What is the time frame for processing 'requests for returns' in RTP?

The correct time frame for processing 'requests for returns' in the RTP (Real-Time Payments) network is within 10 banking days. This timeframe is established to ensure that participants in the network can efficiently manage transaction disputes and errors while maintaining the integrity of the payment system.

RTP is designed for rapid, real-time transactions, but it also acknowledges that there may be instances where a return is necessary, often due to unauthorized transactions or errors. The 10 banking days allows sufficient time for verification of the request and resolution in a manner that supports consumer protection while also aligning with industry standards for dispute handling.

This timeframe helps to balance the needs of transaction speed with the necessary diligence required in reviewing and processing return requests, ensuring a seamless experience for users within the RTP network.