Create RfP File

Features When You Create an RfP File

Use of ISO 20022, XML and HTML Formats
Every RfP file is structured with ISO 20022-compliant elements, ensuring accuracy, validation, and financial interoperability across U.S. institutions.

Import, Upload, and Download via Payee Dashboards
Payees can upload RfP files, track response statuses, download confirmation records, and automate reconciliation through a secure dashboard interface.

Support for One-Time and Recurring Transactions
Whether it’s a one-off invoice or a scheduled subscription, the same file format supports periodic billing for ongoing business needs.

Real-Time Processing with FedNow® and RTP®
Files are routed through the fastest available network (FedNow® or RTP®), ensuring payment is received within seconds of payer confirmation.

Alias-Based MID Assignment for Accurate Tracking
Create RfP files using mobile numbers or email addresses as aliases for Merchant Identification Numbers, allowing individual tracking and control.

Hosted Payment Links Built into Every RfP
Each record includes a hosted link for the payer, making the payment experience seamless via mobile or desktop—no extra portals required.

Good Funds Guaranteed Upon Completion
Once payment is confirmed, the funds are final and immediately usable by the payee—reducing fraud risk, delays, or reversals.

Why Create RfP Files Through TodayPayments.com

1. Generate ISO 20022-compliant RfP files in XML or HTML
2. Upload and process them across all U.S. banks and credit unions
3. Use alias-based MIDs for easier reconciliation and fund routing
4. Trigger one-time or recurring RfPs using real-time payment networks
5. Track payment responses, confirmations, and audit logs in one dashboard
6. Eliminate waiting periods and improve cash flow visibility
7. Fully digital onboarding—no bank branch required
8. Seamless integration with accounting tools like QuickBooks® Online

To create a FedNow Instant and Real-Time Payments (RTP) Request for Payment (RfP) file before uploading it into your business bank’s system, you will need to follow a structured process. The Request for Payment (RfP) must comply with the required file formats and data structure, typically based on ISO 20022 standards for FedNow and RTP.

Here’s a step-by-step guide on how to create the RfP file, validate it, and prepare it for uploading to your bank:

Step 1: Gather the Required Payment Information

Before creating the RfP file, gather the necessary details for each transaction. The following key information will be included in the RfP:

• Payee Information:
  • Payee Name
  • Payee Bank Account Number
  • Payee Bank Routing Number (ABA)
• Payer Information:
  • Payer Name
  • Payer Bank Account Number
  • Payer Bank Routing Number (ABA)
• Payment Information:
  • Payment Amount
  • Payment Currency (e.g., USD)
  • Payment Due Date
  • Invoice Reference Number or any other identifying information related to the payment

Step 2: Create the RfP File in ISO 20022 XML Format

For FedNow and RTP, ISO 20022 XML is the standard file format. Below is a simplified XML structure for a Request for Payment (RfP):

Example ISO 20022 XML Structure for a Single RfP:

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>

  </ReqForPaymt>

</Document>

Key XML Elements Explained:

1. Document: This is the root element of the XML file.
2. ReqForPaymt: Contains the details of the Request for Payment.
3. PayeeInfo: Contains information about the party requesting the payment (the payee).
4. PayerInfo: Contains information about the party responsible for making the payment (the payer).
5. PaymentInfo: Holds the payment details, including the amount, currency, due date, and invoice reference.

Step 3: Automate the Creation of RfP Files (Optional)

If you need to create multiple RfP files for batch uploads, you can automate the creation of these files using a script. Below is a Python script that generates ISO 20022 XML files from a list of transactions in CSV format.

Example Python Script to Generate RfP XML Files from CSV:

python

import pandas as pd

import xml.etree.ElementTree as ET

 

# Load the CSV containing payment details

data = pd.read_csv('rfp_data.csv')

 

# Function to create an XML file for each RfP

def create_rfp_xml(row):

    root = ET.Element("Document", xmlns="urn:iso:std:iso:20022:tech:xsd:pain.013.001.07")

    rfp = ET.SubElement(root, "ReqForPaymt")

 

    # Payee Information

    payee = ET.SubElement(rfp, "PayeeInfo")

    ET.SubElement(payee, "Name").text = row['PayeeName']

