Real Time Payments (RTP) is a payment system developed by The Clearing House that allows individuals and businesses to transmit funds immediately between accounts at different financial institutions. Visit https://www.theclearinghouse.org/payment-systems/rtp for additional information.

Transactions generally involve a debtor (party paying out funds) and a creditor (party receiving the funds). COS offers the ability to originate credit transfers.

See API reference for more details on RTP endpoints.

Ultimate Debtors and Creditors

Ultimate Debtor and Ultimate Creditor are a person or entity that is not a party to the RTP credit transfer but has some connection to the purpose of the transfer and is identified for regulatory, compliance, remittance, or other purposes.

Most RTP payments will not involve an Ultimate Debtor or Ultimate Creditor. The primary use case for this is when a payment is sent or received by a payment service provider, and more detail is necessary regarding the origination or destination of the payment.

Providing an Ultimate Debtor requires the account specified for the Debtor is a business account.

Providing an address is not required, however if any part of the address is provided then addressStreetName, addressCity, addressState, addressPostalCode, and addressCountry are required.

Supported Message Types

COS currently supports "Credit Transfer" and "Request for Payment" (RfP).

A credit transfer is method of transferring money between banks in real time via the RTP Network. The party sending the funds is referred to as the debtor while the party receiving the funds is referred to as the creditor. The bank sending the credit transfer is referred to as the debtor FI while the bank receiving the credit transfer is referred to as the creditor FI.

The outbound credit transfer can result in one of the following:

  • The creditor FI rejects the transfer
  • The creditor FI accepts the transfer
  • The creditor FI does not respond

A Request for Payment (RfP) is a request sent by the Creditor (sending party) to the Debtor (receiving party) through their respective FIs. This message is used to request the initiation of a Credit Transfer message (a credit payment) from the party that receives the message. If the RfP is accepted by the debtor, then the bank sending the credit transfer is referred to as the debtor FI while the bank receiving the credit transfer is referred to as the creditor FI.

After receiving an RfP, the debtor FI can do one of the following:

  • The debtor FI sends a credit transfer
  • The debtor FI sends an RfP response indicating that the request has been rejected by the debtor
  • The debtor FI sends an RfP response indicating that a credit transfer will be sent
  • The debtor FI ignores the RfP