November 30, 2020

Request for Payment

Request for Payment allows businesses to send electronic invoices and receive corresponding payment and remittance through the ACH Network, supporting straight-through processing, creating efficiencies, and providing for cost savings.

What Is It?

Request for Payment is a standardized ACH Network message that businesses can leverage to send electronic invoices to customers via the ACH Network, and their customers can, in turn, use to make payment and share corresponding remittance information.

Why Participate?

Businesses can benefit significantly by leveraging the ACH Network to send electronic invoices and collect payment. From an Order-to-Cash perspective, businesses can:

  • Leverage global standards (ISO 20022 messaging) to reach any customer's/trading partner's bank
  • Increase electronic payment adoption by customers, and get paid faster and more efficiently
  • Receive remittance with payment for immediate posting, improving cash application
  • Implement with little to no system changes as businesses can leverage existing ERP software and treasury services

From a Procure-to-Pay Perspective, businesses can:

  • Improve cash management with timely invoice receipt and greater control of payment scheduling
  • Reduce costly Accounts Payable errors and improve related controls
  • Reduce the expense associated with paper invoices and checks

How Can Businesses Participate?

Businesses of all sizes can leverage the Request for Payment ACH Network message. Businesses will simply need to agree to the Request for Payment rules by including them or referencing them within existing trading agreements.

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