Transaction RFI Guide
Understanding Requests for Information, payment timelines, and how to keep your transactions moving.
01. What is an RFI?
RFI stands for Request for Information. It is a compliance-driven requirement for additional context or supporting documentation relating to a payment. RFIs are a standard part of the regulated banking system, particularly within the banking network, and exist to manage risk and ensure regulatory compliance.
RFIs can be triggered at any point in the payment process, from before a payment is accepted through to after it has been completed. They are especially common when transactions cross jurisdictions, involve third parties, or follow unusual patterns.
02. When and why RFIs are triggered
RFIs are triggered when the compliance system or banking partner requires more information to process a payment with confidence. Common triggers include:
- New customers with no prior transaction history
- Sudden or unexpected changes in transaction volume
- Payments to individuals rather than registered businesses
- Transactions crossing high-risk jurisdictions
- Payments without a clear or specific description
- Complex ownership or payment chains
- Digital asset activity requiring source of funds clarification
Compliance standards and banking partner requirements evolve over time. A transaction that was approved without an RFI in the past may trigger one in the future as standards tighten. This is normal and expected.
03. The three types of RFI
1. Up-front RFI
Before a withdrawal or payment is accepted and processed, the system evaluates whether the transaction requires additional information. If it does, you will be notified via the Management Dashboard before you can complete payment setup. Providing documentation at this stage means your payment proceeds without interruption once the documents are reviewed.
2. Inline RFI
During payment processing, your banking partner may require further information even in cases where an up-front review was performed. If this happens you will receive an email with instructions at any stage of the process, including after the transaction appears to have been completed. The payment is placed on hold until the RFI is resolved.
3. Post-transaction RFI
On rare occasions, banking partners conduct audits of completed transactions from previous periods and raise RFIs retrospectively. These are less common but must be responded to with the same urgency and completeness as other RFI types.
04. Payment timelines and RFIs
Once an RFI is triggered, the standard payment timeline is paused until it is fully resolved. The timeline below shows the additional time that applies depending on the RFI situation.
| Situation | Estimated additional time |
|---|---|
| Documentation provided up front before payment | 2 to 5 business hours for compliance review, plus 0 to 1 business days for banking partner review |
| Documentation required after payment is initiated (inline RFI) | 0 to 5 business days for you to collect and return documents (you control this), plus 2 to 5 business hours for compliance review, plus 0 to 1 business days for banking partner review |
| No response received from account holder | Response expected within 2 business days. If no response within 5 business days, the transaction will be cancelled and the account may be frozen. |
05. What you need to know about RFIs
The following rules apply to all RFIs on the Banqeta platform.
- Once an RFI is triggered it cannot be cancelled or sped up. It must be fully resolved before the payment can proceed.
- When you receive an RFI the original payment timeline no longer applies.
- You must respond within 2 to 5 business days with complete and accurate documentation.
- If you do not respond within 5 business days the transaction will be cancelled and the account may be frozen.
- Any open RFI can slow down all other transactions on your account until it is resolved.
- Poor quality or incomplete responses increase your compliance risk profile, which may result in more frequent RFIs.
- Clear, complete, and timely responses reduce your risk profile and result in fewer RFIs over time.
- Repeated failure to respond or providing misleading information may result in account suspension.
06. Documents commonly required for RFIs
The specific documents required depend on the nature of the transaction and the jurisdiction involved. The following are the most common categories.
| Document type | What it demonstrates |
|---|---|
| Invoice | Provides a detailed description of goods or services, billing terms, and the parties involved in the transaction. |
| Source of funds | Documents the origin of the money being transferred. This may include employment records, bank statements, evidence of a property sale, inheritance documentation, or business revenue records. |
| Sender and receiver relationship | Agreements, contracts, or other documentation that explains the relationship between the parties making and receiving the payment. |
| Purpose of payment | Clarification of why the payment is being made, whether for goods, services, capital purchase, or another legitimate purpose. |
The specific documents that satisfy each category may vary depending on jurisdiction. When in doubt, provide more rather than less.
07. How to prepare and reduce RFIs
The best way to manage RFIs is to reduce how often they occur. The following practices will help.
Attach supporting documents proactively
For every significant transaction, collect invoices, contracts, and purchase orders from your customers and attach them to the transaction before it is submitted. Do not wait for an RFI to be raised.
Use clear and specific payment descriptions
Vague descriptions such as payment or transfer are common RFI triggers. Describe what the payment is for specifically. For example: payment for software development services, invoice 1042, October 2025.
Check that names match exactly
The sender and beneficiary names on all supporting documents must match the names used in the transaction exactly. Mismatches are a common reason RFIs are escalated or rejected.
Understand what triggers RFIs for your business
New customers, sudden volume increases, and payments to individuals rather than registered businesses are more likely to trigger RFIs. If you know a transaction is unusual, prepare documentation in advance.
Review documents before submitting
Before returning documentation in response to an RFI, ask yourself whether a downstream bank compliance officer would find it clear, complete, and sufficient. If not, provide additional context.
Respond quickly
The single most effective thing you can do when you receive an RFI is respond promptly and completely. Every day of delay extends the payment hold. Every complete response builds trust and reduces your risk profile over time.