Finzly certified for Request for Payment on the TCH RTP network.

This update signals a shift in how you might collect payments and offer credit in the near future. Finzly has been certified for 'Request for Payment' (RfP) on the Real-Time Payments (RTP) network. For retailers and operators, this moves us closer to a world where 'instant' actually means instant. Unlike traditional credit card transactions that take days to settle or ACH transfers that linger in limbo, RfP allows you to send a digital payment request directly to your customer’s banking app. The customer approves it, and the funds move from their account to yours in seconds, 24/7. For businesses offering consumer financing, this technology is a game-changer for disbursements and collections. It eliminates the 'check is in the mail' excuse and reduces the risk of failed payments due to insufficient funds, as the bank verifies the balance in real-time before authorizing the transfer. As more banks adopt this via providers like Finzly, expect to see it integrated into point-of-sale systems as a lower-cost, lower-risk alternative to traditional debit or credit cards. It streamlines the workflow for high-ticket items in industries like automotive or home improvement where instant fund verification is critical.

Source: Finextra — Lending

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