Upload FedNow File

File Formats Supported: .Excel, .XML, and JSON for ISO 20022

TodayPayments.com supports seamless upload functionality in formats compatible with banking and accounting systems:

• Excel (.xlsx): Perfect for small businesses or manual uploads
• XML: Ideal for legacy ERP or enterprise-level integrations
• JSON: Built for fintech platforms, apps, and mobile-friendly workflows

All files are structured to support ISO 20022 fields, including:

• Transaction amount
• Description and purpose
• Payee details
• Alias (phone/email)
• Hyperlinked Hosted Payment Page (HPP)
• Payment status and settlement confirmation

Benefits of Uploading FedNow® Invoicing with TodayPayments.com

• Instant Payment Settlement via FedNow®, RTP®, ACH, and Cards
• Hosted Payment Pages linked to every invoice
• Alias Security using phone numbers and email addresses
• No Bank Visits – Full onboarding online
• Support for Over 100+ Aliases, each with unique MIDs
• QuickBooks® Online Integration
• Batch Upload & Download functionality for recurring invoices
• Real-Time Reporting & Reconciliation for bookkeepers and CFOs
• High-Risk & Bad Credit Merchant Friendly
• No Setup Fees or Credit Checks Required
• Multi-bank Compatibility – Process across credit unions or institutions
• ISO 20022 Rich Data Messaging for end-to-end visibility

What is a FedNow Request for Payment (RFP) File?

A FedNow Request for Payment (RFP) is a financial request initiated by a payee, asking a payer (business or consumer) to make a payment through the FedNow Service, a real-time payment platform developed by the Federal Reserve. The RFP file is often used in Business-to-Business (B2B) and Business-to-Consumer (B2C) transactions to streamline payment processes.

• Real-Time Payments: Once a payer approves the request, the payment is completed instantly via the FedNow network, ensuring immediate funds transfer.
• ISO 20022 Format: The standard format for FedNow RFP files is ISO 20022 XML, but other formats like CSV, XML, and JSON may also be used based on the systems handling the request.
• Typical Uses: Businesses use FedNow RFP to request payments for invoices, bills, or services. Consumers might receive RFPs from utility providers, landlords, or service providers.

The RFP file contains details such as:

• Debtor (Payer) Information: The party being requested to make the payment.
• Creditor (Payee) Information: The party requesting the payment.
• Payment Amount: The amount requested.
• Payment Reference: An identifier to link the payment to an invoice or order.

How to Upload a FedNow Request for Payment (RFP) File

To upload and process a FedNow Request for Payment (RFP) file, follow the steps below based on your chosen platform, whether it’s for personal or business banking or through accounting software like QuickBooks Online (QBO) using a third-party tool like SecureQBPlugin.

Step-by-Step Guide to Upload a FedNow RFP File

1. Determine the Format of the RFP File

FedNow RFP files can be in several formats, depending on how they are generated and sent:

• ISO 20022 XML: This is the standard format for financial requests like RFPs.
• CSV: A common file format used in some financial systems, especially for simpler integrations.
• XML: Non-ISO 20022 XML files may also be used if customized for a specific system.
• JSON: Often used for web-based systems or APIs.

Ensure you have the correct format for the system or platform where you’ll be uploading the RFP file.

2. Log Into Your Financial Platform or Accounting System

Log into your financial institution's dashboard, accounting software (like QuickBooks), or third-party middleware, where the FedNow RFP file will be uploaded.

Common Platforms:

• Online Banking Portal: Most banks have dashboards to receive FedNow payment requests.
• QuickBooks Online (QBO): If you’re using QBO, you may use an integration like SecureQBPlugin to process these files.
• Payment Platforms: Third-party platforms or FinTech apps may also provide options to upload and manage FedNow RFP files.

3. Navigate to the Payment or File Upload Section

Once logged into your platform, find the section dedicated to Payments, FedNow Services, or File Upload. Depending on the platform:

• Banking Dashboard: There should be an option to process FedNow payment requests, which may include an upload button.
• QuickBooks Online (QBO): If using QBO, navigate to your third-party integration (like SecureQBPlugin) that allows uploading payment requests.

4. Upload the FedNow RFP File

a. ISO 20022 XML Format:

• Select the Upload option and choose the ISO 20022 XML file from your computer.
• The system will read the XML structure and extract details such as the payer, amount, and payment reference.
• Ensure that the file adheres to the pain.013.001 or pain.014.001 format, which are typical for request-for-payment messages.

b. CSV Format:

• If you are uploading a CSV file, ensure that it’s structured correctly with the necessary columns (Date, Payment Amount, Payee Information, etc.).
• Some platforms will allow you to map CSV fields to their respective fields in the system. Ensure that fields like Payment Amount, Payer Info, and Payment Date are properly aligned.

c. XML Format (Non-ISO 20022):

• Upload the file via the platform’s file upload tool, and if necessary, map the fields (like Debtor, Creditor, Payment Amount) to their corresponding system fields.

d. JSON Format:

• Upload the JSON file in the same manner, ensuring that the file structure matches what the platform requires.

5. Review and Validate the RFP File

After uploading the file, most platforms will display the details extracted from the file. Ensure the following:

• Payment Amount: Verify that the amount requested matches your expectations.
• Payer and Payee Details: Confirm the debtor and creditor information.
• Payment Reference: Check if the payment reference is correct (e.g., linking to an invoice or order).

If there are errors or if data mapping is incorrect, adjust the file or mapping settings and upload the file again.

6. Approve or Confirm the Upload

Once the file is validated:

• Confirm the Upload: Approve or confirm the FedNow Request for Payment so that the system can process it.
• Depending on the platform, the payment request may be automatically sent to the payer for approval.

7. Monitor Payment Status

After the RFP file is uploaded and processed, keep track of the payment status:

• Pending Approval: The payment request is awaiting the payer's approval.
• Completed: Once the payer approves the request, the payment will be processed instantly through the FedNow Service.
• Failed or Rejected: In case of errors or rejection, review the file or contact the payer for clarification.

8. Reconcile the Payment (For Businesses)

If you're using accounting software like QuickBooks, reconcile the payment request with the corresponding invoice or transaction:

• Navigate to the Banking section in QuickBooks or your accounting software.
• Match the incoming FedNow payment request with existing transactions and invoices.
• Complete the reconciliation to mark the payment as received.

Common Use Cases for FedNow RFP Uploads:

1. B2B (Business-to-Business) Use Case

• Example: A supplier sends you a FedNow Request for Payment file for goods delivered.
• Process: You log into your accounting system, upload the ISO 20022 RFP file, review the payment request, and approve the payment via FedNow.

2. B2C (Business-to-Consumer) Use Case

• Example: A customer requests a payment for a service via FedNow. You receive the request and upload it to your financial institution’s dashboard to process the payment.

Key Considerations:

• File Format: Ensure that the RFP file format (ISO 20022, CSV, XML, JSON) matches the requirements of the platform you’re using.
• Field Mapping: Carefully map the fields from the RFP file to the system's required fields, particularly for CSV or custom XML/JSON formats.
• Validation: Verify the details extracted from the RFP file before approving the upload.

Conclusion

Uploading a FedNow Request for Payment (RFP) file is straightforward if you follow the correct process and ensure the file format is compatible with your financial institution or accounting platform. Platforms like QuickBooks Online (QBO), through tools like SecureQBPlugin, make it easy to manage and process these payment requests for both B2B and B2C transactions.