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By enabling a secure messaging channel between biller and payer, Request to Pay (RtP) allows the biller to initiate a transaction and the payer to choose when – and how much – they pay. This is unlocking new flexible ways for money to move between people, organisations and businesses.
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As one senior bank executive explains, “there are a number of different sources [of demand] and that’s helpful.” So far, the most momentum for Request to Pay has come from retail customers for services such as peer-to-peer (P2P) payments, one-off bill payments and recurring bill payments.
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