The Convective Rainfall Rate from Cloud Physical Properties (CRPh) for Meteosat Second Generation Satellites is a day-only precipitation algorithm developed at the Spanish Meteorological Agency (AEMET) for EUMETSAT’ Satellite Application Facility in support to Nowcasting and Very Short Range Forecasting (NWC SAF). It is therefore mainly intended to provide input for monitoring and near-real-time forecasts for the next few hours. This paper critically discusses the theoretical basis of the algorithm with special emphasis in the empirical values and assumptions in the microphysics of precipitation and compares the performances of the CRPh with its antecessor, the Convective Rainfall Rate algorithm (CRR), using an object-based method. The analyses show that AEMET’s CRPh is physically consistent and that outperforms the CRR. The applicability of the algorithm for nowcasting and the challenges to evolve the product to an all-day algorithm are also presented.