FedNow RfP Message Format

A FedNow Request for Payment (RfP) message format includes multiple components and follows ISO 20022 XML standards for financial messaging. Below, I provide a structure that includes communication methods like texting, smartphone notification, email, and the final ISO 20022 XML format.

1. Request for Payment (RfP) Message Overview

The RfP enables a payee to request a payment from a payer via various communication channels (SMS, email, smartphone app). Once the payer agrees, the payment can be processed in real time.

2. General Structure of an RfP Message

• Payee Details
  • Name
  • Contact information (email, phone)
  • Bank details (optional or masked)
• Payment Request Details
  • Amount to be paid
  • Reason for payment
  • Invoice number/reference number
  • Due date
• Payer Details
  • Name
  • Bank/Account information (optional or masked)

3. Communication Components

a. Texting (SMS)

For simplicity, texting (SMS) should follow a short and clear format with the most important details:

[Payee Name] requests a payment of [$Amount] for [Purpose/Invoice #12345].

Please respond via: [Payment URL]

Due by: [MM/DD/YYYY]

Example:

John Doe requests a payment of $100 for Invoice #12345.

Please pay using this link: https://pay.example.com/request123

Due by: 09/30/2024.

b. Smartphone Notification

Smartphone notifications can provide a bit more information due to their interface capabilities:

Notification Example:

Title: Payment Request from [Payee Name]

Body:

You have a new payment request of [$Amount] for [Purpose].

Reference: Invoice #12345

Due Date: [MM/DD/YYYY]

Tap to pay now: [Payment URL]

c. Email Message

Email allows for more detailed information to be included:

Subject: Payment Request from [Payee Name] – Invoice #[Reference Number]

Body:

Dear [Payer Name],

 

You have received a payment request from [Payee Name] for the following details:

 

- Amount: [$Amount]

- Purpose: [Purpose/Service Description]

- Invoice Reference: #[Reference Number]

- Due Date: [MM/DD/YYYY]

 

To complete your payment, please use the following secure link: [Payment URL]

 

Thank you,

[Payee Name]

Contact Info: [Payee Contact Info]

4. ISO 20022 XML Format for FedNow RfP Message

ISO 20022 is a global standard for electronic data exchange between financial institutions. Below is a simplified format of the ISO 20022 XML message for an RfP, following the guidelines from the FedNow service:

<Document xmlns="urn:iso:std:iso:20022:tech:xsd:pain.013.001.07">

  <ReqForPay>

    <GrpHdr>

      <MsgId>RFPM-12345</MsgId>

      <CreDtTm>2024-09-01T12:30:00</CreDtTm>

      <InitgPty>

        <Nm>John Doe</Nm>

        <Id>

          <OrgId>

            <Othr>

              <Id>123456789</Id>

            </Othr>

          </OrgId>

        </Id>

      </InitgPty>

    </GrpHdr>

    <PmtReqInf>

      <ReqdExctnDt>2024-09-30</ReqdExctnDt>

      <PmtInfId>INV-12345</PmtInfId>

      <PmtMtd>TRF</PmtMtd>

      <Amt>

        <InstdAmt Ccy="USD">100.00</InstdAmt>

      </Amt>

      <Dbtr>

        <Nm>Jane Smith</Nm>

      </Dbtr>

      <Cdtr>

        <Nm>John Doe</Nm>

        <PstlAdr>

          <StrtNm>Main Street</StrtNm>

          <BldgNb>123</BldgNb>

          <TwnNm>Anytown</TwnNm>

          <Ctry>US</Ctry>

        </PstlAdr>

      </Cdtr>

      <RmtInf>

        <Strd>

          <RfrdDocInf>

            <Tp>

              <CdOrPrtry>

                <Cd>INV</Cd>

              </CdOrPrtry>

            </Tp>

            <Nb>12345</Nb>

          </RfrdDocInf>

          <RfrdDocAmt>

            <DuePyblAmt Ccy="USD">100.00</DuePyblAmt>

          </RfrdDocAmt>

        </Strd>

      </RmtInf>

    </PmtReqInf>

  </ReqForPay>

</Document>

Explanation of Key Elements:

• <GrpHdr>: Group Header containing the message ID and creation time.
• <InitgPty>: Initiating party (the payee requesting payment).
• <PmtReqInf>: Payment request information, including payment method (TRF for transfer), amount, and debtor (payer) details.
• <RmtInf>: Remittance information, including invoice reference and the amount due.

This message format provides a comprehensive structure to handle a Request for Payment (RfP) across multiple channels (texting, smartphone notifications, email) and the formal ISO 20022 XML backend for FedNow processing.

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