u.s. real-time payments technology playbook · rtp represents a new phase of evolubon within the...
TRANSCRIPT
Version 1.0November 2016
Proposed features, functionality, implementation details, requirements
and timetables are in development and subject to change at any time.
U.S. Real-Time PaymentsTechnology Playbook
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Version1.0 ©2016TheClearingHousePaymentsCompanyL.L.C.
Structure
OPERATIONSPLAYBOOK02
BUSINESSPLAYBOOK01
TECHNOLOGYPLAYBOOK03
TheBusinessPlaybookprovidesabasicunderstandingofthereal-BmepaymentssystemandthepotenBalforusingitasaplaDormtodevelopnewservices.ThisplaybookincludesconsideraBonoftheinvolvementofvariousbusinessunitsandspecificitemstoconsiderasyoudevelopyourideasandplans.
TheOperaBonsPlaybookprovidesabasicunderstandingofthereal-BmepaymentssystemandoutlinestheprocessesandproceduresthatmaybeneededacrossvariousoperaBonalareaswithinyourorganizaBonasyouimplementtheRTPsystem.
TheTechnologyPlaybookcontainsatechnicaloverviewoftheRTPsystemforparBcipaBngFIsinorderforthemtodevelophigh-levelesBmatesforinterfacingtotheRTPsystem.
TheClearingHouseownsandoperatespaymentstechnologyinfrastructure,whichclearsnearly$2trillioneachdayforfinancialinsBtuBonsintheU.S.andaroundtheworld.ItsbusinessisdevelopingandoperaBngindustryuBliBesfocusedonsaferandfasterpayments.
Real-TimePaymentsPlaybooksRealTimePayments(RTP)provideconsumersandbusinesseswiththeabilitytoimmediatelysendandreceivefundsdirectlyfromtheiraccountsatfinancialinsBtuBonsanyBme24/7/365.RTPrepresentsanewphaseofevoluBonwithintheUnitedStates(U.S.)paymentsindustry,withseveralkeyfeaturesthatdifferenBatethemfromcurrentpaymentmethods,specificallyspeed,value-addedmessagingcapabiliBes,andimmediateavailabilityoftransacBonstatus.RTPwillprovideFIswiththefuncBonalityandfeaturestoinnovateforthefuture.
OutsidetheU.S.,manycountriesaredeveloping“fasterpayments”systemstoexpeditethemovementofmoneyandincreasethespeedwithwhichtransferredfundsaremadeavailabletorecipients.WithintheU.S.,TheClearingHouse(TCH)isleadingamulB-yearefforttobuildareal-Bmepaymentssystem(RTP)thataddressestheneedsforsaferandfasterpaymentsinanincreasinglydigitaleconomy.
YourinsBtuBonhasexpressedinterestinfindingoutmoreabouttheRTPsystemandwhatitwouldtaketoimplement.TCHhasdevelopedthreetargetedplaybookshighlighBngconsideraBonsforbusiness,operaBonsandtechnologyaudiences.AseachFIisdifferent,theseplaybooksshouldbeconsideredguidelinesratherthanrulestogiveyourorganizaBontheinformaBonandinsightitneedstogetstarted.InaddiBon,contactinformaBonforTCHexpertscanbefoundintheContactUssecBononpage47.
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Contents
ContentsTechnologyPlaybook
01: WhatistheRTPPlaybook? 04
RTPPlaybookpurposeandobjecBves
Howtousethisdocument
02: OverviewofReal-TimePayments 06
WhatareRTPayments?
HowareRTPaymentsdifferent?
WhocanuseRTP?
DefiningtheRTPecosystem
DriversofRTP
MythsaboutRTP
TCHRTPchecklist
03: HowdoReal-TimePaymentsWork? 15
SampleP2PRTPScenario
SampleB2BRTPScenario
SampleB2CRTPScenario
SampleC2BRTPScenario
04: BusinessCaseConsideraRons 19
05: TechnologyConsideraRons 20
TechnologyOverview
KeyConsideraBons
MessageTypes
IntegraBonsChecklist
06: ChecklistandSupporRngDocumentaRon 28
OperaBonsChecklist
OperaBngRules
NetworkDocumentaBon
07: ContactUs 35
07|ContactUs06|ChecklistandSupporRngDocumentaRon
05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
PurposeandobjecRves Playbooktargetaudience Howtousethisdocument
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01:WhatistheRTPPlaybook?RTPPlaybookpurposeandobjecRvesThepurposeoftheRTPPlaybookistoprovideahigh-leveldescripBonofthefuncBonalityoftheRTPsystemfromanFI’sperspecBveandtoidenBfyimportantconsideraBonsforimplementaBonofRTP.ThePlaybookoffersinformaBontosupportcommunicaBonswithanFI’sinternalandexternalstakeholders(e.g.,vendorsandregulators),asitmovesforwardwithitsRTPeffort.TheplaybookcanalsobeusedtocreateawarenessbyprovidingaclearunderstandingofwhatRTPis,idenBfyingkeybenefits,andprovidingaframeworkhighlighBngkeyacBonitemsanddecisionpointsorganizaBonsshouldconsiderastheybeginplanningandexecuBonoftheirRTPimplementaBon.
Thefollowingpagesincludekeytasksanddecisionpoints,alongwithpracBcaltoolsandBpsforRTPplanningandimplementaBon.ItprovidesguidanceandrecommendedpracBcesintheformofchecklists,reminders,andusefulexercisestoassistyourorganizaBonindeliveringRTP.
WhatistheRTPPlaybook?
02OverviewofReal-TimePayments
Describesreal-Bmepaymentsandhowtheywork.ProvidesexamplesthatdemonstratethebreadthandscopeofRTP.ClarifiestheroleofRTPinthepaymentsecosystem.
04BusinessCaseConsideraRons
DemonstratesopportuniBesfornewproductsandmarkets.SupportsanalysisofoperaBonsandtechnologyinvestmentsandassociatedcosts.
05TechnologyConsideraRons
IdenBfieskeyfeaturesofRTP,providesanoverviewofarchitectureandmessagingrequirements,highlightsimportantconsideraBonstotakewhendesigninganinterfacetoRTP.
01Howtousethisdocument Calloutsymbolsandiconshelpyouusethisdocumenttoitsfullestextent.
06ChecklistsandSupporRngDocumentaRon ProvidesusefulintegraBonandconsideraBonchecklistsandoverviewsofsupporBngsystemsdocumentaBon.
07ContactUsProvidescontactinformaBonforexpertswhowillanswerquesBonsandassistyouasneeded.
03HowdoReal-TimePaymentsWork?
IllustratesusecasescenariosintheRTPsystem,includingstep-by-stepflowofmessages.
07|ContactUs06|ChecklistandSupporRngDocumentaRon
05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
PurposeandobjecRves Howtousethisdocument
TechnologyPlaybooktargetaudienceTheRTPTechnologyPlaybookisintendedforFItechnologyteamsandtechnologypartnersthatwilldesignanddeveloptheinterfacetotheRTPsystem.
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WhatistheRTPPlaybook?
Howtousethisdocument
CHECKLISTThe“Checklist”iconhighlightsalistofrecommendedconsideraBonsforapproachingaspecificRTPconceptortask.Forexample,theselistsmaybeusedasastarBngpointforprojectmanagerswhencreaBngaplantocompleteaspecificRTP-relatedtaskidenBfiedinthePlaybook.
RESOURCESThe“Resources”iconmarksthesecBonofferinglinkstoaddiBonalresourcesonatopic.Resourcesmayincludeembeddedfileahachments,externalsites,files,whitepapers,orpressreleases.
IMPORTANTThe“Important”iconmarkstheinformaBonoracBonitemthatisofutmostimportanceforasuccessfulimplementaBon.YoushouldpayspecialahenBontothisinformaBonandensurethattheseitemsaretrackedtoclosure.
TIPS/FACTCHECKThe“Tip/FactCheck”iconindicateshelpfulinformaBonabouttheindustry.YoumaydiscoveraleadingpracBceinthefieldoraninnovaBvewaytoimplementyoursoluBontosaveBmeormoney.
DECISIONPOINTThe“DecisionPoint”iconhighlightsastepwhereyourFIwillneedtomakeadecisionregardingtheimplementaBonofRTP.
STAKEHOLDERSTheiconsdisplayedinthe“Stakeholders”calloutboxindicategroupsthatmayhaveaninterestinRTPwithinyourorganizaBon.Highlightediconsrepresentareasthatshouldbeinvolvedinthediscussionofthetopicwhilegrayediconsrepresentgroupsthatmayhavelessofaninterestinthattopic.
HowtousethisdocumentThroughoutthePlaybook,iconswillappearthatrepresentimportantnotes,Bps,orresourcesthatyoucanreferencetohelpnavigatetheprocessofimplemenBngRTP.TherearespecificcalloutstofocusahenBononkeydecisionpoints,acBonitems,andcheckliststhatFIsshouldconsider.
Consumer Wholesale
HR
OperaRons TechnologySmallBusiness
Legal,Regulatory&Compliance
Treasury/Finance
MarkeRng Risk&Security
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
PurposeandobjecRves Howtousethisdocument
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OverviewofReal-TimePayments
05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
WhatareRTpayments? HowareRTpaymentsdifferent? WhocanuseRTP? RTPecosystem RTPmyths RTPchecklistRTPdrivers
Real-TimePaymentCharacterisRcs
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02:OverviewofReal-TimePaymentsWhatareReal-TimePayments?Real-BmepaymentsprovideconsumersandbusinesseswiththeabilitytoconvenientlysendandreceiveimmediatefundstransfersdirectlyfromtheiraccountsatFIs,anyBme24/7/365.RTPisanewnaBonalpaymentssystemthatwillsupportthisfuncBonalityandprovidesaplaDormforproductinnovaBon.FinancialinsBtuBonscanleverageavarietyoffeatures–enhancedspeed,security,andmessagingcapabiliBes–tocreateuniqueofferingsfortheirretailandcorporatecustomers.
ImmediateAvailability–RecipientswillreceivethepaymentwithinsecondsoftheSenderiniBaBngthetransacBon;theReceivingFIisrequiredtomakefundsavailableimmediately,exceptwherenecessaryforriskmanagementorlegalcompliancepurposes.
24/7/365–TheRTPsystemwilloperateona24/7/365model,whichmeansthesystemwillbeavailableforcustomerstosendorreceivepaymentsatanyBme.
Ubiquity–TheRTPsystemwillbeaccessiblebyallfinancialinsBtuBons,regardlessofsizeorchartertype,andwillreachthevastmajorityofU.S.accountholders.
PaymentCertainty–SenderswillnotbeabletorevokeorrecallapaymentonceithasbeenauthorizedandsubmihedtotheRTPsystem.However,therewillbeaprocesstofacilitateFI-to-FIcommunicaBonaroundreturnoffundssentinerror.
SafetyandSecurity–TodeterfraudulentacBvity,RTPrequiresparBcipantstoprovidestrongauthenBcaBonpriortoiniBaBngpaymentsandprovidesnetwork-levelfraudmonitoringandreporBng.
AccountDataPrivacy–FIsmayusetokenstoencryptreceiveraccountinformaBonasitistransmihedthroughtheRTPsystem.
GlobalStandards–TheRTPsystemwilladheretoglobalstandardstotheextentnecessarytofacilitatedomesBcneeds
Adaptability–TheRTPsystemwillhaveflexiblearchitecturetoadapttochangingmarketneeds
CashFlowControl–Theabilitytosendandreceivepaymentsimmediatelywillgivecustomersmorecontrolovercashflow,whichisparBcularlyimportantforcash-constrainedsmallbusinessesandconsumers
Extensibility–Rich,flexiblemessagingfuncBonalitywillbeincludedtosupportvalue-addedproducts.Forexample,theRTPsystemprovidesmessagingcapabilityenablingarequestforpaymentdirectlyviaRTP.
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
WhatareRTPs? HowareRTPsdifferent? WhocanuseRTP? RTPecosystem RTPdrivers FourRTPmyths RTPchecklist
OverviewofReal-TimePayments
WhatareRTpayments? HowareRTpaymentsdifferent? WhocanuseRTP? RTPecosystem RTPmyths RTPchecklistRTPdrivers
HowareReal-TimePaymentsdifferent?
