What must RTP participants do before submitting a payment message?

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In the context of Real-Time Payments (RTP), participants must ensure that prefunding requirements are met before submitting a payment message. This requirement is critical because RTP transactions are settled in real-time, meaning that the funds must be available in the payer's account at the time the payment message is sent.

Prefunding involves having sufficient balance or funds in the settlement account dedicated to processing these transactions. If this requirement isn't satisfied, there could be insufficient funds when the payment is processed, which can lead to failed transactions or delays. Therefore, confirming that all pre-funding conditions are met is an essential step in ensuring a smooth payment process, enabling participants to fulfill their obligations in real-time without encountering disruptions.

While verifying account details, compliance assessments, and customer approvals are important aspects of the overall transaction process, they do not directly influence the fundamental requirement of pre-funding that is mandatory for smooth RTP operation.