    ET.SubElement(payee, "AcctNumber").text = str(row['PayeeAccount'])

    ET.SubElement(payee, "RoutingNumber").text = str(row['PayeeRouting'])

 

    # Payer Information

    payer = ET.SubElement(rfp, "PayerInfo")

    ET.SubElement(payer, "Name").text = row['PayerName']

    ET.SubElement(payer, "AcctNumber").text = str(row['PayerAccount'])

    ET.SubElement(payer, "RoutingNumber").text = str(row['PayerRouting'])

 

    # Payment Information

    payment = ET.SubElement(rfp, "PaymentInfo")

    ET.SubElement(payment, "Amount").text = str(row['Amount'])

    ET.SubElement(payment, "Currency").text = row['Currency']

    ET.SubElement(payment, "DueDate").text = row['DueDate']

    ET.SubElement(payment, "InvoiceRef").text = row['InvoiceRef']

 

    # Create an ElementTree object and save the XML to a file

    tree = ET.ElementTree(root)

    tree.write(f'rfp_{row["InvoiceRef"]}.xml')

 

# Generate XML files for each row in the CSV

for _, row in data.iterrows():

    create_rfp_xml(row)

Sample CSV Format:

csv

PayeeName,PayeeAccount,PayeeRouting,PayerName,PayerAccount,PayerRouting,Amount,Currency,DueDate,InvoiceRef

ABC Corp,123456789,987654321,John Doe,987654321,123456789,500.00,USD,2024-10-01,INV-1001

XYZ LLC,2233445566,654321987,Jane Smith,1122334455,321654987,300.00,USD,2024-09-25,INV-1002

Step 4: Validate the RfP File

Before uploading the file to your bank, it’s important to validate that the XML file is compliant with the ISO 20022 standard and follows the specific requirements of FedNow or RTP.

• Use XML validators to check for any formatting errors or missing fields.
• Some banks provide tools to test your RfP files for format compliance before submission.

Step 5: Upload the RfP File to Your Business Bank’s Dashboard

Now that your Request for Payment files are ready, follow these steps to upload them to your bank’s dashboard:

a) Log in to Your Business Bank’s Dashboard:

• Log in to your bank’s online platform using your credentials.

b) Navigate to the Payments Section:

• Go to the section labeled FedNow Payments, Real-Time Payments (RTP), or Request for Payments (RfP).

c) Upload the RfP File:

• Select the Batch Upload or File Import option, depending on your bank’s setup.
• Choose the XML file (or multiple files) you generated.
• Review the file details to ensure everything is correct.

d) Submit for Processing:

• Once the file has been uploaded and validated by the bank’s system, submit the RfP file for processing.

Step 6: Monitor and Reconcile Payments

Once the RfP file is processed:

• FedNow and RTP provide real-time notifications for payment approval and settlement.
• Monitor the status of the payment requests via your bank’s dashboard (statuses may include Pending, Completed, or Rejected).
• If any requests are rejected, you will receive error messages indicating the issue (such as incorrect account information).

After the payments are completed, reconcile them in your internal accounting system.

Key Considerations:

• Data Accuracy: Double-check all details such as account numbers, routing numbers, and payment amounts.
• Format Compliance: Ensure that your XML file follows the correct ISO 20022 schema required by your bank.
• Batch Limits: Some banks may have limits on the number of transactions in a single batch file. Check with your bank to ensure compliance with these limits.
• Security: Use secure methods to transmit files, especially if your bank offers API-based uploads.

Conclusion

By following this guide, you can efficiently create and upload Request for Payment (RfP) files for FedNow Instant Payments and Real-Time Payments (RTP). This will allow you to request and process payments in real-time through your business bank, ensuring faster and more efficient payment operations.

Build and Send Real-Time Payment Files at TodayPayments.com

Ready to eliminate payment delays and unlock real-time revenue?

✅ Create RfP files using ISO 20022 XML or HTML
✅ Send one-time or recurring payment requests with certainty
✅ Use hosted links and alias-based MIDs to simplify the payer experience
✅ Route payments through FedNow® or RTP® for instant good funds
✅ Manage it all from one secure dashboard
✅ Go live today—no paperwork, no in-person visit

Start building your real-time payment infrastructure today at https://www.TodayPayments.com
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