Request to Pay System in New Economic Norms

This whitepaper discusses the implications of the Request to Pay (RtP) system in the context of the economic challenges posed by the Coronavirus pandemic. It outlines how RtP is positioned as a transformative tool for financial institutions, small and medium enterprises (SMEs), and consumers, particularly in facilitating real-time payments and improving cash liquidity. The paper details the anticipated changes in lending practices as financial institutions adapt to a post-recession environment, where traditional lending criteria may be tightened. It highlights the potential of RtP to alleviate payment friction and enhance communication between billers and payers, thereby reducing operational costs associated with payment collection. The whitepaper also addresses the broader economic impact of SMEs, which are crucial for employment and economic stability, and emphasizes the need for flexible payment solutions in light of changing consumer behaviors and economic uncertainties. Overall, it presents a comprehensive examination of the challenges and opportunities associated with the adoption of RtP in a rapidly evolving financial landscape.