On the RTP® network, a payment is final the moment it settles. So what happens when it was sent in error, sent to the wrong person, or induced by fraud? This guide explains the RTP® exception toolkit, centered on the Request for Return of Funds, with a companion manual of sample policies and procedures your institution can adapt.
Inside the book
Fourteen chapters in four parts: how RTP® exceptions work (final means final, the exception message map, and accept, reject, Accept Without Posting, and time-out); the Request for Return of Funds (sending a request, IDs and reason codes, receiving, investigating and responding, moving the money back, and second tries); fraud, warranties, and indemnity (fraud codes and fraud reporting, Request for Payment warranty claims, optional and rule-based indemnity, and the exceptions that come with OBO, IDS, and OLO payments); and putting it into practice, with policies and procedures, FAQ, and lessons learned. The Sample Policies and Procedures manual adds a governing exception processing policy, Sending Participant and Receiving Participant procedures, procedures for both sides, clocks and deadlines at a glance, a message map, and forms, all with fill-in placeholders and review decision points.
Who it’s for
RTP® payment operations and exceptions staff, their managers, and the compliance, fraud, BSA/AML, and risk professionals who write and approve exception processing policies. The sample policies are a starting point and must be reviewed and approved by your institution before use.
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Format: PDF
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