seconds, they will receive the money.

The project due is in 2023. We will update you on how the project is going! Stay tuned!

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