Batch Request for Payment RfP

To batch import FedNow and Instant Real-Time Payments (RTP) Request for Payment (RfP) files into your bank’s dashboard using either XML or CSV formats, here’s a step-by-step guide, covering both file types:

1. Understanding RfP File Structure

Banks typically accept ISO 20022-based XML files or CSV files formatted to include relevant RfP details such as:

• Payee Information (e.g., name, account, routing number)
• Payer Information
• Invoice or Reference Information
• Amount and Currency
• Due Date

Both FedNow and RTP use ISO 20022 standards, but some banks may also accept CSV for bulk uploads through their dashboard.

2. Prepare the RfP Files

XML Format (ISO 20022 Compliant)

For FedNow and RTP, XML files need to be formatted according to the ISO 20022 standard. Here's a basic structure for a batch of multiple RfPs:

xml

<Document>

  <BatchReqForPaymt>

    <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-12345</InvoiceRef>

      </PaymentInfo>

    </ReqForPaymt>

    <!-- Additional RfPs -->

    <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-67890</InvoiceRef>

      </PaymentInfo>

    </ReqForPaymt>

  </BatchReqForPaymt>

</Document>

CSV Format

If your bank supports CSV file uploads for RfPs, the structure would typically look like this. Each row represents one RfP.

csv

Payee Name,Payee Account Number,Payee Routing Number,Payer Name,Payer Account Number,Payer Routing Number,Amount,Currency,Due Date,Invoice Reference

ABC Corp,123456789,987654321,John Doe,987654321,123456789,500.00,USD,2024-10-01,INV-12345

XYZ LLC,2233445566,654321987,Jane Smith,1122334455,321654987,300.00,USD,2024-09-25,INV-67890

3. Batch File Upload Process

For XML File Upload:

1. Log in to Your Bank’s Dashboard:
   • Access the bank’s platform with your credentials.
2. Navigate to the Batch Upload Section:
   • Look for options like Request for Payment (RfP), Payments, or Batch File Upload.
3. Select XML Format:
   • If XML is the preferred format, select the option to upload an XML file.
4. Upload the XML File:
   • Click the upload button and select the XML file that you prepared.
5. Review and Submit:
   • The system will typically give you an opportunity to review the file before submitting.
   • Submit the file for processing.

For CSV File Upload:

1. Log in to Your Bank’s Dashboard:
   • Similar to the XML process, log in to the bank’s system.
2. Navigate to the Batch Upload Section:
   • Navigate to the RfP or Payments section, then find the Batch Upload functionality.
3. Select CSV Format:
   • Choose the CSV file format option if available.
4. Upload the CSV File:
   • Click the button to upload the CSV file and select the prepared batch CSV.
5. Review and Submit:
   • Preview the data to make sure everything is correct and then submit for processing.

4. Validation and Processing

Once your XML or CSV file is uploaded:

• The bank system will validate the file format and contents.
• Validation includes checks for:
  • Valid account numbers and routing numbers.
  • Correct amount formatting and currency.
  • Mandatory fields (such as payer and payee details, invoice references, etc.).

If the validation succeeds, the file is processed, and the RfPs are sent to the payer’s bank via FedNow or RTP networks.

5. Handling Errors and Rejections

• If there are any errors in the file, the system will typically notify you.
• The system may flag specific rows (in a CSV) or entries (in XML) that have validation issues.
• Correct any errors and re-upload the file.

6. Monitor Payment Status

After submitting the file:

• Real-time status updates will be available in the dashboard.
• Each RfP’s status will be displayed, such as Pending, Approved, or Rejected.
• For rejected payments, check the reason (e.g., insufficient funds, incorrect account details) and correct the issues.

7. Reconciliation

Once payments are processed:

• Reconcile the payments in your internal accounting system by marking the invoices as paid.
• You can export the confirmation data from the bank’s dashboard to update your internal records.

Example Workflow:

1. Prepare Data:
   • Gather invoice data (Payee, Payer, Amount, Due Date) from your accounting system (e.g., QuickBooks) and save it as XML or CSV.
2. Batch File Creation:
   • Format the data according to ISO 20022 (for XML) or use the CSV format mentioned above.
3. Upload to Bank’s Dashboard:
   • Log in to the bank’s dashboard, select Batch Upload, and choose either XML or CSV depending on your file.
4. File Validation:
   • The bank’s system validates the file, highlighting any errors if necessary.
5. Monitor Processing:
   • Track the real-time progress of each RfP, including successful payments and any rejections.
6. Reconciliation:
   • Once payments are confirmed, reconcile the payments in your system and mark invoices as paid.

Key Considerations:

• File Format: Ensure your XML or CSV is correctly formatted according to your bank's specifications.
• Data Accuracy: Verify all payer and payee details to avoid rejections.
• Compliance: Both FedNow and RTP are subject to stringent regulatory requirements (such as AML, KYC), so compliance data must be accurate.

This process ensures you can efficiently handle batch imports of Request for Payment (RfP) files for real-time payments through FedNow or RTP, helping to streamline your business payments process.