Create Request for Payment File Format

Why Use ISO 20022 RfP Formats?

Standardized, Rich Data Messaging Across All Banks

ISO 20022 is the future of global financial messaging—and now it's powering FedNow® and RTP® networks in the U.S. This universal standard:

• Ensures interoperability across all banks and credit unions
• Enables real-time, transparent payment processing
• Supports enhanced remittance fields (e.g., invoice numbers, PO references)
• Helps you embed hosted payment links directly into the message
• Provides secure aliasing using mobile numbers or email addresses

With TodayPayments.com, you can quickly generate ISO 20022-compliant RfP files, batch upload them, and get notified in real time when payers respond and funds are delivered.

Top Features & Benefits of RfP File Uploads

• Upload in .Excel, .XML, or .JSON formats
• Trigger instant credit transactions using FedNow® or RTP®
• Send via email, text, web portal, or mobile app
• Enable payers to approve from desktop or smartphone
• Batch uploads for single or recurring transactions
• Secure aliasing (no bank account shared)
• Hosted payment page auto-inserted into each request
• Reconciliation built-in for CFO and accounting teams
• QuickBooks® QBO integration
• Serve high-risk, low-credit, and startup merchants
• Enroll with 100+ aliases, each with a unique MID
• No sign-up fee. No bank visit. No waiting.

Creating a Request for Payment (RfP) file format for FedNow instant and real-time payments involves adhering to the technical specifications outlined by the FedNow Service. FedNow is a real-time payment system developed by the Federal Reserve for instant settlement of payments. To create a compliant Request for Payment (RfP) file, follow these general guidelines:

Key Elements of the FedNow RfP File Format:

The FedNow RfP typically includes several key elements in XML or ISO 20022 formats. Below are the essential components:

1. Message Identification:
   • Every RfP message needs to have a unique identification code (Message ID) to distinguish it from other requests.
2. Initiating Party (Debtor Information):
   • Information about the party requesting the payment (debtor), such as the name, account number, and contact details.
3. Creditor Information:
   • Details of the party receiving the payment (creditor), such as the name, account information, and contact details.
4. Requested Payment Amount:
   • The exact amount requested for payment, specified in the currency being used (usually USD for FedNow transactions).
5. Purpose of Payment:
   • A field that describes the purpose of the payment (e.g., invoice number, purchase order reference, etc.).
6. Expiration Date:
   • An optional field to indicate when the payment request will expire, after which the payer cannot complete the payment.
7. Payment Terms:
   • Any additional terms or conditions related to the payment, such as discount periods, due dates, or late fees.
8. RfP Format Options:
   • The FedNow system supports ISO 20022 messaging standards. You will typically use XML to format these fields.

Steps to Create an RfP File for FedNow

1. Understand the ISO 20022 Standard:

• ISO 20022 is a global standard for electronic data interchange between financial institutions. For FedNow, you need to implement a specific subset of this standard related to Request for Payment (RfP) messages.
• The relevant ISO 20022 message types include pain.013.001.07 (Request for Payment Initiation) and pain.014.001.07 (Response to Request for Payment).

2. Define the Message Format:

• Use the ISO 20022 XML schema for Request for Payment. The message must include elements such as the GroupHeader, PaymentInformation, Creditor, Debtor, and Purpose.

3. Create the XML Structure:

Here’s a simplified version of an XML-based RfP:

xml

<Document xmlns="urn:iso:std:iso:20022:tech:xsd:pain.013.001.07">

   <CstmrDrctDbtInitn>

      <GrpHdr>

         <MsgId>Msg-001</MsgId>

         <CreDtTm>2023-09-14T10:30:00</CreDtTm>

         <NbOfTxs>1</NbOfTxs>

         <CtrlSum>100.00</CtrlSum>

         <InitgPty>

            <Nm>Debtor Name</Nm>

            <Id>

               <OrgId>

                  <Othr>

                     <Id>DEBTOR_ID</Id>

                  </Othr>

               </OrgId>

            </Id>

         </InitgPty>

      </GrpHdr>

      <PmtInf>

         <PmtInfId>Payment-001</PmtInfId>

         <PmtMtd>TRF</PmtMtd>

         <ReqdColltnDt>2023-09-20</ReqdColltnDt>

         <Cdtr>

            <Nm>Creditor Name</Nm>

         </Cdtr>

         <CdtrAcct>

            <Id>

               <IBAN>US12345678901234567890</IBAN>

            </Id>

         </CdtrAcct>

         <Dbtr>

            <Nm>Debtor Name</Nm>

         </Dbtr>

         <DbtrAcct>

            <Id>

               <IBAN>US09876543210987654321</IBAN>

            </Id>

         </DbtrAcct>

         <RmtInf>

            <Ustrd>Invoice #12345</Ustrd>

         </RmtInf>

      </PmtInf>

   </CstmrDrctDbtInitn>

</Document>

4. Validate the File:

• Use a tool or a library compatible with ISO 20022 to validate your XML structure.
• Ensure that the required fields match the FedNow specifications and that the message structure is correct.

5. Test the RfP Message:

• Use FedNow's sandbox or testing environment to submit the RfP file. Test for accuracy, format compliance, and processing speed.
• Ensure error handling is set up to manage possible issues during the payment process.

6. Compliance with Security Requirements:

• Ensure that your RfP file is transmitted over secure, encrypted channels as specified by FedNow. Data privacy regulations should be followed strictly.

Additional Notes:

• FedNow supports the creation of both standalone and recurring RfP messages, so ensure that you use the appropriate message type for your specific case.
• Make sure your financial institution or payment service provider is properly registered with FedNow to ensure compatibility with the service.

For more detailed guidelines, consult the Federal Reserve's FedNow Service documentation for real-time payments.

Ready to Get Paid Faster? Let’s Make It Happen.

Creating and uploading Request for Payment files shouldn't be complex. With TodayPayments.com, you get:

✅ ISO 20022-compliant RfP support
✅ Real-time payments via FedNow® & RTP®
✅ Instant notification when funds are received
✅ QuickBooks® Online integration
✅ Real-time reconciliation for your CFO
✅ Multi-alias, multi-bank enrollment for all 50 states

Whether you're a small business or a large enterprise, TodayPayments.com gives you the tools to create, send, and settle payments faster than ever before.

👉 Visit https://www.TodayPayments.com today and start uploading your Request for Payment (RfP) files for instant credit certainty across any U.S. financial institution.