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Real-Time Recurring

Using Real-Time Recurring

Real-Time Recurring Recurring billing is the financial backbone of many modern businesses—from memberships and subscriptions to services and B2B contracts. However, traditional recurring payments often come with delays, failed transactions, and lack of control for both the business and the customer.

Real-Time Recurring payments powered by RTP® (Real-Time Payments) and The FedNow® Service deliver a smarter, faster solution. With Request for Payment (RfP) via digital invoicing, businesses can request authorization from the Payer in real time. Once approved, funds are instantly moved from the Payer’s bank to the Payee’s bank, with full support for static or variable payment amounts.

At TodayPayments.com, we help businesses enable this powerful real-time billing solution—streamlining cash flow, reducing payment friction, and improving the customer experience.

How Real-Time Recurring Works Using RfP

Real-Time Recurring leverages Request for Payment (RfP) to initiate each billing cycle. Here’s how it works:

  • The Payee (business) sends a digital invoice or RfP to the Payer (customer)
  • The Payer authorizes the transaction using their banking app or portal
  • The funds are moved instantly through RTP® or FedNow®, directly to the Payee’s bank account
  • The amount can be fixed (static) or change each time (variable)

This payment model empowers customers with more transparency and gives businesses real-time access to recurring revenue.

RTP® and FedNow® Enable Always-On Recurring Payments

Unlike ACH and credit card payments, RTP® and FedNow® enable:

  • 24/7/365 settlement, even on weekends and holidays
  • Instant confirmation of payment delivery
  • Reduced payment failures and reversals

With TodayPayments.com, you can send out recurring RfPs that your customers authorize instantly—improving retention and reducing late payments.

Manage Recurring Payments with Alias-Based Controls

Our system allows you to configure recurring billing profiles by:

  • Using cell phone numbers or email addresses as unique aliases for the Payer
  • Assigning Merchant Identification Numbers (MIDs) per subscription tier, customer segment, or billing group
  • Supporting multiple financial institutions across all 50 states

This level of control ensures every recurring transaction is trackable, secure, and optimized for your operational needs.

Support for All Business Models and Billing Types

Real-Time Recurring works for any business model, including:

  • Monthly membership platforms
  • Subscription SaaS and digital services
  • Professional services with retainer-based billing
  • Utilities, telecom, insurance, and more

Whether your billing cycle is weekly, monthly, or dynamic, TodayPayments.com delivers a flexible framework for collecting recurring payments.

Digital Invoicing with ISO 20022-Compliant Messaging

We provide the infrastructure to send Request for Payment (RfP) using secure, ISO 20022-compliant messaging. This enables:

  • Branded Hosted Payment Pages embedded in your digital invoices
  • Click-to-pay options directly linked to the RfP
  • Instant approval and fund movement once the customer authorizes

This simplifies billing operations while giving customers a familiar, seamless payment experience.

Integrated Reconciliation and Real-Time Treasury Visibility

Every Real-Time Recurring payment automatically syncs with our treasury tools and, optionally, with QuickBooks® QBO, providing:

  • Real-time reconciliation of recurring transactions
  • Aging and history reports per customer or invoice
  • Automated matching of payments to digital invoices

This keeps your finance team fully informed and reduces manual overhead.

Attributes of Real-Time Recurring for your business using instant payments

To create a real-time recurring payment system, several attributes must be considered to ensure efficiency, security, and reliability. Here are the key attributes:

1.     Frequency: Define the frequency at which payments will recur, such as daily, weekly, monthly, or custom intervals.

2.     Amount: Specify the amount of each payment in the recurring series. This can be a fixed amount or variable based on certain conditions.

3.     Start Date: Set the start date for the recurring payments. This determines when the payment series will begin.

4.     End Date or Duration: Decide whether the recurring payments will have an end date or continue indefinitely. If there is an end date, specify it accordingly. Alternatively, define the duration for which the payments will recur.

5.     Authorization: Implement a secure authorization mechanism to ensure that the payer consents to the recurring payments. This may involve obtaining explicit consent through electronic signatures, authentication tokens, or other methods.

6.     Payment Method: Determine the preferred payment method for processing the recurring payments. This could include direct debit from a bank account, credit card payments, electronic funds transfer (EFT), or other payment options.

