FedNow Request for Payment Message Specification


What is Create FedNow Request for Payment Message Specification Format

FedNow ® 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.

The FedNow Request for Payment (RFP) message specification format is based on the ISO 20022 standard. It supports the exchange of structured financial data for payment requests between parties. Below is an example of a basic FedNow Request for Payment (RFP) message format with corresponding ISO 20022 fields and their lengths.

FedNow Request for Payment (RFP) ISO 20022 Message Specification

Field Name ISO 20022 Field Description Field Length
Message ID MsgId Unique identifier for the message Max 35 characters
Creation Date Time CreDtTm Date and time when the message is created ISO DateTime Format
Request for Payment Type RFPType (custom field) Type of request (invoice, due bill, etc.) Max 4 characters
Initiating Party InitgPty Information about the party initiating the RFP Max 70 characters
Debtor Dbtr Information about the debtor (payer) Max 70 characters
Debtor Account DbtrAcct Account information of the debtor Max 34 characters
Creditor Cdtr Information about the creditor (payee) Max 70 characters
Creditor Account CdtrAcct Account information of the creditor Max 34 characters
Payment Amount IntrBkSttlmAmt Requested payment amount Numeric, 18 digits
Currency Ccy ISO currency code (e.g., USD, EUR) 3 characters
Requested Execution Date ReqdExctnDt Date on which payment should be executed ISO Date Format
Payment Reference PmtInfId Payment reference provided by the creditor Max 35 characters
Purpose Code Purp Purpose of the payment (business, services, etc.) Max 4 characters
Remittance Information RmtInf Information related to the remittance Max 140 characters
Instruction for Creditor InstrForCdtrAgt Instructions for the creditor agent Max 210 characters
Debtor Agent DbtrAgt Financial institution of the debtor Max 70 characters
Creditor Agent CdtrAgt Financial institution of the creditor Max 70 characters

Explanation of Key Fields

  • Message ID (MsgId): Unique identifier for tracking and identifying the Request for Payment (RFP).
  • Creation Date Time (CreDtTm): ISO 8601 format, capturing the exact time the message was created.
  • Initiating Party (InitgPty): Information about the entity initiating the request for payment.
  • Debtor and Creditor Information: These fields include details about the payer (debtor) and the recipient (creditor), including names, account information, and financial institutions.
  • Payment Amount and Currency (IntrBkSttlmAmt, Ccy): Specifies the amount to be paid and the currency in ISO 4217 code.
  • Remittance Information (RmtInf): Optional field for providing details that relate to the purpose of the payment.

This table outlines a basic FedNow Request for Payment message format. Further customization and additional fields may be required based on the specific use case. Let me know if you need further adjustments or additions!

 

Creation Request for Payment Bank File

Call us, the .csv and or .xml 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" with Real-Time Payments to work with Billers / Payees 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", with messaging to the Debtor's (Payer's) bank. Request for Payment

... 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 availability of funds on deposited items and instant notification of items presented for deposit all based on real-time activity. Dedicated to providing superior customer service and industry-leading technology.

Pricing with our Request For Payment Professionals

hand shake

 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. Create Multiple Templates. Payer / Customer Routing Transit and Deposit Account Number may be required or Nickname, Alias to import with your bank. You can upload or "key data" into our software for File Creation of "Mandatory" general file.

Fees = $57 monthly, including 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) We add a URI for each separate Payer transaction. Using URI, per transaction, will identify and reconcile your Accounts Receivable.

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.


Start using our Bank Reconciliation and Aging of Request for Payments:

Create FedNow Request for Payment Message Specification Format Bank Reconciliation

 Dynamic integrated with FedNow & Real-Time Payments (RtP) Bank Reconciliation: Accrual / Cash / QBO - Undeposited Funds



Contact Us for Request For Payment payment processing