CURRENTPAYMENTMETHODS REAL-TIMEPAYMENTS
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02
03
04
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PaymentCertaintyPaymentscannotberevokedorrecalledonceauthorizedbyasenderandsubmihedtotheRTPsystem.
PAYMENTREVERSAL–PaymentsmaybereversedundercertaincircumstancesandwithinapredefinedperiodofBme.
CreditPushOnlyTCH’sRTPsoluBonwillonlysupportCreditpushtransacBons.ThepayeemaysendaRequestforPaymentmessagebutwillnotbeabletopullfundsdirectlyfromthepayer’saccount.
CREDITPUSHANDDEBITPULL–ACHsupportscreditpushaswellasdebitpulltransacBons.
FlexibleMessagingOpRonsTCH’sRTPsoluBonwillprovideflexible,robustmessagingcomponentswithmulBpleopBonsforenclosingremihanceinformaBon.OpBonsincludeusingthepaymentmessage,sendinganon-paymentmessage,orreferencinganexternalremihancesource.
LIMITEDMESSAGINGOPTIONS–RemihanceinformaBonistypicallyincludedwithinthepaymentmessageitself.
DELAYEDAVAILABILITY–DuetounpredictableclearingBmes,thesenderdoesnotknowfor1-3dayswhetherthetransferwassuccessful
andthatfundsareavailabletothereceiverforuse.
ImmediateAvailabilityandNoRficaRonWithTCH’sRTPsystem,receivershaveimmediatefundsavailability.RelatedstatusnoBficaBonsaresenttosenders(thatatransferwassuccessful)andrecipients(thatfundsareavailable).
24/7FraudDetecRonFrauddetecBonandcontrolswillneedtobeenhancedandautomatedtocorrespondwiththeabilitytomovefundsnearlyinstantaneously.
DELAYEDFRAUDDETECTION–TheBmebetweenthesendingandactualposBngofapaymentallowsforawindowduringwhichfraudanalysismaybeconducted.
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07|ContactUs06|ChecklistandSupporRngDocumentaRon
05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
WhatareRTPs? HowareRTPsdifferent? WhocanuseRTP? RTPecosystem RTPdrivers FourRTPmyths RTPchecklist
OverviewofReal-TimePayments
WhocanuseRTP?
WhatareRTpayments? HowareRTpaymentsdifferent? WhocanuseRTP? RTPecosystem RTPmyths RTPchecklistRTPdrivers
WhocanuseRTP?Real-BmepaymentsareintendedtobeusedfortransacBonsbetweenanyenBtywhetherbusiness,consumer,orgovernment.
AheadofhouseholdsendingemergencyfundstoafamilymemberonvacaBon
PersontoPerson(P2P)
CollegeroommatessplikngmonthlyrentanduBlitypayments
Adaytradersendingreal-Bmemoneytransferstohisorherinvestmentaccounttotakeadvantageofthemostrecentmarketswing
ConsumertoBusiness(C2B)
Abusyworkingindividualpayingforgeneralservicesaroundthehousesuchasthegardener,cleaningservices,orchildcareprovider
Arestaurateurwhopaysforfarm-freshproducefromthelocalfarmertoservethatevening’sdinnerspecials
BusinesstoBusiness(B2B)
Asmallbusinesspayinganurgentinvoiceinordertoreceivegoodsorservices
AsmallbusinessownerwhoispayingtemporaryemployeesalariesorBpsonanadhocbasis
Alargecorpora9onpayingemployeesfortravelexpensesinBmeforpaymentofcorporatecreditcards
BusinesstoConsumer(B2C)
Au9litycompanyrequesBngpaymentforservicesfromabusinessorconsumer
Aninsurancecompanyadjustorreviewingaclaim,determiningasehlementamount,andimmediatelyprovidingfundstothepolicyholder
AretailbankdistribuBngpersonalloanproceedstoadealershiponbehalfofacustomerwhoisattheshowroombuyinganewcar
GovernmenttoConsumer/ConsumertoGovernment(G2C/C2G)
AgovernmentagencypayingoutemergencydisasterrelieffundstociBzensimpactedbyanaturaldisaster
AtaxpayermakinghisorhertaxpaymentinBmefortheApril15deadline
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07|ContactDocumentaRon
06|ChecklistandSupporRngDocumentaRon
05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
WhatareRTPs? HowareRTPsdifferent? WhocanuseRTP? RTPecosystem RTPdrivers FourRTPmyths RTPchecklist
OverviewofReal-TimePayments
WhatareRTpayments? HowareRTpaymentsdifferent? WhocanuseRTP? RTPecosystem RTPmyths RTPchecklistRTPdrivers
IllustraRveRTPecosystem
DefiningtheRTPEcosystem
2FinancialInsRtuRonswillhavetheabilitytodirectlyconnecttotheRTPcoreinfrastructuretoprovidereal-Bmepaymentscapabilityandvalue-addedpaymentrelatedservicestotheircustomersandclients.FIsinclude(butarenotlimitedto)globalbanks,regionalbanks,creditunions,communitybanks,etc.
Third-PartyServiceProviders(forexample:FIS,JackHenryandD+H)willprovideconnecBvityintotheRTPnetwork,providingaccesstoFIsthatmaynotwanttoconnectdirectlytotheRTPsystem.TheywillalsointegrateRTPintotheirexisBngandnewpaymentsproductsforthebenefitoftheiraccountholders.
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TheClearingHousehoststheRTPcoreinfrastructurefortheU.S.providing:• Paymentprocessingservices–TheRTPsystemorchestratesmovementofpaymentsandvalue-addedmessagestoandfrom
FIparBcipants.• FraudDetecBon–TheRTPsystemwillofferfrauddetecBonservicestoscanandreportonnetwork-levelfraudulentacBvity.
FIswillalsoberequiredtomaintaintheirownautomatedreal-BmefrauddetecBoncapabiliBestoscantransacBonsbeingsenttoandreceivedfromtheRTPsystem.
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4Banks*,Bankers’Banks,CommunityBanksandCorporateCreditUnions,willprovideconnecBonstoRTPaswellasfundingservicesfortheirFIcustomersthatmaynotwanttoconnectdirectlytotheRTPsystemorprovidetheirownfunding.*Note:AlthoughbanksandcreditunionsmayprovideconnecBvityandfundingservicestootherFIs,nocorrespondentpaymentswillbepermihedthroughtheRTPsystem.
Note:ThereshouldbenodifferenceintheuserexperienceforcustomersofdirectFIsandthoseconnecBngthroughaTPSP.
CorrespondentBanks*,Banker’sBanks,CommunityBanksandCorporateCreditUnions,willprovideconnecBonstotheRTPnetworkaswellassehlementservicesforFIsthatmaynotwanttoconnectdirectlytotheRTPsystem.*Note:CorrespondentbanksofferconnecBvityandliquidityservices.ThisdiffersfromconvenBonalcorrespondentbankwiretransferservicesthatmayinvolveaseriesofbanktransferstocompleteapayment.
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OverviewofReal-TimePayments
Driversofreal-Rmepayments
1WorldPaymentsReport.CapgeminiandTheRoyalBankofScotland;2015.
WhatareRTPs? HowareRTPsdifferent? WhocanuseRTP? RTPecosystem RTPdrivers RTPmyths RTPchecklistWhatareRTpayments? HowareRTpaymentsdifferent? WhocanuseRTP? RTPecosystem RTPmyths RTPchecklistRTPdrivers
PAPER:Cash+Checks CARD:Debit+Credit ONLINE:Digital MOBILE:P2PmCommerce,MobileWallet
CustomerDemands
IncreasedSpeed
MoreConvenient
IncreasedTransparency(PaymentStatus,FundsAvailability,etc.)
CustomerAdopRonofNewPaymentMechanisms
GreaterValue
EnhancedSafetyandSoundness
Customerdemand
Intoday’sworldofsophisBcatedcompuBngdevices,informaBonismovinginreal-Bme.Withhigh-speeddatanetworks,andnearlyuniversalpresenceofsmartphones,customersexpecteverything–includingpayments–tokeepupwiththeirpaceoflife.
• Increasedspeed:Overthepastdecade,immediatedeliveryofelectroniccontentandnearreal-Bmedeliveryofphysicalgoodshasbecomethenorm.Thisalongwithfaster,pervasivetechnology,hasincreasedtheexpectaBonforfasterpaymentsoluBons.
• Moreconvenient:Customersaremovingawayfromcashandchecksinfavoroftheconvenienceassociatedwithnewerbankingchannels,likeonlineandmobile.Growthratesofnon-cashtransacBonsinmaturemarkets(NorthAmerica,Europe,matureAsia-Pacific)haveacceleratedinthepastfewyears,accounBngforalmostthreequartersofthepaymentsmarket.1
• Increasedtransparency:AfasterpaceoflifemeansmakingsurepaymentinformaBonistransparentandreadilyavailable.Customersarelookingforrobust,real-BmepaymentinformaBon,includingpaymentstatusandimmediateconfirmaBonoffundsavailability.
• Enhancedsafetyandsoundness:Despiteanincreaseindatatransparency,customerssBllexpecttheirinformaBontobekeptsecureandprivate.Asdatabreacheshavebecomenearlycommonplaceevents,thedemandfromconsumersforinformaBonprivacyandsecurityhasconBnuedtoincrease.FIsmustworkhardertoimplementthebestandmostsecuresystemstoprotectcustomeraccountdata.
• Greatervalue:Banksandnon-bankpaymentserviceprovidersarecreaBngvalue-addedservicessuchasautomatedmatchingofpurchaseorderstoinvoicesforbusinessesorgeo-locaBonbasedin-storepromoBonsforconsumers.Thesevalue-addedservicescanspantheenBrepurchasingexperiencebeyondthepaymentitself.TheyenrichthebasicpaymentdatawithawidersetofinformaBontocreateaddedvalue.
TheRTPsystemallowsFIstoaddressconsumerdemandsinthedigitalage–providingawayforconsumersandbusinessestomakeimmediatepaymentstomerchantsandvendorsinasafeandconvenientmanner.
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
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OverviewofReal-TimePayments
WhatareRTPs? HowareRTPsdifferent? WhocanuseRTP? RTPecosystem RTPdrivers RTPmyths RTPchecklistWhatareRTpayments? HowareRTpaymentsdifferent? WhocanuseRTP? RTPecosystem RTPmyths RTPchecklistRTPdrivers
1KPMGInvesBgaBon2StatementfollowingthesecondmeeBngoftheEuroRetailPaymentsBoardEuropeanCentralBankEuropeanRetailPaymentsBoard;December1,2014.3StrategiesforImprovingtheU.S.PaymentSystem.UnitedStatesFederalReserveSystem;January2015.p.56
Countrieswith24/7retailRTPsystemsthatareliveorindevelopment
• Mexico–SPEI(2004)• Chile–TEF(2008)• Brazil–SITRAF(2002)• Sweden–BiR(2012)• Denmark–Nets(2014)• U.K.–FasterPayments(2008)• Poland–ExpressELIXIR(2012)• Nigeria–NIP(2011)• SouthAfrica–RTC(2006)
• India–IMPS(2010)• SouthKorea–HOFINET(2001)• Singapore–FAST(2014)• Australia–NPP(2016)• UnitedStates–TBD• Colombia–TBD• EU–TBD• Thailand–TBD
Countrieswith24/7retailRTPsystemsthatareliveorindevelopment
SystemsinDevelopment/PublicConsultaRon
Current24/7RetailRTPSystems
MEXICOSPEI
UNITEDKINGDOMFasterPayments
AUSTRALIANewPaymentsPlaDorm
POLANDExpressELIXIR
SWEDENBiR
SINGAPOREFastandSecureTransfers
SOUTHKOREAHOFINET
INDIAIMPS
SOUTHAFRICARTC
NIGERIANIP
BRAZILSITRAF
CHILETEF
UNITEDSTATESTBD
EUTBD
DENMARKNETS
COLOMBIATBD
THAILANDTBD
DriversofRTPGlobalcompeRRonWhileTCH’sRTPSystemisanewcapabilityintheU.S.forFIs,atleast12countrieshaveimplemented24/7retailRTPsystemssupporBngimmediatelow-valueaccount-to-accounttransfers,1andworkiswellunderwayinAustralia,Europe,andtheUnitedStates.TheEuropeanRetailPaymentsBoardhasagreedon“theneedforatleastonepan-EuropeaninstantpaymentsoluBon.”2IntheUnitedStates,theFederalReserveBoardhascalledfortheimplementaBonof“asafe,ubiquitous,fasterpaymentscapability”3andTheClearingHousehasannouncedthatitwillcreateanaBonalRTPsystem.Thediagrambelowillustratestheglobalspanof24/7retailRTPsystemstodate.ThereisacleartrendtowardsmoreandmorecountrieseitherhavingtheabilitytoconductfasterpaymenttransacBonsorstarBngtheprocessofdevelopingasystemthatallowsthemtodoso.
