2 PAYMENT METHOD PROFILES: PAY BY BANK
For instant payment platforms that operate in one geography or region, there is some variance in the supply chain. In the U.S. when using the RTP network, customers interact with their bank to send and receive funds as seen below. 537 RTP ® from The Clearing House (United States)
Payment Initiated 1
Transaction Authorized 2
Payment Notification 6
Payer Bank
Message Sent via RTP Network 3
Payee Bank
RTP Network
Validates Message &
Payment Accepted
Confirms Liquidity 4
/ Rejected 5
Figure 2.12 538 SEPA (Europe) A similar dynamic can be seen with SEPA Instant Credit, where customers interact with their bank to authenticate transactions. 539 Originator Beneficiary Originator Bank Beneficiary Bank SCT Inst Transaction 2 SCT Inst Instruction 1 SCT Inst Transaction 3 Makes funds instantly available 5
Clearing Function of CSM
SCT Inst Instruction transaction was not successful 7
Confirmation message if SCT Inst transaction successful or not 6
Confirmation message if SCT Inst transaction successful or not 4
III
I
II
Notification of funds made available
Notification of confirmation message received
Notification of funds made available
Settlement function of CSM
Areas out of scope of the SCT Inst scheme
Figure 2.13 540
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