Key Concepts
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Instant Payments transfer funds in real time over networks like RTP®, FedNow®, or CRNow.
- Message Type: pacs.008
- Purpose: Sends funds from the debtor (account initiating payment) to the creditor (account receiving payment).
- Debtor FI: The financial institution sending the payment.
- Creditor FI: The financial institution receiving the payment.
- Type of Payment: Push payment (initiated by the sender).
Key Notes:
- Credit transfers are one-way payments initiated by the sender.
- Cross River enforces a daily send limit for Instant Payments per partner.
- CRNow facilitates instant credit transfers within Cross River’s network, providing faster internal partner payments.
Refer to the diagram below for the end-to-end credit transfer process, showing interactions between the debtor, creditor, their financial institutions, and the instant payments network.
Request for Payment (RfP) enables authorized pull payments by requesting funds from the debtor.
- Message Type: pain.013
- Purpose: Allows the creditor to send a payment request to the debtor, who must authorize the payment.
- Debtor Role: Reviews and approves the request before the transfer occurs.
- Type of Payment: Pre-authorized pull payment (initiated by the receiver through a request).
Key Notes:
- RfPs offer a way to collect payments securely and transparently.
- Instant Payments networks do not support automatic pull payments. Payments only proceed after debtor authorization.
- CRNow also supports RfPs for internal partner payments within Cross River’s ecosystem, streamlining fund requests and transfers.
This diagram shows the flow from the initial request by the creditor to debtor authorization and final payment execution.
Ultimate debtor and creditor roles provide receiving banks with greater transparency about the true originator or recipient of funds. These roles are essential when multiple parties are involved on either the sender (debtor) or receiver (creditor) side, clarifying which party is acting on behalf of another. This ensures precise and efficient transaction processing.
- Business Account Requirement:
- Ultimate debtor or creditor use requires the corresponding debtor or creditor account to be a business account.
Flow Example:
- The Sender (end user) initiates payment through the Merchant’s app.
- The Merchant (Ultimate Debtor) facilitates the transaction on behalf of the Sender.
- You act as the Debtor, affiliated with Cross River.
- Cross River (Sending FI) manages and processes the transaction.
- The Receiving FI receives the funds on behalf of the final beneficiary.
- The Receiver (end beneficiary) collects the disbursement.
This diagram shows the fund flow variations involving Ultimate Debtors and Creditors.