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
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05|TechnologyConsideraRons
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03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
WhatareRTPs? HowareRTPsdifferent? WhocanuseRTP? RTPecosystem RTPdrivers RTPmyths RTPchecklist
OverviewofReal-TimePayments
DriversofRTP
WhatareRTpayments? HowareRTpaymentsdifferent? WhocanuseRTP? RTPecosystem RTPmyths RTPchecklistRTPdrivers
DriversofRTP
EvolvingpaymenttechnologycapabiliRes
FIsneedtooffertheircustomersanRTPcapabilitythatprovidespeed,convenience,andtransparencyaswellasthelevelofsafetyandsecuritytheyexpectfromatradiBonalpaymentsnetwork.
ThoughnotexhausBve,thefollowinglistrepresentstheprimarygroupingsofevolvingtechnologyplayers.
• Closedloopcardsandmobileapps:Manynon-bankcompanieshavebuiltclosedloopcardnetworkstopromoteloyaltyprogramsandprovideaconvenientwayforcustomerstopayforgoods.ThemostsuccessfulexamplehasbeenStarbucks’mobileapp,whichhasseena75percentgrowthinitsmobileapptransacBonsfrom2013(4milliontransacBonsperweek)to2015(7milliontransacBonsperweek).1,2
• Digitalwallets(non-banks):DigitalwalletsarebeginningtogaintracBonamongconsumersastheyprovideaneasyandflexiblemethodtotransfermoney.PayPal’sdigitalwalletconBnuestoincreaseinmobilepaymenttransacBons,growing40percentyear-over-year.3TheindustryanBcipatesmobilewalletusagetoreach200milliontransacBonsbytheendof2016.4
• Mobilemoney(non-banks):Mobilemoneyallowsconsumerstoaccessfinancialservices,suchasmoneytransferorbankaccountaccess,viauseofthemobilephone.In2014alone,mobilemoneyservicesintheU.S.suchasSquareCashandVenmohandled$5.2billioninP2Ppayments.5
1WhyIsTheStarbucksMobilePaymentsAppSoSuccessful?Forbes;June13,2014.2Starbucks'sMobileAppPaymentsNowRepresent16%ofallStarbucksTransacBons.FastCompany;January23,2015.3PayPalbeginspiloBngNFCandrecords40%growthinmobilepayments.NFCWorld;April27,2015.4MobileWallets:Contactless&RemotePayments2015-2020.JuniperResearch;September7,2015.5MobilePaymentstoExplodeby2019.PYMTS.com;November18,2014.
IdenRfiedconsumerriskswithcurrentpaymentsystem
Pushtransac9onsonly;noauto-debitofcustomeraccounts
UnauthorizeddebitsfromconsumeraccountsviaACHleadtounexpectedfeestothecustomerandasignificanteffortforcustomerstostoppaymentsandrevokeorders
Real-9mefundsavailabilitywithpaymentcertaintyandextensivesetofpaymentandnon-paymentrelatedmessages
Lackoftransparency,parBcularlyasitrelatestofundsavailability,causesconfusionforcustomersandoxensignificantoverdraxcharges
RReal-9me24/7paymentabilityforconsumertobusinessandotherpaymenttransacBons
NeedforexpeditedpaymentsandexpeditedfundsaccessforcesindividualswithimmediateneedsoremergencysituaBonstorelyonhigh-costmoneyorderservicestoexpeditefundstransfer
RTPmiRgaRon
RegulatoryinfluenceTheCFPBhasraisedseveralconcernsregardingexisBngpaymentssystems(e.g.,theabilityoffraudsterstoiniBatedunauthorizeddebits,lackoftransparencyregardingwhentransacBonswillpost).TheCFPBbelievesthatfaster,saferpaymentscapabiliBeswillbenefitconsumers(e.g.,byprovidingfasteraccesstofundsandgreatercertaintyaboutfundsavailability)andseesopportunityforFIstomoreeffecBvelyserveconsumerswithanewreal-BmepaymentsfuncBonality.Assuch,theCFPBisurgingthefinancialservicesindustrytomakereal-BmepaymentsanurgentprioritytohelpmiBgatemanyoftheissuescurrentlyfacingconsumers.
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
WhatareRTPs? HowareRTPsdifferent? WhocanuseRTP? RTPecosystem RTPdrivers RTPmyths RTPchecklist
OverviewofReal-TimePayments
WhatareRTpayments? HowareRTpaymentsdifferent? WhocanuseRTP? RTPecosystem RTPmyths RTPchecklistRTPdrivers
ThreemythsaboutRTP
MYTHONE RTPisonlyforP2P
RTPwillonlybeavailabletoTCHmemberbanks
RTPisthesameasSameDayACH
TRUTH• TheRTPsystemisdesignedtoaddressunmetcustomerneedsacrossallcustomersegments(i.e.,B2B,B2C,C2B,P2P,G2C,
etc.).
• Consumers,businesses,andgovernmentcanuseRTP.
• ForexampleRTPscenarios,refertopage9.
TRUTH• AnyparBcipaBngFI,irrespecBveoftheirsizeorchartertype,willhavetheabilitytotransmitpaymentsthroughtheRTP
system.
• FIswillhavetheflexibilitytochoosetheirlevelofparBcipaBon(i.e.,ReceiveOnly,Send,AllowRequestforPayment,etc.)withintheRTPsystem.
• Technologyplayersandthird-partypaymentproviderswillhavearoleintheenvironmenttoprovideorfacilitateconnecBvitywherenecessary.
• RefertoReal-TimePaymentsEcosystemonpage10.
TRUTH• Value-AddedMessaging–RTPwillhavetheabilitytoenablenewproductsandservicesthroughtheuseofitsextensiveand
mulBfacetedmessagingcapabiliBes.
• AvailabilityofFunds–TheRTPsystemwillmakefundsavailableinreal-Bme–24/7/365.
• Transparency–TheRTPsystemwillprovidestatusupdatesofpaymentandnon-paymentmessagesinreal-Bme.
MYTHTWO
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02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
OverviewofReal-TimePayments
RTPchecklist
WhatareRTPs? HowareRTPsdifferent? WhocanuseRTP? RTPecosystem RTPdrivers RTPmyths RTPchecklistWhatareRTpayments? HowareRTpaymentsdifferent? WhocanuseRTP? RTPecosystem RTPmyths RTPchecklistRTPdrivers
RTPchecklistAchecklistofhigh-levelkeyacBviBeswhichshouldbeconsideredasFIsstarttheirimplementaBonofRTPisincludedbelow.DependingonthestructureoftheorganizaBon,someoftheseacBviBesmaybeperformedconcurrentlyorinadifferentorder.TheOperaBonsteamshouldalsocoordinatewithTCH,third-parBes,and/orothergroupswithintheFItosynchronizeacBviBessurroundingtheimplementaBonofRTP.
! FIOperaRonsChecklistofKeyAcRviResforImplemenRngRTP
AcRvity TCH BUS TECH
! SeekdirecBonfromBusinessonproductandcustomersegmentaBon X! DetermineoperaBonalareasthatwillenableareal-Bmeproductoffering(i.e.Linesof
Business,InformaBonTechnology,OperaBons,RiskManagement,RegulatoryCompliance,Treasury,etc.)
! DevelopTargetOperaBngModelforoperaBonsteamsincludingchannels,operaBonalprocesses,RTPRoadmap
! PerformCurrentStateAssessmentandcreateRTPRoadmap
! ConductscopinganddetailedplanningofRTPprogramfromanoperaBonsperspecBve! AssistwithcreaBonoffuncBonalrequirements,design,usecasescenarios,and2D
processflows! DeveloptesBngstrategyandtestcaseswithtestteam X X
! EstablishtestwindowandtestperiodfortesBngtobeconducted X X
! Developpost-implementaBonandtransiBonplanning
! DevelopanddeterminetrainingandcommunicaBonsplan X
! Developanddocumenthelpdeskandcustomerservicetrainingprocedures
! Developandcommunicatedisasterrecoveryplan X! DevelopanddocumentcommunicaBonplans(e.g.prego-live,go-live,andpostgo-live
communicaBonplan)X
! DevelopimplementaBonstrategiesandchecklistsformovingsystemfromtestenvironmenttoproducBonenvironment
X X
! DetermineclientmigraBonandtransiBonplan X X
! ConductdressrehearsalandproducBonreadiness X X
! Determinedetailedcontrolprocedures
! Conductgo-liveweekendandtransiBontoproducBon X X X
! ConductclientmigraBon/transiBonsupport X
! Documentlessonslearned X X
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03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
SampleC2BRTPScenarioSampleP2PRTPScenario SampleB2BRTPScenario SampleB2CRTPScenario
HowdoReal-TimePaymentsWork?
03:HowdoReal-TimePaymentsWork?SampleP2PRTPScenarioReal-Bmepaymentsareexecutedthroughasequenceofpaymentmessages.ItstartswithapayersendingapaymentinstrucBonviaachannelmadeavailablebytheirFI(iniBaBon).TheFIensuresfundsavailability(approval),conductsrequiredscreening(authenBcaBon),andsecurelysendsthepaymentinstrucBonmessagetotheRTPcoreinfrastructure.TheRTPcoreinfrastructurevalidatesthetransacBonandroutesittothereceivingFI(clearing).ThereceivingFIacknowledgesthemessageandimmediatelysendsaresponsetotheRTPcoreinfrastructure.TheRTPcoreinfrastructureprovidesanacknowledgmentmessagetothereceivingFIaswellastheissuingFI(receipt)andmanagessehlementbetweenFIs.UponreceiptoftheconfirmaBonmessage,thereceivingFIpoststhetransacBontothereceivingcustomer’saccount.Thisprovidesimmediateavailabilityoffundstotherecipient.TheserealBmepaymentsareapplicabletoavarietyofusecasescenarios.RepresentaBveusecasesarepresentedbelow.
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Person-to-Person(P2P)
John MikeJohn’sFI Mike’sFI
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RTPvalidatespaymentand
updatesseplementaccounts
ConfirmaRonofpayment
1. John’sFIcarriesoutitsnormalauthenBcaBonprocesstoverifyJohnastheaccountowner.JohninstructshisFIthroughOnlineBankingtopayMikeviaRTP.HeincludesMike’salias(orrouBngandaccountnumber)toaddressthepayment.HemayalsoaddaddiBonalreferenceinformaBonsothatMikeknowswhatthepaymentisfor.
2. John’sFIverifiestheavailabilityoffunds.Incertaincases,theFImayneedtoholdthepaymenttoperformmoreextensivefraudprotecBonchecks.John’sFImayalsoopttoperformanoutofbandauthenBcaBonstepifthispaymentexceedsacertainthreshold.
3. John’sFIresolvesthealias(ifused)andsubmitsthetransacBontotheRTPcoreinfrastructure.Atthispoint,thetransacBoncannolongerbecancelled.
4. TheRTPcoreinfrastructurevalidatesthetransacBondetailsandprovisionallyupdates(debits)thesehlementposiBonforthepayer’sFIintheamountofthetransacBon.
1. OnceMike’sFIhasreceivedthetransacBon,itchecksthattheaccountnumberisvalidandthensendsamessagebacktotheRTPcoreinfrastructurethatithasaccepted(orrejected)thepayment.
2. UponreceivingtheacceptmessagefromMike’sFI,theRTPcoreinfrastructurefinalizesthesehlementposiBon(debit)forthepayer’sFIandupdatestheposiBon(credit)forthepayee’sFIintheamountofthetransacBonandsendsamessagetoJohn’sFItoconfirmthatthetransacBonwassuccessful(orrejected)andsendsamessagetoMike’sFItoconfirmthetransacBonwassuccessfullycompleted.