7.     Integration with Financial Systems: Integrate the real-time recurring payment system with financial systems, such as accounting software, banking platforms, or payment gateways. This allows for seamless transaction processing and reconciliation.

8.     Error Handling: Implement robust error handling mechanisms to address any issues that may arise during payment processing, such as insufficient funds, payment failures, or technical errors. Provide clear instructions for resolving errors and retrying failed payments.

9.     Security Measures: Ensure that the real-time recurring payment system adheres to strict security standards to protect sensitive financial information and prevent fraud. This may include encryption, tokenization, multi-factor authentication, and compliance with regulatory requirements.

10.  Notification and Confirmation: Provide timely notifications and confirmations to both the payer and payee for each recurring payment transaction. This enhances transparency and allows for tracking and reconciliation of payments.

11.  Customer Support: Offer dedicated customer support channels to assist users with setting up, managing, and troubleshooting recurring payments. Provide guidance and assistance as needed to ensure a positive user experience.

By incorporating these attributes into the design and implementation of a real-time recurring payment system, organizations can streamline their payment processes, improve cash flow management, and enhance customer satisfaction.

 

Creation Recurring Request for Payment

We were years ahead of competitors recognizing the benefits of RequestForPayment.com. We are not a Bank. Our function as a role as an "Accounting System" in Open Banking with Real-TimePayments.com to work with Billers to create the Request for Payment to upload the Biller's Bank online platform. Today Payments' ISO 20022 Payment Initiation (PAIN .013) shows how to implement Create Real-Time Payments Request for Payment File up front delivering a message from the Creditor (Payee) to it's bank. Most banks (FIs) will deliver the message Import and Batch files for their company depositors for both FedNow and Real-Time Payments (RtP). Once uploaded correctly, the Creditor's (Payee's) bank continues through a "Payment Hub", either FedNow or RTP, will be the RtP Hub will be The Clearing House, with messaging to the Debtor's (Payer's) bank. Request for Recurring Payment

ACH and both Instant and Real-Time Payments Request for Payment ISO 20022 XML Message Versions
The versions that NACHA recommends for the Request for Payment message and the Response to the Request are pain.013 and pain.014 respectively. Version 5 for the RfP messages, which The Clearing House Real-Time Payments system has implemented, may also be utilized as there is no material difference in the schemas. Predictability, that the U.S. Federal Reserve, via the FedNow ® Instant Payments, will also use Request for Payment. The ACH, RTP ® and FedNow ® versions are Credit Push Payments.


Payees ensure the finality of Instant Real-Time Payments (IRTP) and FedNow using recurring Requests for Payments (RfP), Payees can implement certain measures:

1.     Confirmation Mechanism: Implement a confirmation mechanism to ensure that each payment request is acknowledged and confirmed by the payer before the payment is initiated. This can include requiring the payer to provide explicit consent or authorization for each recurring payment.

2.     Transaction Monitoring: Continuously monitor the status of recurring payment requests and transactions in real-time to detect any anomalies or discrepancies. Promptly investigate and resolve any issues that arise to ensure the integrity and finality of payments.

3.     Authentication and Authorization: Implement strong authentication and authorization measures to verify the identity of the payer and ensure that only authorized payments are processed. This can include multi-factor authentication, biometric verification, or secure tokenization techniques.

4.     Payment Reconciliation: Regularly reconcile payment transactions to ensure that all authorized payments have been successfully processed and finalized. This involves comparing transaction records with payment requests to identify any discrepancies or unauthorized transactions.

5.     Secure Communication Channels: Utilize secure communication channels, such as encrypted messaging protocols or secure APIs, to transmit payment requests and transaction data between the payee and the payer. This helps prevent unauthorized access or interception of sensitive payment information.

6.     Compliance with Regulatory Standards: Ensure compliance with relevant regulatory standards and guidelines governing instant payments and recurring payment transactions. This includes adhering to data security requirements, fraud prevention measures, and consumer protection regulations.

By implementing these measures, Payees can enhance the finality and security of Instant Real-Time Payments using recurring Requests for Payments, thereby minimizing the risk of payment disputes, fraud, or unauthorized transactions.

 
Each day, thousands of businesses around the country are turning their transactions into profit with real-time payment solutions like ours.

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