It is not possible to increase the timeout value. It is set inside MessageWorkflow method of WorkflowManager that is used when you Publish an item. There is a task for exposing a configuration for setting SendTimeout for Q2.
One minute should be enough for the service to complete the request. Check if there is some loop in your implementation or observe the service trace to see if something blocks the service .
All the best,
the Telerik team
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