3. Mike’sFIsimultaneouslycreditshisaccountwiththevalueofthetransacBonsentbyJohn.
4. John’sFImarksthetransacBonascomplete.
5. FIsnoBfyJohnandMikerespecBvely,thestatusofthepayment.EachsendingFIwilldecidehowtheircustomerswillbenoBfiedoftransacBonstatus.
Note:Fundsareaccessiblewithinseconds
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Usecasescenario:TransacAonfromaperson(John)toanotherperson(Mike)withaccountsatdifferentFIs.
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03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
SampleP2PRTPScenario SampleB2BRTPScenario SampleB2CRTPScenario SampleC2BRTPScenario
HowdoReal-TimePaymentsWork?
SampleB2BRTPScenarioImmediatepaymentsystemsareparBcularlywell-suitedtoprovidevaluebeyondtheinherentbenefitoffastmoneymovement.Afundamentalfeatureofreal-Bmepaymentsisreal-BmecommunicaBonamongsenders,receivers,andtheirFIs.
Usecasescenario:SinglebusinesstobusinesstransacAonbetweenarestaurantanditssupplier.Therestaurantneedssuppliesimmediately,andthesupplierneedstobepaidbeforeshippingthegoods.
Real-TimePaymentsCoreInfrastructure
Supplier Restaurant
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Supplier’sFIRestaurant’s
FI
ValidateandRouteRequest
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RTPvalidatespaymentandupdatesseplementposiRon
ConfirmaRonofpayment
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1. Thesupplierreviewsanorderreceivedfromarestaurantandsendsa“RequestforPayment”(RFP)throughtheirFI.Thesupplier’sFIsendstheRFPmessagetotheRTPcoreinfrastructure.Sendingtherequestthroughasecure,trustedchannelreducesfraudriskassociatedwithane-mailinvoice.
2. TheRTPcoreinfrastructurevalidatestherequestandroutesittotherestaurant’sFI,whichthennoBfiestherestaurant.
3. TherestaurantreceivestheRFPthatcontainsa“PayNow”buhon.UponselecBngthe“PayNow”buhon,apre-populatedpaymentmessagethatincludesallperBnentpaymentdata(e.g.,remihanceinformaBon,paymentamount,etc.)ispresentedtotherestaurantsotheycanconfirmandmakethepaymenttotheirsupplierquicklyandeasily.
4. Therestaurant’sFIsubmitsthetransacBontotheRTPcoreinfrastructurethatvalidatesthetransacBondetailsandprovisionallyupdates(debits)sehlementposiBonforthepayer’sinsBtuBonintheamountofthetransacBon.Thepaymentmessageisthensenttothesupplier’sFIthatthenconfirmstheaccountnumberisvalidandacceptsthepayment.
Note:TheexchangeofinformaBonbetweenbuyerandsellergoesbeyondtheremihancedetailthattypicallyaccompaniesB2Belectronicpayments.RemihancedataisessenBalandenablesthesuppliertoapplypaymenttothecorrectinvoice,accountforanydifferences,andreconcilethosedifferences.Inthisimmediatepaymentexample,thepaymentrequest,noBficaBonmessage,andconfirmaBonmessageallprovideaddiBonalvalueforaBme-sensiBvetransacBon.
1. Thesupplier’sFIsendsamessagetotheRTPcoreinfrastructurewithacceptanceofthepaymentandtheRTPcoreinfrastructurefinalizesthesehlementposiBon(debit)forthepayerandupdatestheposiBon(credit)forthepayee’sFIsintheamountofthetransacBon.
2. Thesupplier’sFInoBfiesthesupplierofpayment.Thesuppliersendsapaymentacknowledgementmessagetotherestaurant,confirmingthegoodsareontheway.
3. Thesuppliersendstheloadeddeliverytrucktotherestaurant,confidentthatpaymenthasbeenmade.
4. Therestaurant’sFInoBfiestherestaurant,confirmingthatthegoodsareonthewaywithamessagearrivingthroughareliable,trustedchannel.
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05|TechnologyConsideraRons
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03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
SampleP2PRTPScenario SampleB2BRTPScenario SampleB2CRTPScenario SampleC2BRTPScenario
HowdoReal-TimePaymentsWork?
SampleB2CRTPScenarioAbusiness-to-consumer(B2C)transacBondemonstratesthatRTPoffersvaluebeyondP2PtransacBons.Oneexampleisthecaseofaninsuranceclaimsadjusternowhavingtheabilitytomeetwithacustomershortlyaxeranaccidentorclaim,assessvalueofdamages,andprovidefundsimmediately,therebyrelievingthecustomerofworryinanalreadystressfulsituaBon.
David(Person)
Tom(Agent)
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InsuranceCompany’s
FI
David’sFI
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andupdatesseplementposiRons
ConfirmaRonofpayment
1. Tominstructstheinsurancecompany’sFItopayDavidtheapprovedamountofdamages.ThepaymentinstrucBonalsoincludesclaiminformaBonthatboththeinsurancecompanyandDavidcanaccess.(ExtensiveclaiminformaBoncouldbeincludedinaremihanceadvicemessageorthroughareferencetoanexternalsource).
2. Theinsurancecompany’sFIusesappropriatecustomerprocessestoverifyTomhasauthoritytoiniBatepaymentsfromthisaccountandthatgoodfundsareavailable.
3. Theinsurancecompany’sFIsubmitsthepaymentmessagetotheRTPcoreinfrastructure.
4. TheRTPcoreinfrastructurevalidatesthetransacBondetailsandthepaymentinstrucBonandprovisionallyupdates(debits)thesehlementposiBonforthepayer’sFI.AssociatedclaiminformaBonisthensenttoDavid’sFIasapartofthepaymentmessage.
5. OnceDavid’sFIhasreceivedthetransacBon,itchecksthattheaccountnumberisvalidandthensendsamessagebacktotheRTPcoreinfrastructurethatithasaccepted(orrejected)thepayment.
1. TheRTPcoreinfrastructuresendsamessagetotheinsurancecompany’sFIandDavid’sFItoletthemknowthatthetransacBonhasbeenmadesuccessfully.Theinsurancecompany’sFImarksthetransacBonascomplete.
2. David’sFIsimultaneouslycreditshisaccountwiththeclaimamountsentbytheinsurancecompanysohecanhaveimmediateaccesstothefunds.
3. Theinsurancecompany’sFIconfirmsthestatusofthepaymentandprovidestransacBondetailstotheinsurancecompany.EachsendingFIwilldecidehowtheircustomerswillbenoBfiedoftransacBonstatus
Note:TheexchangeofinformaBonbetweenbuyerandsellergoesbeyondtheremihancedetailthattypicallyaccompaniesB2Celectronicpayments.RemihancedataisessenBalandenablesthesuppliertoapplypaymenttothecorrectinvoice,accountforanydifferences,andreconcilethosedifferences.Inthisimmediatepaymentexample,thepaymentrequest,noBficaBonmessage,andconfirmaBonmessageallprovideaddiBonalvalueforaBme-sensiBvetransacBon.
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Usecasescenario:Davidhasdamagestohiscarfromanaccident.Hecallshisinsurancecompany,whichsendsitslocaladjustor,Tom,tomeetwithDavidandviewthedamages.Tominspectstheclaim,determinestheappropriateamountforthedamages,andapprovesitremotely.Tom’sinsurancecompanyimmediatelysendsDavidtheseSlementamount.
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05|TechnologyConsideraRons
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03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
SampleP2PRTPScenario SampleB2BRTPScenario SampleB2CRTPScenario SampleC2BRTPScenario
HowdoReal-TimePaymentsWork?
SampleC2BRTPScenario
Aconsumer-to-business(C2B)transacBondemonstratesthatRTPoffersmanyfeaturesbeyondtradiBonalmoneymovement.Oneexampleisasmallbusinessthatwantstosendelectronicinvoicestoitscustomers,alongwiththeabilityforcustomerstoviewandrespondimmediatelywithpayment.ThesmallbusinesswantstohavethepaymentandremihancedatainstantlydownloadedtoitsaccounBngsoxwareprogramtoavoidmanuallyenteringpaymentremihances,whichcantakeBmeandintroduceerrors.
1. AcmePlumbingcreatesaninvoicetobepresentedtoSteve,theircustomer,forpayment.Acme’saccounBngsystemcreatesafilecontainingalinktotheinvoice,(includingremihanceinfo)andaRequestforPaymentforitscustomers.
2. Acme’sFIusesappropriatecustomerauthenBcaBonandpaymentverificaBonprocessestoverifyAcme’sAccounBngpersonnelhasauthoritytomakepaymentrequests.
3. Acme’sFIsubmitstheRequestforPayment(RFP)messagestotheRTPcoreinfrastructure.
4. TheRTPcoreinfrastructurevalidatesthepaymentrequestandroutesthemessagetoSteve’sFIfordistribuBontothecustomer.
5. OnceSteve’sFIhasreceivedthepaymentrequest,itvalidatesthatStevehaselectedtoreceiveRFPs.Steve’sFIthenpoststhemessagetohisaccount.
1. SteveispresentedwithaRFPthathasa“PayNow”buhon.UponselecBngthe“PayNow”buhon,Steveispresentedwithapre-populatedpaymentmessageincludingallperBnentdata(i.e.,remihanceinformaBon,paymentamount,etc.).
2. Oncethepaymentisauthorizedandsubmihed,Steve’sFIsendsthepaymentmessageincludingtherelatedremihanceinformaBonandareferenceIDtotheRFPtoAcme’sFIviaRTP.RTPcoreinfrastructureprocessesthepaymentasitwouldanyotherpaymentontheSystem.
3. Acme’sFIinformsAcmePlumbingthatthecustomer’spayment,andrelatedremihancedata,hasbeenreceivedandfundsareavailableinAcme’saccount.
4. AcmePlumbingreceivesremihanceinformaBonintotheiraccounBngsystemviatheirFI’sinterface,avoidingmanualentryofpaymentinformaBon,andappliespaymenttotheappropriatecustomeraccount.
5. AcmesendconfirmaBonthatpaymenthasbeenpostedtoSteveviaaPaymentAcknowledgementmessagethroughRTP
Note:TheexchangeofinformaBonbetweenbuyerandsellergoesbeyondtheremihancedetailthattypicallyaccompaniesC2Belectronicpayments.RemihancedataisessenBalandenablesthesuppliertoapplypaymenttothecorrectinvoice,accountforanydifferences,andreconcilethosedifferences.Inthisimmediatepaymentexample,thepaymentrequest,noBficaBonmessage,andconfirmaBonmessageallprovideaddiBonalvalueforaBme-sensiBvetransacBon.
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Usecasescenario:ConsumertoBusinessscenariowithrequestforpayment.Steve,anAcmecustomer,ispresentedwithalinkfromhisFI’scustomerfacingapplicaAonthatdisplaysaninvoice.AnopAontoimmediatelypayalloraporAonoftheinvoiceismadeavailable.OnceSteveinstructshisFItopay,hisFIsendsthepaymentdirectlytoAcme’scheckingaccountwhileAcme’sFIroutestheremiSanceinformaAondirectlytoAcme’saccounAngsystem.
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Acme’sAccounRngSystem
Real-TimePaymentsCoreInfrastructure
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Plumbing’sFI
SteveFI
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Paymentwith
Remipance 5b
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentswork?
02|OverviewofRealTimePayments
01|WhatistheRTPPlaybook?
BusinessCaseConsideraRons
BusinessCaseConsideraRons
TheRTPbusinesscaseshouldbeacollaboraBveeffortwithinputandknowledgecomingfromthebusiness,operaBons,andtechnologyteams.ThispartnershipisessenBaltobuildingthebusinesscaseforRTPasFIsanalyzethecurrentoperaBngmodelthatissupporBngtheproductswithinthebank.TheknowledgegatheredbytheOperaBonsteamsthroughtheirexperiencewiththeclient,understandingoftheirorganizaBon’sproductsandservices,andprocessesthatdrivetheFI’sbusinessmakestheirparBcipaBonintegraltodevelopingawell-roundedandintelligentbusinesscaseforRTP.
