Real-Time Payments Request for Payment Files

Creating Real-Time Payments (RTP) Request for Payment (RfP) files for use with all financial institutions typically involves following standardized formats and methods to ensure interoperability across banks. The standard for these files is generally based on the ISO 20022 messaging format, which enables consistent data exchange for payment instructions. The specific requirements for generating these files can vary slightly depending on the financial institution's system, but the core attributes remain similar.

Key Attributes for Creating RTP Request for Payment (RfP) Files:

1. ISO 20022 Standard:

• Most financial institutions that support Real-Time Payments use the ISO 20022 format, particularly the PAIN.013 message format for RfPs.
• The file is structured in XML format, making it machine-readable and standardized for electronic data interchange.

2. Mandatory Fields in the File:

• Message Identification (MsgID): A unique identifier for each payment request.
• Creditor (Payee) Information: Name, address, and bank account details (IBAN, BIC, or routing number).
• Debtor (Payer) Information: The payer’s name, account details, and bank identifier.
• Transaction Amount: Specifies the payment amount along with the currency (e.g., USD, EUR).
• Payment Date: The date by which the payment is expected (due date).
• Remittance Information: A detailed explanation of the payment, including invoice number, reference details, or customer number.

3. File Types and Structure:

• .XML: This is the most common file format for RTP systems and is required by most financial institutions for real-time payment requests.
• .CSV: Some banks or financial institutions may also accept CSV files, particularly for batch processing, although they generally prefer XML for structured data exchange.

4. Interoperability Across Financial Institutions:

• Most financial institutions, including those participating in systems like FedNow and The Clearing House RTP, require files to be formatted according to ISO 20022 specifications. This allows interoperability between different payment systems and financial institutions globally.
• The PAIN.013 file format ensures that banks, credit unions, and payment hubs can process the files without issue, regardless of their internal system.

5. Authentication and Security:

• Digital Signatures: Files must often include digital signatures to ensure authenticity and to verify that the data has not been tampered with.
• Encryption: To protect sensitive financial information, files must be encrypted, particularly when transmitted between systems. Common encryption methods include SFTP and HTTPS.

6. File Validation:

• Files must pass validation checks for compliance with ISO 20022 schema rules. Each bank may also have additional validations for specific fields such as customer identifiers, invoice numbers, or unique message IDs.

Steps for Creating RTP Request for Payment Files:

1. Data Collection: Collect the required data, such as payer and payee details, transaction amounts, due dates, and remittance information.
2. File Generation: Use an RTP-compliant platform, like SecureQBPlugin (for QuickBooks users), or a bank's provided API to generate the RfP file in ISO 20022 XML format.
3. File Transmission: Send the file through a secure channel, such as SFTP, to the bank for processing. The bank’s RTP system will then deliver the RfP to the payer’s institution.
4. Payment Confirmation: Once the payer approves the request, the payment is processed in real-time, and both payer and payee receive confirmation messages.

Tools for RfP File Creation:

• SecureQBPlugin for QuickBooks: This tool helps QuickBooks users generate RTP Request for Payment files, making the process simple and ensuring compliance with ISO 20022 standards

Real-Time Request Payment

Real-Time Wire

• Bank APIs: Many financial institutions provide APIs for creating and transmitting RTP files, often with detailed specifications on the required XML structure.

By adhering to the ISO 20022 format and ensuring secure transmission methods, you can generate RfP files that are compatible with any financial institution's RTP system.