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Payment Request Operation, Process and Settlement

The Raiffeisen PAY payment service is based on a REST API architecture founded on modern solution principles. Calls are made with digital signatures, following high security requirements, using easily implementable JWT tokens.

The purpose of introducing the payment request is to automate the initiation of payment orders on the payer's side and reduce cash usage. Based on the agreement with their service provider, the sending party can request the initiation of an instant transfer from the payer by submitting a payment request. The payer receives all the data of the individual transfer in the request via the interface and method provided by their service provider, and after verifying the data can approve or reject the transfer. The customer can pay the payment request for up to two months after submission, but the service provider has the option to set a shorter deadline. The service provider submitting the payment request can decide whether the payer may modify the content of the payment request, i.e., for example, whether the transaction amount can be changed.

RTP – Payment Request Solution:

  • A routing-capable identifier (IBAN or secondary identifier) must be requested from the payer, and with this information and a few parameters, the RTP init call can be made server-to-server, which initiates a payment request

  • The status of the open transaction can be queried server-to-server via the RTP query API call — based on our experience, polling at 3-5 second intervals already adequately serves the customer experience — as soon as the payer approves the request via the mobile application

Sequence diagram showing the operation of the Raiffeisen PAY merchant service, in the case of payment via payment request:

Sequence diagram showing the operation of the Raiffeisen PAY merchant service

Settlement solution applied for the Raiffeisen PAY merchant service

  • The above solutions are built on real-time settlement and it is possible to use them with separate accounts per group member.

  • By default, thanks to the instant payment system, every payment up to HUF 20 million is credited to the Customer's account within 5 seconds.