• ClientNeedsandExpectaRons:Byassessingclientneedsandleveragingtheirknowledgeoftheclient,OperaBonsteamscancombinetheirday-to-dayexperiencewiththebusinesscasetodetermineareaswherethereareopportuniBestobeherserveormeettheneedsandexpectaBonsoftheclient.
• ProductsandServices:TheOperaBonsteamhasanunderstandingofnotonlytheorganizaBon’sproductsandservices,butalsothecustomer’slevelofacceptanceofitsproducts.ThisuniqueviewintotheorganizaBon’sfuncBonswillhelpstrengthenthecaseforhowtheFIcanleverageRTPtosupportanFI’sexisBngproductandserviceporDolio.
• OperaRngModelsandProcesses:TheOperaBonsteamshouldassessexisBngoperaBngmodelstoidenBfyanychangesthatmaybeneededtosupportRTP.ThisassessmentshouldincludeanevaluaBonofresourcesthatmaybeneededfor24/7coverageorwhohaveknowledgeorskillsetaroundaspecifictopic(e.g.ISO20022).ThisassessmentwillhelptheOperaBonsteamunderstandthewaysthatRTPcandrivevaluefortheorganizaBon.ThisreviewcanalsoprovideanunderstandingoftheoperaBonalcostsassociatedwithimplemenBngRTP.
OpBmizingtheorganizaBonforclientneedsandaligningitagainsttheinternalbusinesscaseforimplemenBngtheRTPmodelcontributestothecostanalysisthatsupportsthebusinesscase.TheOperaBonsteamcanprovideaddiBonalvaluebyassessingthevariousopportuniBesforimplemenBngRTPanddeterminingwheretheorganizaBoncandrivethemostvalue.
BusinessCaseConsideraRonsforRTP
04:BusinessCaseConsideraRons
NewProductIdeaRonConsideropportuniBesfornewproductsandmarketscreatedbyfasterpaymentstodeliverinnovaBveproductsthattransformtheindustryanddriveadopBonofRTP.
CompeRRveOpportuniResUnderstandcompeBBveopportuniBesacrossusecases.Developyourownvalue-addedproductsandpricingstrategiesthatalignwithyourcustomers’demand.
30%
50%
20%
2010 2011 2012 2013 2014 2015 2016
ImpactedProductsandServiceOfferingsAssesscustomerneedsalongsideexisBngproductandserviceofferingstodeterminethefoundaBonforyourorganizaBon’sRTPstrategy.
ImpactedInvestmentsandAssociatedCostsDetermineinvestmentareasandassociatedcoststounderstandtheoverallcostandimpacttoyourorganizaBon.
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02|OverviewofRealTimePayments
01|WhatistheRTPPlaybook?
ImpactedAreas:KeyConsideraRons
RTPTechnologyOverviewRTPoperates24hoursperday,everydayoftheyear.Toensureavailability,RTPruns“AcBve/AcBve”inbothsites.ParBcipantsarerequiredtomaintaintwosites,butmaychoosetorunacBve/acBveoracBve/standby.Atitsmostbasiclevel,theRTPsystemallowsfortheexchangeofmessagesrelatedtoapaymenteventbetweentwoparBcipants.EachmessagesubmihedtoRTPreceivesaresponsewithinseconds.Thereal-BmeresponseindicatesthatthemessagehasbeenreceivedandhasbeenprocessedbythereceivingfinancialinsBtuBon.Subsequentbusiness-levelresponses(suchastheResponsetoRequestforPayment)mustbesubmihedasnewrequestsandwillreceivereal-Bmeresponses.MessagetransportforRTPisviaIBMMessageQueue(MQ).TheinterfaceemploysanOutboundQueuePair,anInbound,QueuePair,andaSystemNoBficaBonMessageQueue.QueuenamingconvenBonsaredefinedindetailintheTCHCustomerDocumentaBonRTPSystemInterfaceGuide.NetworkConnecBvityisviaMPLSorSecureVPN,andconnecBvityopBonsareoutlinedintheTCHRTPNetworkConnecAvityOverviewdocumentavailableuponrequest.InaddiBontothesecurityprovidedbytheMPLSorSecureVPNconnecBon,MQTransportLayerSecurity(TLS)isuBlized,andeachmessageisdigitallysignedtoensureauthenBcityinaccordancewithISO20022.RTPadherestothelatestFFIECguidelinesandFederalInformaBonProcessingStandards(FIPS-2).AmanagementportalwillbeprovidedtoallowbankoperaBonsuserstoviewtransacBonstatus,messagevolumes,liquidityposiBons,andmanagereports.ParBcipantswillhavetheabilitytoadministerusersandpermissionsfortheirinsBtuBonandwillalsobeabletoconfigurecertainprocessingparameterssuchasthehigh-watermarkandlow-watermarkthresholds.Userscanalsorequestawithdrawalofexcessliquidityfromtheprefundedsehlementaccount.
MessageTypesKeyConsideraRons IntegraRonsChecklistTechnologyOverview
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ImpactedAreas:KeyConsideraRons
KeyTechnologyConsideraRonsRTPisanewsystemthatisuniquefromanyotherexisBngpaymentsystemintheU.S.today.TechnologyteamsresponsibleforbankimplementaBonofRTPwillneedtotakecertainahributesofthesystemintoconsideraBonwhendesigningthesystemintegraBonsthatwillmakeupafinancialinsBtuBon’simplementaBonofRTP.TCHhasidenBfiedfiveimportantconsideraBonsthattechnologyteamsmustunderstandwhenconsideringanRTPimplementaBon.
! FiveimportantconsideraRonsforInformaRonTechnologyteams
! 24/7/365 ! RouBngTableManagement
! MessageProcessingSLAs ! CustomerNoBficaBons
! NetworkInfrastructure
SystemsconnectedtoRTPmustbeavailabletofacilitateimmediatefundsavailabilityfortransacBonsreceivedatanyBmeofday,anydayoftheyear.WhilesomefinancialinsBtuBonshaveinvestedinreal-Bmecoreaccountprocessingsystems,themajorityoffinancialinsBtuBonsusecoreaccountprocessingsystemsthatrelyonbatchprocessing.Thoserelyingonbatchprocessingmustdeterminehow“immediatefundsavailability”willbeachievedtechnically.Further,24/7/365natureofRTPmayhaveanimpactonplannedmaintenancetosystemsthatinteractwithRTP.Giventhatthereisno“greenzone”forchanges,whileapplicaBonsthataretypicallyusedinprocessingRTPtransacBonsaredownformaintenance,parBcipantswillneedtodeterminehowtheywillrespondtoincomingrequestmessages.Finally,ina24/7/365systemtheseisno“startofday”or“endofday”process.TCHwillprovideintradayreconciliaBonpointstohelpparBcipantsinensuringthattheirtransacBonrecordsmatchwhatisintheRTPsystem,butRTPdoesnothaveabeginningorendofday.Further,thereisno“valuedate”onpayments,butRTPvalidatestoensurethatthemessagedateiswithin1calendardayoftheRTPSystemTime.
Topic1:24/7/365
ImportantMaintenancewindowsareessenBalforcompleBngimportantsecurityupdates,replacingorupdaBnghardwareorsoxware,andevendailyforposBngtransacBons.Givenapaymentssystemthatoperates24/7/365with“five-nines”upBme,anFImustconsiderwhatwillhappenwhensystemsthattypicallyreceivemessagesfromthesystemaredownforscheduledmaintenance.
• Whatwillbetheimpactonuserstryingtosendpayment?
• Whatwillbetheimpactonaccountholderswhoreceivepaymentsduringanoutageormaintenancewindow?
• DomaintenancewindowsalignwithlowvolumeBmesforRTPacBvitytoensurethatcustomerimpactisminimized?
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentswork?
02|OverviewofRealTimePayments
01|WhatistheRTPPlaybook?
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KeyTechnologyConsideraRons(ConRnued)
RTPgovernanceestablishesServiceLevelAgreements(SLAs)thatparBcipantsmustmeetregardingaverageresponseBmetoincomingrequests.Generally,paymentrequestsmustcompletewithin15secondsofiniBaBon.ParBcipantsreceivingmessagesmustacceptorrejectthepaymentwithinfive(5)seconds.Thesefivesecondsmustinclude:– SchemavalidaBonandVerificaBonofthemessagesignature– BusinessvalidaBon(accountexists,transacBontypepermihedforaccount,
regulatorychecks,etc.)– CreaBon,signature,andtransmissionofresponse(accept/reject/accept
withoutposBng)
AlloutgoingmessagesmustbedigitallysignedinaccordancewithalgorithmsspecifiedbyworldwidewebconsorBum(www.w3.org).Likewise,signaturesmustbevalidatedonincomingmessages.DetailsofhowtosignmessagesareprovidedintheRTPInterfaceGuide(seeresourcessecBon).LibrariesofstandardfuncBonsusedtosignmessagesandvalidatesignaturesareavailableformostcomputerlanguages.However,dependingonthevolumeoftransacBonsexpected,technologyteamsmaywanttoconsidertheuseofhardwaresecuritymodules(HSMs)toperformcryptographicfuncBonsinordertoensuremessagescanbeprocessedwithinSLAs.RTPwillautomaBcallyBmeoutandcancelatransacBonifthereceivingparBcipantsdoesnotrespondinBme.IfaBmeoutoccurs,RTPwillnoBfyboththesendingandreceivingparBcipantsthatthetransacBonhasbeencancelled.ThesendingparBcipantshouldalsotakeacBonifnoresponseisreceivedwithin15seconds.IfnoresponseisreceivedfromRTPwithin15seconds,itislikelythatanissueexistsbetweenthesenderandRTP,andthesendermayahempttoresendthetransacBonasapossibleduplicate,ormayindicatetotheircustomerthatthetransacBoncouldnotbecompletedatthisBme.PleaserefertothemostrecentversionoftheRTPCustomerDocumentaAonSystemMessageFlowsdocumenttoensureproperuseofthepossibleduplicateflagonvariousmessagetypes.
Topic2:MessageProcessing
ResourceTheRTPCustomerDocumentaAonSystemMessageFlowsoutlinethestandardflowsandusecasesthataparBcipantcanexpectforeachofthesupportedmessagetypesinRTP.ThisdocumentalsoincludesasecBondescribingRTPsehlement,therequiredminimumprefundedbalance,supplementalfunding,andwithdrawalsfromthesehlementaccount.
InaddiBontotechnicalresources,productmanagersmayalsofindthisresourcehelpfulinplanningfeaturesandfuncBonalitythatmustbeincludedinthebusinessrequirementsforanyRTPintegraBonproject.
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentswork?
02|OverviewofRealTimePayments
01|WhatistheRTPPlaybook?
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ParBcipantswithanexisBngMPLSnetworkconnecBontoTCHmaybeabletousetheirexisBngcommunicaBonscircuitsandinfrastructuretoconnecttoRTP,butchangesinvolumeandrequiredup-Bmemaynecessitateupgradedcircuitsandrouters.Inestablishingnetworkinfrastructurerequirements,eachparBcipantmustbeabletoaccommodatethe24/7/365availabilityrequirementsofRTPaswellastheexpectedvolumeofallmessagetypes,includingpayments,paymentrelatedmessages,extendedremihancemessages,andadministraBvemessages.InfrastructureplanningshouldtakeintoaccounttheISO20022messagetypesandexpectedvolumesforeachinsBtuBon.NotethatmulBplemessagesmaybeassociatedwitheachtransacBon(forexample,aCreditTransfer[pacs.008]maybegeneratedinresponsetoaRequestforPayment[pain.013]).
Topic3:NetworkInfrastructure
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentswork?
02|OverviewofRealTimePayments
01|WhatistheRTPPlaybook?
MessageTypesKeyConsideraRons IntegraRonsChecklistTechnologyOverview
ImportantInfrastructureplanningshouldtakeintoaccountnotjustexpectedpaymentvolume,butalsooverallmessagevolume.WithinRTP,payment-relatedmessageslikeRequestforPayment,RequestforInformaBon,PaymentAcknowledgement,andStand-AloneRemihanceAdvicewillcontributesignificantmessagevolume.
DecisionPointParBcipantswithexisBngnetworkconnecBonstoTCHmustdetermineifthoseconnecBonscanbereused,orifdedicatedRTPcircuitsarerequired.
