This means that there is no standard for creating RTP payments and so each originating bank has built their own interface.īecause RTP is meant to be real-time, the interfaces provided by banks are often HTTP-based rather than file-based. That being said, most financial institutions have taken the approach of modeling their customer interfaces as thin wrappers on top of the messages they (or their software providers) send on the network, namely pacs.002 and pacs.008: A notable side effect of this transition is the use of JSON instead of XML. Pacs is a shortened form of "Payments Clearing and Settlement," a collection of messages that Financial Institutions (FIs) send to each other to process payments. #Iso 20022 example updateįinancial institutions also use pacs messages to each other to update each other on the status of certain payments. The exact timings and flows of these messages are dictated by the RTP Technical Documentation. The first is to get the interface details from your corporate bank, who will act as the originating bank. The second is to use a third party service provider such as Modern Treasury.
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