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.
... 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.
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:
Dynamic integrated with FedNow & Real-Time Payments (RtP) Bank Reconciliation: Accrual / Cash / QBO - Undeposited Funds
Contact Us for Request For Payment payment processing