Create Request for Payment File Format
How to Create FedNow Instant and Real-Time Payments Request for Payment File Format
FedNow and Real-Time instant payments, are defined simply as: Irrevocably collected funds in a bank account and usable immediately by the owner of the account. Our "Good Funds" payment gateway allows for instant real-time digital payments that are immediate, irrevocable, intra-bank and/or interbank account-to-account (A2A) transfers that utilize a real-time messaging system connected to every transaction participant through all U.S.-based financial institutions.
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:
- Message Identification:
- Every RfP message needs to have a unique identification code (Message ID) to distinguish it from other requests.
- Initiating Party (Debtor
Information):
- Information about the party requesting the payment (debtor), such as the name, account number, and contact details.
- Creditor Information:
- Details of the party receiving the payment (creditor), such as the name, account information, and contact details.
- Requested Payment Amount:
- The exact amount requested for payment, specified in the currency being used (usually USD for FedNow transactions).
- Purpose of Payment:
- A field that describes the purpose of the payment (e.g., invoice number, purchase order reference, etc.).
- Expiration Date:
- An optional field to indicate when the payment request will expire, after which the payer cannot complete the payment.
- Payment Terms:
- Any additional terms or conditions related to the payment, such as discount periods, due dates, or late fees.
- 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.
Creation Request for Payment Bank File
Call us, the .csv and or .xml FedNow or Request for Payment (RfP) file you need while on your 1st phone call! We guarantee our reports work to your Bank and Credit Union. We were years ahead of competitors recognizing the benefits of RequestForPayment.com. We are not a Bank. Our function as a role as an "Accounting System" in Open Banking with Real-Time Payments to work with Billers to create the Request for Payment to upload the Biller's Bank online platform. U.S. Companies need help to learn the RfP message delivering their bank. Today Payments' ISO 20022 Payment Initiation (PAIN .013) shows how to implement Create Real-Time Payments Request for Payment File up front delivering a message from the Creditor (Payee) to it's bank. Most banks (FIs) will deliver the message Import and Batch files for their company depositors for both FedNow and Real-Time Payments (RtP). Once uploaded correctly, the Creditor's (Payee's) bank continues through a "Payment Hub", will be the RtP Hub will be The Clearing House, with messaging to the Debtor's (Payer's) bank.
... easily create Real-Time Payments RfP files. No risk. Test with your bank and delete "test" files before APPROVAL on your Bank's Online Payments Platform.
Today Payments is a leader in the evolution of immediate payments. We were years ahead of competitors recognizing the benefits of Same-Day ACH
and Real-Time Payments funding. Our business clients receive faster
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items presented for deposit all based on real-time activity.
Dedicated to providing superior customer service and
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1) Free ISO 20022 Request for Payment File Formats, for FedNow and Real-Time Payments (The Clearing House) .pdf for you manually create "Mandatory" (Mandatory data for completed file) fields, start at page 4, with "yellow" highlighting. $0.0 + No Support
2) We create .csv or .xml formatting using your Bank or Credit Union. If Merchants has created an existing A/R file, we CLEAN, FORMAT to FEDNOW or Real-Time Payments into CSV or XML. Create Multiple Templates. You can upload or "key data" into our software for File Creation of "Mandatory" general file.
Fees = $57 monthly, including Activation, Support Fees and Batch Fee, Monthly Fee, User Fee, Additional Payment Method on "Hosted Payment Page" (Request for file with an HTML link per transaction to "Hosted Payment Page" with ancillary payment methods of FedNow, RTP, ACH, Cards and many more!) + $.03 per Transaction + 1% percentage on gross dollar file,
3) Payer Routing Transit and Deposit Account Number is NOT required to import with your bank. We add your URI for each separate Payer transaction.
Fees Above 2) plus $29 monthly additional QuickBooks Online "QBO" formatting, and "Hosted Payment Page" and WYSIWYG
4) Above 3) plus Create "Total" (over 600 Mandatory, Conditional & Optional fields of all ISO 20022 Pain .013) Price on quote.
Each day, thousands of businesses around the country are turning their transactions into profit with real-time payment solutions like ours.
Activation Dynamic RfP Aging and Bank Reconciliation worksheets - only $49 annually
1. Worksheet Automatically Aging for Requests for Payments and Explanations
- Worksheet to determine "Reasons and Rejects Coding" readying for re-sent Payers.
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(Merge, Match and Clear over 100,000 transactions in less than 5 minutes!)
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Contact Us for Request For Payment payment processing