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MessagerouBngwithinRTPisbasedonR/Tnumberandaccountnumber.ToensurethateachparBcipantisawareofeachotherparBcipantinthenetworkatsign-onandthroughouteachday,RTPwillperiodicallypublishaRouBngTableandwillsendSystemNoBficaBonMessagesindicaBngachangeinstatustootherparBcipants.TheRouBngTableisbasedonR/TnumberandincludesinformaBonsuchaseachR/Tnumber’sassociatedParBcipantID,FinancialInsBtuBonID,ConnecBonID,andReceiveMessagesSupported.ItisrecommendedthateachRTPParBcipantmaintainalocalversionofthemostcurrentRTPRouBngTable.TCHwillmakethecurrenttableavailablethroughthemanagementportalforParBcipantandTPSPdownload;however,oncedownloaded,ParBcipantsshouldupdatetheirlocalcopywhenSystemNoBficaBonMessagesarereceivedindicaBngthatotherparBcipantshave:– Signed-onorSigned-off;– BecomeConnectedorDisconnected;and– BecomeSuspendedorReinstatedbyRTP.ParBcipantsshouldavoidsendingmessagestoR/TnumbersthatareunavailablethroughRTPasfeesmaybechargedforthesemessageswhichwillulBmatelyfailandprovidenovaluetothesendingparBcipant.
Topic4:RouRngTableManagement
ImportantParBcipantsareresponsibleformanagingtheirownlocalrouBngtables,andtherefore,theyhaveopBonswhenitcomestohowthistableismanaged.IfaparBcipantoptsnottomaintainandupdatetheirlocalversionoftherouBngfileusingtheSystemNoBficaBonMessagesthatbroadcastparBcipantstatus,theymayexperiencemorerejectedmessagesastheysubmittransacBonstorouBngandtransitnumbersthatarenotavailable.ThismayresultinanincreaseinnetworkfeesfortransacBonsthatareunsuccessful.
RTPrequiresthatinformaBonregardingpaymentstatusbemadeimmediatelyavailabletotheaccountholderthroughelectronicmeans.Thismeansthatthestatusofeachpaymentandpayment-relatedmessagewillneedtobeelectronicallycommunicatedtoaccountholdersthroughavailablechannels.AccountholderswillhavevaryingmeansthroughwhichtheyareabletoreceivenoBficaBons.Someaccountholdershaveaccesstoonlineandmobilebanking,whileothersonlyhaveaccesstoonlinebanking.EachparBcipantwillneedtodecidehowthesenoBficaBonsaredeliveredtoaccountholdersandwhatopBonstheywillgiveaccountholderstoupdatethesekngsforthesenoBficaBons.IntegraBonwithmulBpleapplicaBonsmaybenecessarytoachievethenoBficaBonsrequirementsdeterminedbyeachparBcipant’sproductmanagementteam.
Topic5:CustomerNoRficaRons
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentswork?
02|OverviewofRealTimePayments
01|WhatistheRTPPlaybook?
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MessageTypesRTPsupportsanumberofISO20022messagetypesthatareusedforavarietyofpurposesthroughoutthepaymentlifecycle.TheRTPmessagesetisdesignedtofacilitateanumberofpaymentusecases.MessagessupportedwithinRTPinclude:
• CreditTransfer(pacs.008):ThisbasicmulB-purposepaymentmessageisusedtopushfundstoanaccountdesignatedbythesender.ThecredittransferistheonlyfinancialtransacBonwithintheRTPmessageset,meaningthatitistheonlymessagethatresultsinsehlement.AllfundsassociatedwithRTPcredittransfersmustbemadeimmediatelyavailabletotheCreditorandinformaBonrelatedtothestatusofthecredittransfermustbemadeimmediatelyavailabletotheDebtor.
• RequestforPayment(pain.013)&ResponsetoRFP(pain.014):TheRequestforPayment(RFP)isiniBatedbyaCreditortorequestfundsbesentrelatedtoadebtowedbythedebtor.InformaBonrelatedtotheRequestforPaymentmustbemadeimmediatelyavailableviasecureelectronicmeanstotheDebtor.UponreceiveoftheRequestforPayment,theDebtormayiniBateaCreditTransfer(pacs.008)inresponseormaydeclinetomakeapayment,inwhichcaseaResponsetoRFP(pain.014)issenttotheDebtorFI.TheCreditTransferthatfollowsaRequestforPaymentincludesareferencetotheoriginalRFPtoallowforstraight-throughprocessingandsimplereconciliaBonfortheCreditorthatiniBatedtheRFP.
• PaymentAcknowledgement(camt.035):ThePaymentAcknowledgementmessageissentbyaCreditortoaDebtortoconfirmthatfundssentinapreviousCreditTransfer(pacs.008)havebeenreceivedandappliedtoanaccount.ThisisespeciallyusefulforbillersthatmustapplyfundsassociatedwithaCreditTransfertoaspecificaccountthroughtheiraccountspayablesystem.
• RequestforInformaRon(camt.026)andResponsetoRFI(camt.028):TheRequestforInformaBon(RFI)isiniBatedbyaCreditortorequestaddiBonalormissinginformaBonregardingapreviouslyreceivedCreditTransfer(pacs.008).Forexample,ifaCreditTransferisreceivedbytheCreditorFIandappliedtotheCreditor’saccount,buttheCreditTransferdidnotincludetheinvoicenumberagainstwhichthefundsweretobeapplied,theCreditorhasameanstorequestthisinformaBonthroughthepaymentsystem.UponreceiptofaRequestforInformaBon,theReceivingFImustimmediatelymakeinformaBonrelatedtotheRequestavailabletoitsaccountholderthroughsecureelectronicmeans.ShouldtheDebtorrespondwiththemissinginformaBonordeclinetorespondwiththerequestedinformaBon,aResponsetoRFI(camt.028)issentbacktotheCreditorFIincludingthemissinginformaBonorareasonthatindicateswhysuchinformaBoncannotbeprovided.
• Stand-AloneRemipanceAdvice(remt.001):TheStand-AloneRemihanceAdvicemessageprovidesextensiveremihancedetailthatcannotbeincludedintheCreditTransfermessageortheRequestforPaymentmessage.Thismessage,whichmustbesentinreferencetoaCreditTransferorRequestforPayment,allowsforupto4,000charactersofremihanceorinvoiceinformaBon.
ResourceTheRTPMessageSpecificaAonsdescribeindetailthestructure,format,contentsofeachmessagesupportedinRTP.ForthemessagetypeslistedaboverefertothefollowingspecificaBons:
• RTPCreditTransferMessageSpecificaAon• RTPRequestforPaymentMessageSpecificaAon• RTPPaymentAcknowledgementMessage
SpecificaAon
• RTPRequestforInformaAonMessageSpecificaAon• RTPStand-AloneRemiSanceAdviceMessage
SpecificaAon
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentswork?
02|OverviewofRealTimePayments
01|WhatistheRTPPlaybook?
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MessageTypes(ConRnued)RTPsupportsanumberofISO20022messagetypesthatareusedforavarietyofpurposesthroughoutthepaymentlifecycle.TheRTPmessagesetisdesignedtofacilitateanumberofpaymentusecases.MessagessupportedwithinRTPinclude:
• RequestforReturnofFunds(camt.056)andResponsetoRfRF(camt.029):TheRequestforReturnofFunds(RfRF)canbeiniBatedbyaDebtorFIifaDebtorreportsaCreditTransferwassenteitherfraudulentlyorinerror.UponreceiptofaRfRF,theCreditorFImustiniBateaninvesBgaBonintotheerroranddetermineiffundsassociatedwiththeoriginalCreditTransfercanbereturnedtotheDebtor.UponcompleBonoftheinvesBgaBon,theCreditorFImayrespondwithaResponsetoRfRF(camt.029)indicaBngwhetherornotfundswillbereturnedtotheDebtor.Iffundsaretobereturned,theCreditorFIcandosothroughanymeans,includinguseofanRTPCreditTransfer(pacs.008).
• MessageStatusReport(pacs.002):TheMessageStatusReportisthestandardconfirmaBonmessagethatissentinreal-BmebytheReceivingParBcipantinresponsetoallmessagetypesdescribedabove.ThisStatusReportconfirmsthatthemessagehasbeenreceivedbytheReceivingParBcipantandindicatesifthemessagecouldbesuccessfullyprocessed.Ifamessagecouldnotbesuccessfullyprocessed,theMessageStatusReportwouldincludeindicaBonthattheReceivingParBcipantisrejecBngthemessageandthereasonfortherejecBon.AllrequestmessagesandtheirrespecBveresponsemessagesmustberespondedtoinreal-BmewithaMessageStatusReport.
InaddiBontothemessagetypeslistedabove,AdministraBvemessagesaresentbetweenParBcipantsandtheSystemforvariouspurposesincludingsign-on,sign-off,echoes,andindividualandbroadcastsystemnoBficaBons.FormoreinformaBonregardingindividualmessagesorstandardmessageflows,pleaserequestaccesstotheRTPMessageSpecificaBonsandSystemMessageFlowsdocuments.
Finally,eachmessageissentwithaBusinessApplicaBonHeaderwhichcontainsrouBnginformaBonusedbyTCHandauniqueidenBfierforeachend-pointtoend-pointmessageleg.MoreinformaBonregardingthefuncBonoftheBusinessApplicaBonHeadercanbefoundintheBusinessApplicaAonHeaderMessageSpecificaAon.
ResourceTheRTPMessageSpecificaAonsdescribeindetailthestructure,format,contentsofeachmessagesupportedinRTP.ForthemessagetypeslistedaboverefertothefollowingspecificaBons:
• RTPSystemTime-OutandRequestforReturnofFundsMessageSpecificaAon
• RTPMessageStatusReportMessageSpecificaAon• RTPAdministraAveMessagesSpecificaAon
InaddiBontothesespecificaBons,moreinformaBonregardingtheBusinessApplicaBonHeadercanbefoundintheRTPBusinessApplicaAonHeaderMessageSpecificaAon.
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentswork?
02|OverviewofRealTimePayments
01|WhatistheRTPPlaybook?
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IntegraRonChecklistsTheimplementaBonofRTPwilllikelyimpactanewparBcipant’sexisBngsystemsandapplicaBons.SincedatarelatedtoinboundRTPmessagesmayneedtobefedtomulBplesystems,impacttothefollowingsystemsshouldbeanalyzedtodeterminethescopeofworkrelatedtoRFPimplementaBon.ItisalsoimportanttoconsiderthemessagetypesthatwillbesupportedasaresultofyourinsBtuBon'slevelofparBcipaBon(e.g.ReceiveOnly,SendandReceive,SendRequestforPayment).
! CoreAccountProcessingSystem–usedtoposttransacBons(CreditTransfer)toaccounts,forgeneraBonofstatementsincludingRTPacBvity,andmovementoffundsbetweenaccountsattheFI(GLAccountsandEnd-useraccounts)
! NetworkInfrastructure–infrastructurewillbeneededtoestablish24/7connecBvitytoRTPtosendandreceivemessages
! OnlineBanking–channelthroughwhichRTPCreditTransfer,RequestforPayment,RequestforInformaBon,andPaymentAcknowledgementacBvitymaybemadeavailabletoaccountholders.
! MobileBanking–channelthroughwhichRFPCreditTransfer,RequestforPayment,PaymentAcknowledgement,andRequestforInformaBonacBvitymaybemadeavailabletoaccountholders.
! EnterpriseAlertsSystem–systemusedtoalertaccountholdersofspecificeventsinamanneragreedtobytheaccountholder(forexample,text,email,ormobilealerts)
! FraudMonitoringandAMLSystems–systemsdesignedtodetectandrespondtosuspectedfraudorAnB-MoneyLaunderingviolaBons.ThesesystemsmusthavetheabilitytoscreenRTPacBvityinreal-Bme.FraudulenttransacBonsreportedbyaccountholdersmustbereportedtoTCHinaBmelymanneraswell.
! OFACScreeningTools–thesesystemstypicallycheckaccountholderprofilesforOFACviolaBonsduringnewcustomeraccountcreaBonanduponanaccountholderinstrucBngtheFItosendaninternaBonaltransacBon.TotheextentthatRTPisusedtomovefundsbetweenaccountswithintheUSandaccountsofforeignaffiliatesofU.S.financialinsBtuBons,OFACscreeningmayneedtobeperformedinreal-BmeatthediscreBonofthefinancialinsBtuBon.
