Create Request for Payment File

Creating a FedNow Instant and Real-Time Payments (RTP) Request for Payment (RfP) file involves generating a properly formatted ISO 20022 XML file. This standard is used by both FedNow and RTP to structure payment request messages between financial institutions. Below is a step-by-step guide to help you create an RfP file that complies with FedNow and RTP requirements.

Step 1: Understand the Components of an RfP File

An RfP (Request for Payment) file includes the following key components:

• Payee Information: Details about the person or entity requesting payment.
• Payer Information: Details about the person or entity responsible for paying.
• Payment Information: Includes the amount, currency, due date, and invoice reference.
• Message Details: Metadata about the request.

Step 2: ISO 20022 XML Structure for RfP File

Below is the basic structure for an ISO 20022 XML Request for Payment (RfP) file. This example includes a request for payment where a business (ABC Corp) is requesting a payment from a customer (John Doe).

Example of an RfP in ISO 20022 XML Format:

xml

<?xml version="1.0" encoding="UTF-8"?>

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

  <ReqForPaymt>

    <!-- Payee Information -->

    <PayeeInfo>

      <Name>ABC Corp</Name>

      <AcctNumber>123456789</AcctNumber>

      <RoutingNumber>987654321</RoutingNumber>

    </PayeeInfo>

 

    <!-- Payer Information -->

    <PayerInfo>

      <Name>John Doe</Name>

      <AcctNumber>987654321</AcctNumber>

      <RoutingNumber>123456789</RoutingNumber>

    </PayerInfo>

 

    <!-- Payment Information -->

    <PaymentInfo>

      <Amount>500.00</Amount>

      <Currency>USD</Currency>

      <DueDate>2024-10-01</DueDate>

      <InvoiceRef>INV-1001</InvoiceRef>

    </PaymentInfo>

 

    <!-- Additional Metadata -->

    <MessageInfo>

      <MessageId>RFP-INV-1001</MessageId>

      <CreationDate>2024-09-10T10:15:30</CreationDate>

    </MessageInfo>

  </ReqForPaymt>

</Document>

Key Elements Explained:

• PayeeInfo: Contains the details of the person or entity requesting the payment.
  • Name: The name of the payee (e.g., ABC Corp).
  • AcctNumber: The payee's bank account number.
  • RoutingNumber: The payee's routing number (ABA).
• PayerInfo: Contains the details of the person or entity expected to make the payment.
  • Name: The name of the payer (e.g., John Doe).
  • AcctNumber: The payer's bank account number.
  • RoutingNumber: The payer's routing number (ABA).
• PaymentInfo: Contains the payment details.
  • Amount: The amount of money requested (e.g., 500.00).
  • Currency: The currency in which the payment is requested (e.g., USD).
  • DueDate: The date by which the payment should be made (e.g., 2024-10-01).
  • InvoiceRef: The invoice or reference number (e.g., INV-1001).
• MessageInfo: Contains additional metadata.
  • MessageId: A unique identifier for this specific request for payment.
  • CreationDate: The timestamp when the message was created.

Step 3: Create Multiple RfP Entries for Batch Uploads (Optional)

If you need to submit multiple RfP requests at once (for a batch process), you can add multiple <ReqForPaymt> entries within the <Document> tag.

Example of Batch RfP XML File:

xml

<?xml version="1.0" encoding="UTF-8"?>

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

  <ReqForPaymt>

    <PayeeInfo>

      <Name>ABC Corp</Name>

      <AcctNumber>123456789</AcctNumber>

      <RoutingNumber>987654321</RoutingNumber>

    </PayeeInfo>

    <PayerInfo>

      <Name>John Doe</Name>

      <AcctNumber>987654321</AcctNumber>

      <RoutingNumber>123456789</RoutingNumber>

    </PayerInfo>

    <PaymentInfo>

      <Amount>500.00</Amount>

      <Currency>USD</Currency>

      <DueDate>2024-10-01</DueDate>

      <InvoiceRef>INV-1001</InvoiceRef>

    </PaymentInfo>

    <MessageInfo>

      <MessageId>RFP-INV-1001</MessageId>

      <CreationDate>2024-09-10T10:15:30</CreationDate>

    </MessageInfo>

  </ReqForPaymt>

 

  <ReqForPaymt>

    <PayeeInfo>

      <Name>XYZ LLC</Name>

      <AcctNumber>2233445566</AcctNumber>

      <RoutingNumber>654321987</RoutingNumber>

    </PayeeInfo>

    <PayerInfo>

      <Name>Jane Smith</Name>

      <AcctNumber>1122334455</AcctNumber>

      <RoutingNumber>321654987</RoutingNumber>

    </PayerInfo>

    <PaymentInfo>

      <Amount>300.00</Amount>

      <Currency>USD</Currency>

      <DueDate>2024-09-25</DueDate>

      <InvoiceRef>INV-1002</InvoiceRef>

    </PaymentInfo>

    <MessageInfo>

      <MessageId>RFP-INV-1002</MessageId>

      <CreationDate>2024-09-11T12:30:00</CreationDate>

    </MessageInfo>

  </ReqForPaymt>

</Document>

Step 4: Validate the RfP File

Before submitting your RfP file, it’s essential to validate it to ensure that the XML structure complies with the ISO 20022 schema and your bank's specific requirements. You can use online XML validation tools or tools provided by your bank to validate the file.

• XML Validators: Use online XML validators to check for errors or missing fields.
• Bank-Specific Tools: Some banks provide validation tools to check the XML file format before submission.

Step 5: Submit the RfP File to Your Bank

After preparing and validating the RfP file, you need to upload it to your business bank’s dashboard for FedNow or RTP real-time processing.

a) Log in to Your Bank’s Dashboard:

• Use your credentials to log in to your bank’s online platform.

b) Navigate to the RfP Section:

• Look for the Request for Payment (RfP) section under FedNow or Real-Time Payments (RTP) services.

c) Upload the RfP File:

• Select the Batch Upload or File Import option.
• Choose the XML file you created.
• Review the data and submit the file for processing.

d) Monitor the Status:

• Once uploaded, you can monitor the status of each RfP (pending, completed, or rejected) in the dashboard. Ensure that the payments are processed in real-time.

Step 6: Reconcile Payments

After payments have been processed:

• FedNow and RTP will provide real-time notifications and settlement details.
• Use this information to reconcile payments in your internal accounting systems or tools like QuickBooks.

Key Considerations:

• Compliance: Ensure all fields are filled correctly to meet regulatory and compliance requirements.
• File Format: The RfP file must follow the ISO 20022 format required by FedNow and RTP.
• Security: Always ensure the secure transmission of your files when uploading them to your bank’s portal.

Conclusion

By following this guide, you can create an ISO 20022 XML-based Request for Payment (RfP) file for FedNow and Real-Time Payments (RTP). Once prepared, the file can be uploaded to your business bank’s dashboard for real-time payment processing. This process ensures that your payments are handled efficiently and in compliance with current payment standards.

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Don’t let outdated payment files hold you back.

✅ Create RfPs in ISO 20022, XML, Excel, or CSV
✅ Accept alias-based payments via FedNow® or RTP®
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✅ Get paid faster with full reconciliation and dashboard control
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Create, upload, and process RfPs with confidence at https://www.TodayPayments.com
Real-Time Payments Done Right – Structured, Secure, and Instant.

 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.

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