Instant Recurring Payments with RfP and Good Funds Settlements

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Instant Recurring Payments delivers automated, secure, real-time billing solutions that help businesses collect payments instantly, using variable amounts, reduce churn, and improve cash flow management. Payees send Request for Payments (RfP) to Payers and receive Good Funds.

Businesses can configure scheduled or event-triggered RfP requests that dynamically calculate the due amount based on usage, membership tier, or invoice status. Payers receive these notifications on their mobile or email, and can instantly authorize payment—sending Good Funds directly to the Payee’s account in under 10 seconds.

Unlike ACH or card billing, Instant Recurring Payments provides finality. There's no waiting for clearance, no risk of rejection, and no chargebacks. Funds are delivered instantly and securely, backed by real-time networks like RTP® and FedNow®.

With ISO 20022 message fields, each RfP includes embedded invoice references, customer IDs, due dates, and metadata for streamlined reconciliation. Businesses can upload Excel, XML, or JSON batch files to send hundreds or thousands of RfPs at once—cutting labor and collection costs dramatically.

Key Parameters

• ✅ Billing Model: Recurring & One-Time
• ✅ Settlement: Instant (FedNow®, RTP®)
• ✅ RfP Support: Yes (Request for Payment Messaging)
• ✅ Amount Types: Fixed or Variable
• ✅ Good Funds Confirmation: Yes
• ✅ Delivery: Mobile, Email, App, or API
• ✅ Message Format: ISO 20022
• ✅ Batch Support: Excel, XML, JSON Uploads

Attributes

• Variable payment amounts supported per cycle
• Alias routing (mobile/email instead of bank accounts)
• Credit push model for enhanced payment security
• Send automated RfPs with invoice metadata
• Instant reconciliation with ISO 20022 structured data
• Integration with billing platforms, QuickBooks®, ERPs

Business Benefits

• Faster payment collection through real-time settlement
• Good Funds = No chargebacks or payment reversals
• Reduce failed payments and subscription churn
• Improve cash flow predictability with confirmed payments
• Automate monthly, weekly, or usage-based billing
• Scales from SMBs to enterprise-level batch processing

Platform Features

• Send RfP via SMS, Email, or API
• Mobile-friendly payment experience
• Dynamic amount support for billing fluctuations
• Batch upload-ready using Excel, .XML, JSON
• Fully compliant with ISO 20022
• Real-time tracking of request status and confirmation

An "upfront on-time standing approval" for instant recurring payments is essentially a pre-authorization given by the payer to their financial institution. This authorization instructs the financial institution to execute future payments automatically without requiring the payer to review and approve each individual Request for Payment (RfP) or invoice. Here's how this process typically works:

1. Establishment of Standing Approval:

• The payer provides explicit consent to their financial institution to set up a standing approval for recurring payments. This can usually be done through the bank's online banking platform, mobile app, or by filling out a form.

2. Authorization Details:

• The payer specifies the details of the authorization, including the frequency of payments, the maximum amount allowed per payment, the duration of the authorization, and any other relevant terms and conditions.

3. Verification and Confirmation:

• The financial institution verifies the standing approval request and confirms the terms with the payer. This may involve additional authentication measures to ensure the security of the authorization.

4. Initiation of Recurring Payments:

• Once the standing approval is in place, the financial institution automatically initiates recurring payments according to the specified schedule. This can include payments for bills, subscriptions, memberships, or any other recurring expenses.

5. Funding from Payer's Account:

• On the scheduled payment dates, the financial institution debits the necessary funds from the payer's account and transfers them to the payee's account. This process occurs instantly and without requiring any manual intervention from the payer.

6. Notification and Confirmation:

• Both the payer and payee receive notifications or confirmations of the payment transactions. This ensures transparency and allows for tracking of payments on both ends.

7. Reconciliation and Oversight:

• The payer can monitor their account statements and transaction history to ensure that all payments are processed correctly. They can also review and manage standing approvals as needed, making adjustments or canceling authorizations if necessary.

By setting up an upfront on-time standing approval for instant recurring payments, the payer can enjoy the convenience of automated payments while maintaining control and oversight over their finances. This streamlines the payment process and eliminates the need for manual approval of each individual payment request.