! PaymentsHub/PaymentsGateway–centralizedsystemusedtoprocessandmanagetheworkflowforallpaymentsgoingintoandoutofaninsBtuBon.
AddiBonally,anyapplicaBonsthroughwhichaccountholderswillhavetheabilitytosendCreditTransfersorRequestsforPaymentwillbeimpactedbytheRTPimplementaBon.Examplescouldinclude:
! OnlineBillPay
! PersontoPersonPayments
! ExternalAccounttoAccountTransfers
! DigitalInvoicing
! CashConcentraRonproducts
! AccountsReceivableproducts
! AccountsPayableproducts
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentswork?
02|OverviewofRealTimePayments
01|WhatistheRTPPlaybook?
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02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
ConsideraRonsChecklist OperaRngRules
ChecklistandSupporRngDocumentaRon
Risk,Fraud,andCompliance
! HowdoRegEconsumerdisclosuresneedtobeupdatedtoincludeRTPpayments?WhatshouldtheposBngorderofRTPtransacBonsberelaBvetoothertransacBontypes(e.g.ACH,checks,cardpayments,wires)?
! Howdoaccountagreementswithbusinesscustomersneedtobeupdated?
! HowwilltheinsBtuBonensurecompliancewithallaspectsofBSAforRTPtransacBons,includingscreeningforpotenBalOFACviolaBonsasnecessary?
! DoexisBngAMLcontrolsneedtobeupdatedgiventheimplementaBonofRTP?
! HowwilltheinsBtuBonimplementreal-BmefraudmonitoringforRTPtransacBons?
! IfsendingtransacBons,whatdollarlimitswillbeimplementedforretailcustomers?Whatdollarlimitswillbeimplementedforcommercialandwholesalecustomers?
! WhataddiBonaltrainingwillbenecessaryforfraudandOFACanalystsregardingRTP?
! WhatauthenBcaBonmethodsareusedpriortoallowinganaccountholdertosendanRTPpayment?
! WhatduediligenceprocesswillbenecessarytoensurethatcustomersiniBaBngRequestforPaymentmessagesarecredibleandusingsuchtransacBonsforavalidbusinesspurpose?
! WhatduediligenceprocesswillbenecessarytoallowpaymentserviceproviderstoaccessRTPservicesthroughourinsBtuBon?
PaymentOperaRons
! Asadefault,allaccountholdersshouldbeeligibletoreceiveRTP.ShouldyouallowyouraccountholderstooptoutofreceivingRTP?Ifso,howwillthisprocessbemanaged,andhowwillthesystempreventacceptanceofpaymentsforaccountsthatareopted-out?
! Whatend-of-dayreconciliaBonprocessesneedtobeestablished?
! WillaccountholdersberequiredtoenrolltoreceiveRequestsforPayments?Ifso,whatdoesthisenrollmentprocesslooklike?HowwilltheFItrackrequeststorenrollmentandopt-outsforRFPs?
! WhatwillbetheprocessforinvesBgaBngaRequestforReturnofFundsreceivedfromanotherinsBtuBon?Canthisprocessbeautomated?
! WhatwilltheprocessbeforaccountholderstoiniBateaRequestforReturnofFunds?Towhatextentcanthisbeautomated?
! WhatmonitoringwillbenecessarytoensurethatRTPSLAsregardingresponseBmesareconsistentlymet?WhataddiBonalmonitoringwillbenecessarytoensureotherperformancemetrics(%posiBveresponses,%Bmeouts)willbemet?
! HowwillcustomersiniBaBngRFPmessagesbemonitoredtoensureproperuse?
06:OperaRonsChecklistBelowisachecklistorganizedbygroupswithinatypicalFI’sorganizaBonthatservesasaquickreferenceforsomeoftheconsideraBonslistedthroughoutthisdocument.ThislistisnotintendedtobeinclusiveofallconsideraBonsthatmustbemadewhenimplemenBngRTP,butitcanhelpspurconversaBonaboutRTPimpactsthroughoutanFI’soperaBons.
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06:OperaRonsChecklist(conRnued)ProductManagement
! Whatwilluseofnon-paymentmessage—suchasRequestforPayment,RemihanceAdvice,andothers—beincorporatedintoexisBngandnewproducts?
! WhatlevelofparBcipaBonisnecessarytosupportproductsthatwillbeintegratedwithordevelopedtoleverageRTP?HowwillthatlevelofparBcipaBonimpactOperaBons?
! Istheuseofadirectoryservicenecessaryfortheproductsthatwillbeoffered?HowwillaliasesberesolvedandmanagedoutsideofRTP?
CustomerServiceandCommunicaRons
! Whattrainingwillbegiventocallcenterandin-branchemployeessothattheywillbeabletospeakgenerallyaboutRTPanditsimpactsoncustomers?
! WillaspecializedcallcenterteambeestablishedtoansweraccountholderquesBonsrelatedtoRTP?Ifso,willcustomersbegivenaspecificnumbertocallforRTP-relatedquesBons?
! WhataddiBonalpersonnelwillbenecessarytosupportRTP?
TreasuryManagementandDepositOperaRons
! HowwillsupplementalfundinganddrawdownsofthesehlementaccountbesupportedoperaBonally?
! HowwilltreasurymanagementprepareforweekendsandholidaystoensureasufficientbalanceismaintainedinthesehlementaccountunBlthenextopportunitytoprovidesupplementalfunding?
! Whatistheprocessformonitoringthebalanceofthesehlementaccount,especiallyuponRTPsystemnoBficaBonsregardingtheLowWatermarkandHighWatermarklevelsconfiguredbytheFI?
! WhatisthepreferredreconciliaBon/reporBngBme,ifTCHisofferingmulBplereconciliaBonwindowsperday?
! WhatprocesswillbedefinedtorespondtodiscrepanciesidenBfiedthroughreconciliaBon?
Technology
! WilltheFIconnectdirectlytoTCHorthroughathird-partyserviceprovider(TPSP)?
! Ifusingthird-partyvendorsforproductsandservicesthatarealreadyimplementedbutthatarebeingintegratedwithRTP,whatpartywillmanagethetechnicalconnecBonandhowwilltheintegraBonbeaccomplished?
! HowwillthetechnologyteamrespondtonoBficaBonsofconnecBonand/orBmeoutissues?
! HowwilltheFImanageandmonitormulBpleconnecBons,ifnecessary?
! Ifusingathird-partyserviceProvider(TPSP),howwillthetechnologyteamensurethevendorisnoBfyingthemofanyoutageortechnicalissuesdisrupBngservicetotheFI’saccountholders?
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
ConsideraRonsChecklist OperaRngRules NetworkDocumentaRon
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02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
ConsideraRonsChecklist OperaRngRules
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OperaRngRules
NetworkdocumentaBonwillbepublishedtoprovidethestructureandon-goingrouBnestoensuretheeffecBvenessandintegrityoftheReal-TimePaymentsSystem.OperaBngruleswillbeestablishedtoensureBmely,secure,andaccuratepayments,messagingandsehlement.VariousahributesandscheduleswillbedefinedthatparBcipaBngFIsmustbeawareofsuchasduediligencerequirements,sehlementwindows,andperformanceSLAs.ThesemaychangeoverBme,butallchangeswillbewellcommunicated.ThegeneralframeworkfortheoperaBngrulesforTCH’sRTPSystemisoutlinedbelow.
RTPRequirements OperaRngRulesandProcedures FIRequirementsAllpaymentsareoriginatedbythepayer
• Alegalbasismustbeprovidedforcredittransfersthatareauthorizedbyapayer
• RightsandobligaBonsofallparBestothetransacBonmustbedefined-includingthepayer,thepayee,thesendingFI,thereceivingFI,andthepaymentsystemoperator
• Customersmustbeprovidedwithproductsandservicestosendandreceivecredittransfers
FIcustomershavetheabilitytosendorreceivepayments24hoursaday,7daysaweek,365daysayear
• FIsmustbeabletoreceiveandrespondtopaymentsandnon-paymentmessages24/7/365withinanestablishedSLA
• 24/7/365asareceivingFI• FIsmusthavetheabilitytoperformnecessaryriskmanagementandcompliancefuncBonssuchascustomerauthenBcaBon,authorizaBon,regulatorycompliancescreening,andanB-fraudscreening24/7/365inanautomatedfashion
Sendersandreceiverswillhavecomplete,BmelyinformaBonaboutthestatusofRTP
• ReceivingFIsmustacceptorrejectthemajorityofpaymentswithinsecondsandallpaymentsinareasonableBme
• FIsmustmakeimmediatenoBficaBonofpaymentstatustosendersandreceiversorprovideachannelforsendersandreceiverstoviewpaymentstatus
• FIsmustintegrateaccurateRTPstatusinquiry,noBficaBon,andfeedbackintoonlineandmobilebankingservices
ReceivingFIswillprovideimmediateavailabilityoffundstorecipients24/7/365
• ReceivingFIsmustmakefundsavailabletoreceiverswithinsecondsforanyacceptedpayment
• Paymentscanberejectedforriskmanagement,inabilitytopost,orlegalcompliance
• PaymentsmaybeheldforreviewforareasonableBmeonlywhennecessaryforriskmanagementandlegalcompliancepurposes(expectedtobeasmallpercentageofpaymentsintheordinarycourseofbusiness).Axerreview,FIsmustacceptorrejectpayments-notwithholdavailability
• ReceivingFIsmusteitherpostormemopostfundsforpaymentsreceivedimmediately
• ReceivingFIsmustbeabletoeitheracceptorrejectmostpaymentsautomaBcallywithoutmanualreview24/7/365
Real-Bmeexchangeoffinancialandnon-financialmessagesthatsupportavarietyofusecases
• SendingFIsmustadheretostandardformatsandusagerulesforpaymentandnon-paymentmessages
• ReceivingFIsmustmakeallrelevantinformaBonfrompaymentandnon-paymentmessagesavailabletoreceivers
• ReceivingFIsmustactonadministraBvemessages
• FIsmustdevelopproducts,services,andprocessestocreate,deliver,andrespondtopayment,non-payment,andadministraBvemessages
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ConsideraRonsChecklist
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05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
ConsideraRonsChecklist OperaRngRules
OperaRngRules(ConRnued)
RTPRequirements OperaRngRulesandProcedures FIRequirementsSystemwidelimitsontransacBonvalue,updatedperiodicallybasedonobjecBvecriteria
• LimitsonthevalueoftransacBonsclearedthroughthepaymentsystemwillbeestablishedbytheRTPSystem
• RTPSystemrulesmayincludeaprocessforrevisingthetransacBonvaluelimit
• SendingFIsmaysetlowervaluelimitsfortheircustomers• ReceivingFIsmaynotsetatransacBonlimitlowerthanthesystemwidelimit
• AniniBaltransacBonlimitwillbeestablishedfortheRTPsystemwiththeintenBontoreviewandraisethelimitoverBme
• PoliciesandproceduresmustbeavailableforasendingFItosettheirtransacBonvaluelimitandhaveitapplytopaymentoriginaBon
• RiskmanagementpoliciesandproceduresmustbeavailabletoacceptpaymentsuptothesystemwidetransacBonvaluelimit
• FIsmusthavetheabilitytoidenBfythepotenBalstructuringoftransacBonsmadetoavoidestablishedtransacBonlimits
Fundscannotbetakenbackfromthereceiver;payercanrequestreturnofpaymentmadeinerror
• ThelegalbasisforpaymentfinalitywillbeestablishedbytheRTPSystem
• TheRTPSystemwillnotprovideabasisforsendingFIstoreclaimfundsfromreceivingFIsforunauthorizedpayments(thesendingFIonlyhasobligaBontoverifypaymentauthorizaBon)
• FIsmusthaveeffecBveprocessesandtechnologytopreventunauthorizedpaymentoriginaBon
• SendingFIsmusthavepoliciesandproceduresinplaceforhandlingcustomerclaimsforunauthorizedtransfersandfundssentinerror
• ReceivingFIsmusthavepoliciesandprocedurestorespondtorequeststoreclaimfundssentinerror
Aninter-FIprocessincludingelectronicmessagingtosupportRequestsforReturnofFundssentinerror
• AprocessforsenderstorequestreturnofpaymentssentinerrormustbeestablishedbyeachFI
• Aninter-FIprocessforhandlingRequestsforReturnofPaymentssentinerrorwillbeestablishedbyeachsendingFI
• TimelyresponsesforResponsetoRequestforReturnofFundswillberequested.
