What must RTP participants do before submitting a payment message?

Before submitting a payment message in the RTP (Real-Time Payments) network, it is crucial for participants to ensure that prefunding requirements are met. This is because the RTP network operates under a model where funds must be available in real-time at the time of payment. Prefunding refers to the necessity of having enough funds set aside to cover the payments that a participant intends to process. Without meeting these prefunding requirements, the transaction cannot be executed, which could result in delays or failures in processing the payment.

In the context of RTP, ensuring available funds is a fundamental step that underpins the real-time nature of the service, providing assurance that payment messages will be settled immediately, thereby fostering trust and efficiency in the network. Each participant needs to manage their liquidity correctly, as this is pivotal for maintaining the smooth functionality of the RTP system.