The algorithm of the Convective Rainfall Rate with Microphysical Properties (CRRPh) product of the 2021 version of the Nowcasting and Very Short Range Forecasting Satellite Application Facility (NWC SAF) presents innovative characteristics. It was developed employing principal components analysis to reduce the number of utilized parameters and uses the same mathematical scheme for day and night, simulating the missing visual channels and satellite-derived cloud water path information that is unavailable during nighttime. Applying adequate statistical methodologies and scores and using rain gauge data as ground truth, it is shown that the new algorithm appears to be significantly improved compared to its predecessors in regard to the delineation of the precipitation areas. In addition, it minimizes the day–night difference in the estimation efficiency, which is a remarkable achievement. The new product suffers from slightly higher errors in the precipitation accumulations. Finally, it is shown that topography does not seem to affect the estimation efficiency of the product. In light of these results, it is argued that, overall, the new algorithm outperforms its predecessors and, possibly after adequate adaptations, can be used as a real-time total precipitation product.