Real-Time Payments File Format
How to Real-Time Payments Request for Payment File Format
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 Real-Time Payments (RTP) Request for Payment (RfP) file typically adheres to the ISO 20022 XML format. This international standard governs electronic data interchange between financial institutions and is used for a variety of payment processing, including RTP systems such as FedNow and The Clearing House RTP. Here's a breakdown of the key components in an RfP file format:
1. ISO 20022 Format
- ISO 20022 Pain.013: This is the payment initiation message standard used to create RfP files. It includes mandatory, conditional, and optional fields.
- XML Structure: The file is structured in XML format, which allows it to be machine-readable and easily parsed by banking systems.
2. Core Components of an RfP File:
- Header Information: Includes details such as message ID, creation date, and version.
- Creditor Information (Payee): Contains the name, bank account details (IBAN, Routing Number, etc.), and the creditor's reference number.
- Debtor Information (Payer): Includes the debtor's name, account information, and payment reference.
- Payment Amount and Currency: Specifies the amount being requested, along with the associated currency (e.g., USD, EUR).
- Due Date: The date by which the payment is requested to be completed.
- Remittance Information: Details regarding the payment, such as invoice numbers, billing information, or any other contextual data necessary for reconciliation.
- Request for Payment Type: Whether the request is for a single or recurring payment.
3. Example Fields:
- <CdtTrfTxInf>: Credit Transfer Transaction Information, including the payment amount and beneficiary.
- <IntrBkSttlmAmt>: Interbank settlement amount.
- <ReqdExctnDt>: Required execution date for the payment.
- <UltmtDbtr>: Ultimate debtor (payer) details.
- <PmtTpInf>: Payment type information.
4. Additional Data:
- Payment Hub Information: Data regarding the intermediary (such as The Clearing House or FedNow) that facilitates the message delivery from the creditor’s bank to the debtor’s bank.
- Bank-Specific Fields: Banks may require additional proprietary fields based on their infrastructure, such as specific routing instructions or internal reference numbers.
5. File Types:
- .xml: Standard format for RTP transactions.
- .csv: Some banks may also accept CSV formats for batch uploads, especially when multiple payments are requested simultaneously.
6. Security Considerations:
- Encryption: The file must be securely transmitted using encryption methods like HTTPS or SFTP.
- Digital Signatures: Many RTP systems require digitally signed files to ensure authenticity and prevent tampering.
By following the ISO 20022 standards, financial institutions ensure that RfP files are universally recognized and processed efficiently. For detailed technical specifications, most banks provide their own guidelines based on the ISO 20022 framework, and solutions like SecureQBPlugin help generate compliant RfP files for QuickBooks users
.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" 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
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 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) 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.
- Use our solution yourself. Stop paying accountant's over $50 an hour. So EASY to USE.
- No "Color Cells to Match Transactions" (You're currently doing this. You won't coloring with our solution).
- One-Sheet for Aging Request for Payments
(Merge, Match and Clear over 100,000 transactions in less than 5 minutes!)
- Batch deposits displaying Bank Statements are not used anymore. Real-time Payments are displayed "by transaction".
- Make sure your Bank displaying "Daily FedNow and Real-time Payments" reporting for "Funds Sent and Received". (These banks have Great Reporting.)
Contact Us for Request For Payment payment processing
