Much-anticipated is the introduction of Request for Payment (RFP) functionality in the conversation around real time payments and overall digital transformation.

In the overall digital transformation and real time narrative, the request for pay has featured predominantly in the retail space but what benefits can it bring to the corporate arena?

However, the benefits of RFP functionality are not immediately obvious to banks, in particular corporates, in order to make the leap. Indeed what are the use cases? How can financial organisations leverage efficiencies and cost-savings that RFP can bring, and how can these new overlay services impact corporate operations?

Integrated with clearing systems or as a standalone outside clearing, RFP functionality facilitates a raft of flexibility and transparency in terms of payment flows, and information around the payment, meaning a greater view on commercial data flow for large corporates, and liquidity for small businesses, broader visibility of working capital and control, and greater transparency on reconciliation and payment flows. It also allows for internal cost reduction, via low cost routing, and greater efficiency generally.

There are obvious advantages to be had in the immediacy of moving money. Can it help in mitigating fraud and risk?

Retention of the customer is the ultimate objective, can corporate banks afford not to implement infrastructure that may allow them to compete with the growing community of fintechs populating every space of the digital financial services world?

Join this breakfast roundtable discussion hosted by Finextra, in association with Vocalink, to discuss these questions and more, and find out:

• How to exploit the value RFP presents to tailor new product and services to corporate clients
• How to stay relevant in the ongoing digital transformation and real-time payments narrative, fending off stiff fintech competition
• What services can be developed on the back of RFP implementation and what benefits does this bring to corporates and their banks?

Speakers include:

• Tino Kam, Head of Payments, Liquidity Management and Corporate Channels, Nordea
• Irfan Ahmad, Senior Vice President, The Clearing House