• FIsmusthaveproductsandserviceswithfeaturesthatpreventerrorsinsendingpayments
• SendingFIsmustestablishpoliciesandproceduresforhandlingcustomerRequestsforReturnofFundssentinerror
• ReceivingFIsmustestablishpoliciesandproceduresforrespondingtorequeststoreclaimfundssentinerror
SehlementprocessandlegalframeworkthatreducesoreliminatespotenBalforsehlementfailure
• TheRTPSystemmusthaverulesthatestablishthelegalbasisforinter-FInetsehlementandsehlementprocedures
• FIsmusthavethecapabilitytomonitor,manage,andfundtheirsehlementpoolornetsehlementacrossallsehlementwindows
• FIsmustdevelopaprocesstorespondtosituaBonswheresehlementexposurehasreacheditslimit
Useofauniquecodeinlieuofanaccountnumberthatcannotbeusedtodebittheaccount(token)
• TheSecureDigitalPaymentscompanyisdevelopinganapproachfortokenizingaccountnumbers.
• FIsmustcreateandoperatetheirownTokenVault,outsourcetheirtokenizaBonprocesstoaTokenServiceProvider,orleverageTCH’stokenservices
• FIsmustintegratetokenizaBonintoproductsandservices
• FIsmusthavetheabilitytoeducatecustomersontokenizaBon
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ChecklistandSupporRngDocumentaRon
ConsideraRonsChecklist
07|ContactUs06|ChecklistandSupporRngDocumentaRon
05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
ConsideraRonsChecklist OperaRngRules
OperaRngRules(ConRnued)
RTPRequirements OperaRngRulesandProcedures FIRequirementsSenderscaniniBatepaymentusinganaliasforthereceiversuchasatelephonenumberore-mailaddress(Alias)
• RTPsystemshouldestablishaliasregistraBon,maintenance,androuBngpoliciesandprocedures
• FIsshouldsupportaliasrouBnginpaymentproductsandservices
• FIsshouldadministeraliasenrollmentandmaintenanceforcustomers
ParBcipaBngFIsmustmeetminimumlevelsofstandardsforsecurityandprivacyprotecBon
• RTPsystemrulesshouldreferenceexternalsecurityandprivacystandards
• AllFIsmustmeetdataprotecBonstandards• SendingFIsmustmeetrigorousstandardsforsenderauthenBcaBonandpaymentauthorizaBon
• FIsshouldensuretheircompliancewithsecurityandprivacystandardsareauditableandaudited
• AnFI’ssecuritystandardsshouldnotunnecessarilyrestrictusability
• MostsecurityanddataprotecBonrequirementsshouldapplyacrossallchannelsandproductsandnottoaspecificpaymentsystem
SupportforanB-fraud,anB-moneylaundering,andOFAC/sancBonscomplianceprocesses
• SendingFIsshouldhaverulesthatrequirethemtoprovidethenecessarydataforregulatorycomplianceneededbythereceivingFI
• FIsshouldhavepoliciesandprocedurestoobtaindatarequiredforregulatorycomplianceduringthepaymentiniBaBonprocess
• AutomatedanB-fraudscreeningmayberequiredtomeetexpectaBonstoacceptorrejectpaymentsinsecondsorminutes
UseglobalmessagestandardsanddefineprocessesconsistentwithglobalpracBces
• RTPsystemshouldavoidunnecessarydivergencefromoperaBngrulesforpaymentssystemsinothercountries
• RTPSystemshoulddeveloprulestogoverninternaBonalpaymentsforthelongterm
• FIsshouldadaptproductsandservicestouseinternaBonalstandardpaymentformatsandprocesses
TieredapproachtofraudprevenBonandmiBgaBonsegmentedbyacBvity-basedsystemparBcipaBon
• RTPshouldensuretheminimumrequirementsforriskcontrolareassociatedwiththeacBviBesthatafinancialinsBtuBonisofferingandwillbeaddiBveinnatureforeachincreasinglevelofpotenBalrisk
• RTPSystemtocreateacentralizeduBlitythatanalyzesnetwork-leveldatatoidenBfyandreportpotenBalfraudulentbehavior(e.g.,detectanomaloussend/receiveacBvity;excessivecomplaints)o VelocitychecksonoriginaBon,receive,andrequestfor
paymentvolumeso DetecBonofpahernsthatindicatepotenBalnetworked
fraudormoneymuleacBvityo AlertswithreasoncodesupondetecBonofanomalous
acBvityforimpactedfinancialinsBtuBons
AllparBcipantsmustcomplywithFFIECguidelinesasappliedthroughprudenBalregulatorexaminaBon• AllparBcipantsmustreportfraudulentbehaviortoTCHand/orsendingFIs(note:thiscouldbefacilitatedthroughTCHoffering)
• AllparBcipantsmustreacttoalertsfromcentralizedacBvitymonitoringuBlity
• SendingFIsmustestablishaminimumoftwofactorauthenBcaBon(asdefinedthroughRTPgovernanceprocess)
• SendingFIsmustrequireregistraBonofcustomerssendingpayments
• SendingFIsmustscreenforfraudandriskinreal-Bmeforpaymentsbeingoriginated(conBnued)
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Version1.0 ©2016TheClearingHousePaymentsCompanyL.L.C.
ChecklistandSupporRngDocumentaRon
ConsideraRonsChecklist
07|ContactUs06|ChecklistandSupporRngDocumentaRon
05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
ConsideraRonsChecklist OperaRngRules
OperaRngRules(ConRnued)
RTPRequirements OperaRngRulesandProcedures FIRequirementsTieredapproachtofraudprevenBonandmiBgaBonsegmentedbyacBvity-basedsystemparBcipaBon(conBnued)
• RTPwillensuretheminimumrequirementsforriskcontrolwillbeassociatedwiththeacBviBesthatafinancialinsBtuBonisofferingandwillbeaddiBveinnatureforeachincreasinglevelofpotenBalrisk
• FIneedstocreateacentralizeduBlitythatanalyzesnetwork-leveldatatoidenBfyandreportpotenBalfraudulentbehavior(e.g.,detectanomaloussend/receiveacBvity,excessivecomplaints)o VelocitychecksonoriginaBon,receive,andrequestfor
paymentvolumeso DetecBonofpahernsthatindicatepotenBalnetworked
fraudormoneymuleacBvityo AlertswithreasoncodesupondetecBonofanomalous
acBvityforimpactedfinancialinsBtuBons
RequestforpaymentparRcipants(aboverequirementsplus)• MakewarranBesandrepresentaBonsthatRequestsforPaymentareforlegiBmatepurposes
• ScreenandmonitorrequestforpaymentiniBators,withtheabilitytoidenBfyabusiveorfraudulentuseandtakecorrecBveacBonsincludingsuspensionofiniBatoraccesstothenetwork(asdefinedthroughRTPgovernanceprocess)
• RespondtonetworkreportsofabuseofRequestforPayment
Originatedbythird-partypaymentserviceparRcipants(aboverequirementsplus)• MakewarranBesandrepresentaBonsthatthird-partyisabidingbyrulesforpaymentoriginaBon
• Applysamerequirementstothird-partypaymentservicesthatareappliedtoFIsthatsendRTPandallowrequestsforpayment(asapplicable)
• FollowFFIECguidelinesregardingthird-partyrelaBonships
• AllownetworktoenforcerulesagainstFIsandthird-parBesbyallowingnetworktolevyfinesandsuspendacBvityonthenetwork
• Prohibitthird-parBesfromoriginaBngvolumegreaterthantheirfinancialresourcescansupportinthecaseofthird-partyfailure
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Version1.0 ©2016TheClearingHousePaymentsCompanyL.L.C.
ChecklistandSupporRngDocumentaRon
ConsideraRonsChecklist
07|ContactUs06|ChecklistandSupporRngDocumentaRon
05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
ConsideraRonsChecklist OperaRngRules
NetworkDocumentaRon
NetworkDocumentaRon
DocumentName Purpose
TCHCustomerDocumentaBonRTPSystemMessageFlows
DescribesallRTPmessagetypesandoutlinesstandardflowsforeachmessage.Includesdiagramsofstandardflows.
RTPCustomerDocumentaBonSystemInterfaceGuide
DescribestheapplicaBoninterfacetoRTPincludingtechnicaldetailsandconsideraBonsforinterfacedevelopment.
RTPNetworkConnecBvityOverview
Providesahigh-leveloverviewofthenetworkconnecBvityopBonsavailabletofacilitatetheexchangeofdatabetweenTCHanditscustomersandhowtheRTPportalisaccessed.
RTPBusinessApplicaBonHeaderSpecificaBon
Describesthestructure,format,contentsandusageoftheBusinessApplicaBonHeaderindetail.
RTPCreditTransferMessageSpecificaBon
Describesthestructure,format,andcontentoftheCreditTransfermessage(pacs.008)indetail.
RTPMessageStatusReportSpecificaBon
Describesthestructure,format,andcontentoftheMessageStatusReport(pacs.002)indetail.ProvidesalistofacceptableReasonCodesforrejectresponsesusedbyTCHandbyParBcipants.
RTPRequestforPaymentMessageSpecificaBon
Describesthestructure,format,andcontentoftheRequestforPayment(pain.013)andResponsetoRequestforPayment(pain.014)indetail.ProvidesalistofacceptableReasonCodesfornegaBveResponsetoRequestforPaymentmessages.
RTPRequestforInformaBonMessageSpecificaBon
Describesthestructure,format,andcontentoftheRequestforInformaBon(camt.026)andResponsetoRequestforInformaBon(camt.028)indetail.
RTPPaymentAcknowledgementMessageSpecificaBon
Describesthestructure,format,andcontentofthePaymentAcknowledgement(camt.035)indetail.
RTPStand-AloneRemihanceAdviceMessageSpecificaBon
Describesthestructure,format,andcontentoftheStand-AloneRemihanceAdvicemessage(remt.001)indetail.
RTPSystemTime-OutandRequestforReturnofFundsMessageSpecificaBon
Describesthestructure,format,content,andusageoftheSystemTime-OutandRequestforReturnofFunds(camt.056)andResponsetoRequestforReturnofFunds(camt.029)messagesindetail.
RTPAdministraBveMessageSpecificaBon
Describesthestructure,format,andcontentofthevariousAdministraBvemessagesusedwithinRTP.ThisdocumentincludesdetailsregardingeachSystemNoBficaBonMessagetype,sign-onmessages,sign-offmessages,andheartbeat(echo)messages.
ThetablebelowidenBfiesimportantdocumentaBonfortechnologyteamstoreadastheyprepareforanRTPimplementaBon.ThesedocumentsincludeimportantdetailsregardingtheRTPInterface,RTPMessages,andstandardmessageflowsthatareimperaBvetounderstandinghowthesystemoperates.Accesstothesedocumentscanbegranteduponrequest.Pleaseseethe“ContactUs”secBontorequestaccesstothedocumentaBonbelow.
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07|ContactUs06|ChecklistandSupporRngDocumentaRon
05|TechnologyConsideraRons
04|BusinessCaseConsideraRons
03|HowdoReal-TimePaymentsWork?
02|OverviewofReal-TimePayments
01|WhatistheRTPPlaybook?
ProductDevelopment&Strategy
ContactUs
07:ContactUsYourquesBonsandcommentsareveryimportanttous.FormoreinformaBonaboutRTP,pleasecontactususingtheinformaBonprovidedbelow.
ContactUs
SteveLedford
Phone:(336)769-5308Email:[email protected]
IrfanAhmad
Phone:(212)613-0195E-Mail:[email protected]
MarkMajeske
Phone:(212)613-0137E-Mail:[email protected]
CustomerRelaRonshipManagement
HankFarrar
Phone:(336)769-5352Email:[email protected]
JamesColassano
Phone:(212)612-9244E-Mail:[email protected]
MichaelThomas
Phone:(212)612-9205E-Mail:[email protected]