RTP Payment with Payable API
The RTP (Real-time Payment) method is a fast, secure, and reliable payment method. Not all banks support RTP, and both the originating and receiving accounts must be RTP eligible for a payment to be processed using this method.
Gather Payee Information
The payor should have comprehensive bank account information of the payee. This includes the payee's bank account number, bank routing number, and the name of the account holder. Make sure this data is accurate to prevent transaction failures.
Check RTP Eligibility
Before initiating a payment using RTP, you should check if both the origination bank account and the receiving bank account are RTP eligible.
Prepare Payable Data
Along with payee information, the payor needs to provide other required payable fields, such as payable amount, currency code, payable date, and more.
Create Payable API Request
With all the necessary data gathered constructs the Payable API request. This includes the payee information, payable details, and sets the method of payment as RTP.
Submit Payable API Request
The prepared Payable API request is then submitted to the API endpoint. If both accounts are RTP eligible, the Payable API will process the payment using RTP.
Verify Transaction
Upon successful submission, the API returns a response with the status of the payable. The payor should verify the status to confirm if the transaction was successful.
Remember, incorrect or incomplete payee bank account details could result in transaction failures. Always ensure that the information provided is accurate and complete.
Example
{
"payableReferenceId": "900fe169-68e8-43f9-b42e-fbb4af09140a",
"recordNumber": "36e36ce2-6fbd-451d-89cf-3f6938e546d9",
"netTotal": 850.00,
"isoCurrencyCode": "USD",
"payableTerms": "NET30",
"payableDueDate": "2023-09-22",
"payableEffectiveDate": "2023-08-23",
"payableApprovalStatus": 2,
"memo": "Compensation for travel insurance claim 7625-IGW regarding Ben Harper's cancelled flight from London",
"remittance": {
"grossTotal": 850.00,
"grossDiscount": 0.00,
"tax": 0.0,
"lineItems": [
{
"unitPrice": 850.00,
"lineItemTotal": 850.00,
"discount": 0.00,
"quantity": 1,
"lineNumber": 1,
"item": "Extended hotel stay and meal allowance",
"description": "",
"memo": ""
}
]
},
"paymentInfo": {
"originationAccountReferenceId": "08ef57a4-f449-4532-a978-825814660b10",
"destinationFinancialInformation": {
"isoCurrencyCode": "USD",
"bankAccountDetails": {
"nameOnAccount": "Ben Harper",
"bankAccountNumber": "123456785",
"bankRoutingNumber": "021000021"
},
"methodOfPayment": 2,
"foreignExchangeInfo": {
"originationIsoCurrencyCode": "USD",
"destinationIsoCurrencyCode": "USD"
}
}
},
"payees": [
{
"partyReferenceId": "848804d3-86c0-45f7-8ef6-083526608251",
"firstName": "Ben",
"middleName": "",
"lastName": "Harper",
"businessName": "",
"isBusiness": false,
"socialSecurityNumber": "",
"emailAddress": "",
"phoneNumber": "8652385136",
"address": {
"addressLine1": "2659 Locus View Drive",
"addressLine2": "",
"addressLine3": "",
"townName": "San Francisco",
"country": "USA",
"countrySubDivision": "CA",
"postCode": "94108"
}
}
]
}
This example initiates a payment using the RTP method of payment for a payee named Ben Harper. The net total to be paid is $1000 in USD. The payment will be processed on May 20, 2023. The originating account reference ID is "08ef57a4-f449-4532-a978-825814660b10", and the destination account details are provided under "bankAccountDetails". The method of payment is set to 2, which stands for RTP.
Please replace the values with your actual data when creating the Payable API call. Also, make sure the "payableDate" is not less than the current date and the "payableApprovalStatus" is set to 1 (Release).