Request for Payment (RFP) FAQs

What is Request for Payment ?

Request for payment ("RFP") is a message that you could send from the Client Portal to your bank to trigger a real-time USD transfer into your account with us.

Your bank will prompt you via push notification on your phone or e-mail to review the payment request. Upon receiving your approval, your bank will send a real-time credit transfer to our bank and we will credit your account. Real-time payments ("RTP") are done on a new 24x7x365 payments platform managed by "The Clearing House" and available to all federally insured U.S. depository institutions.

Here is a detailed explanation of the steps for the Request for Payment Process:

  1. Login to Client Portal or our Mobile app

  2. Navigate to the Transfer & Pay section

  3. Link your USD denominated bank account held at a US bank

  4. Initiate a deposit and choose Request For Payment transfer (note that the RFP selection is not yet supported by all US banks. )

  5. Login to your bank online portal or mobile app

  6. Locate the transfer request in your bank portal (typically in section related to "Payments", Bill Pay", or "Transfers" in the main menu or dashboard.)

  7. Approve the transfer

  8. The transfer will then be available for trading in your account with us within minutes

How you can monitor the progress ?

To monitor the status of your RFP transfer, follow these steps:

  1. Navigate to the Transfer & Pay section in your account.

  2. Select the Transaction Status & History tool.

  3. Locate the RFP transaction in the list.

Understanding Transfer Status:

The Transaction Status & History tool will display the current status of your transfer. You may see one of the following statuses:

  • Available: The transfer has been successfully completed.

  • Rejected: The transfer was not successful and has been declined.

  • Pending: The transfer is still in progress and awaiting completion.

Note

  • Always ensure you approve your transfer promptly at your bank

  • If you encounter any issues or have questions about a specific transfer, contact your bank to confirm the request is visible and what steps are required to approve the transfer through their system.

Which US banks allow to use Request For Payment?

Real-time payment eligibility depends on your bank's capability to accept the request for payment. Major US banks that support the RFP: JPM Chase, US Bank, Bank of America, Citibank. The list is growing as more banks are coming online.

What is the transaction amount limit?

The request for payment limit is determined by your bank. Initially limits are expected to be modest (approximately $5,000 to $10,000), but are expected to increase in the future.

How long does it take for the funds to be credited to my account?

You should receive the prompt to approve the request at your Bank within minutes of initiating the payment request in the Client Portal. Once you approve at your Bank , the funds would be credited to your account with us within a few minutes.

How to accept Request for Payment at your bank?

Your bank would send you a push notification on your mobile device or an e-mail notification with instructions .

Typically, you can accept a Request for Payment in your bank's online banking:

  1. Log into your bank's Online Banking website or mobile app

  2. Look for a section related to "Payments", Bill Pay", or "Transfers" in the main menu or dashboard.

  3. Check for any notifications or alerts that might indicate pending payment requests.

  4. If available, search for features like "Request for Payment" or "Payment Requests" within the payments or transfers section.

  5. If you cannot find the feature, check the bank's help section or FAQ for information on Request for Payment.

  6. If you cannot find information in the help section, contact the bank's customer support for specific guidance on handling Request for Payment in their online banking system.