Headerimage

Request to Pay (RTP)

Versatile, user-friendly, digital: the standard for electronic payment requests

Request to Pay bridges the gap between invoicing and payment: with the new European standard, completely digital payment processes without media discontinuities can become a reality. On the 15th of June the first set of corresponding rules will come into force.

By mid-2021 the first set of corresponding rules will come into force with the SEPA Request to Pay Scheme Rulebook that can be used for pan-European payment requests. And this set of rules has the potential to change the European payments market in the long term. Request to Pay (RTP) is not just another procedure or format, but a method that allows many payment processes to be made leaner, more efficient and more user-friendly. Not least in combination with SEPA instant payments a number of new application scenarios arise, for example in retail payments directly at the point of sale, or in the area of digital transfers between private individuals, so-called peer-to-peer payments (P2P). That way, the need for cash becomes obsolete and the funds are still transferred to the right place in just a few seconds.

Simple basic principle

The invoicing party sends a digital payment request to the payer, which contains all the necessary data in the corresponding standardised format. The payer can transfer this data to his banking application with one click, so that the transfer then only needs to be authorised. The payment recipient can agree with their financial institution to receive a notification immediately upon acceptance of the RTP or upon receipt of funds.

Both sides benefit

The entire payment process will therefore be quicker, simpler and less prone to error. The good thing about this for companies is that consistent digital invoicing processes reduce costs. Depending on the number of invoices, sums in the millions quickly add up. Small and medium-sized enterprises – until now more or less excluded from the few existing e-billing systems due to the costs – get the chance to benefit from the digital transformation in accounting. But there are also many advantages for the consumer: annoying transfer errors are eliminated, transparency increases due to the approval of each individual payment, and in the future, further payment procedures will be available.

Best market opportunities

There are still no established RTP solutions or big players. Financial institutions and financial service providers should quickly make a fundamental decision about adding RTP services to their portfolios to fill this gap. The integration of an appropriate future-oriented solution can bring visible success in terms of own market position and customer loyalty in a timely manner. Target-group-focused RTP solutions can give financial institutions a noticeable advantage in the competition with FinTechs.

Success story EBA RTP survey

Joint survey with the EBA on new RTP payment standard

The procedure Request to Pay is ready to start from a technical point of view. A joint investigation by the European Banking Authority (EBA) and PPI AG reflects the views of European financial players on the new payment method.

Read more

Whitepaper Request to Pay (part 1)

Request to Pay (RTP) provides more potential for financial institutions in the e-billing market

With RTP invoice recipients can pay the receivable with just a single click. In combination with e-billing completely electronic invoicing and payment processes are possible. Financial service providers can benefit from these changes. You can read about the available options in the whitepaper "Request to Pay completes the electronic payments process".

Read more

Whitepaper Request to Pay (part 2)

Request to Pay – more changes in payments?

The future European standard for electronic payment requests has the potential to significantly change payments in Europe. This is illustrated in PPI AG's latest whitepaper "Request to Pay and its versatile applications".

Read more

Whitepaper Request to Pay (part 3)

Request to Pay – how theory becomes successful practice

On 15 June 2021, SEPA Request to Pay (SRTP) will be launched, paving the way for banking products and banking services around the new European standard for electronic payment requests. So far, however, financial institutions have reacted rather cautiously, although there is no reason to wait. This is what is shown in the new whitepaper "How Request to Pay becomes a success story for financial service providers" by PPI AG.

Read more

Contacts

Eric Waller

Contact

Eric Waller
Manager

+49 160 97932712
Eric.Waller(at)ppi.de

Anuschka Clasen

Contact

Anuschka Clasen
Managing Consultant

+49 175 7878208
Anuschka.Clasen(at)ppi.de

Download more information