FedNow RfP File

To support FedNow Request for Payment (RfP) through Texting, Email, and Digital Payments, the message needs to be structured in a way that is compatible with multiple messaging formats like JSON, XML, and ISO 20022. The following specifications outline how to implement the RfP for various communication channels (SMS, email, and digital platforms), with the corresponding data formatted for JSON, XML, and ISO 20022 compliance.

{

  "messageHeader": {

    "messageId": "RFP-123456789-FedNow",

    "creationDateTime": "2023-12-05T10:15:30Z",

    "messageType": "RFP"

  },

  "initiatingParty": {

    "name": "John Doe",

    "identifier": "+11234567890",

    "financialInstitutionId": "BANK12345"

  },

  "creditor": {

    "name": "ABC Services Inc.",

    "identifier": "987654321",

    "financialInstitutionId": "BANK98765"

  },

  "debtor": {

    "name": "Jane Doe",

    "identifier": "janedoe@example.com",

    "financialInstitutionId": "BANK65432"

  },

  "paymentDetails": {

    "amount": 150.00,

    "currency": "USD",

    "dueDate": "2023-12-20"

  },

  "paymentChannels": {

    "preferredMethod": "FedNow",

    "FedNowTransactionId": "FedNow-123456789",

    "RTPTransactionId": "RTP-987654321",

    "ACHTransactionId": "ACH-123456789",

    "ACHRoutingNumber": "021000021"

  },

  "invoiceInfo": {

    "invoiceNumber": "INV-12345",

    "referenceNote": "Payment for services rendered in November"

  },

  "remittanceInfo": {

    "remittanceDetails": "Consulting services rendered in November.",

    "paymentTerms": "2% discount if paid by 2023-12-15"

  }

}

This JSON format can be used to send requests via mobile apps, APIs, or messaging systems that support JSON payloads. It is lightweight and well-suited for text-based communication.

2. XML Format

<RequestForPayment>

  <MessageHeader>

    <MessageId>RFP-123456789-FedNow</MessageId>

    <CreationDateTime>2023-12-05T10:15:30Z</CreationDateTime>

    <MessageType>RFP</MessageType>

  </MessageHeader>

  <InitiatingParty>

    <Name>John Doe</Name>

    <Identifier>+11234567890</Identifier>

    <FinancialInstitutionId>BANK12345</FinancialInstitutionId>

  </InitiatingParty>

  <Creditor>

    <Name>ABC Services Inc.</Name>

    <Identifier>987654321</Identifier>

    <FinancialInstitutionId>BANK98765</FinancialInstitutionId>

  </Creditor>

  <Debtor>

    <Name>Jane Doe</Name>

    <Identifier>janedoe@example.com</Identifier>

    <FinancialInstitutionId>BANK65432</FinancialInstitutionId>

  </Debtor>

  <PaymentDetails>

    <Amount>150.00</Amount>

    <Currency>USD</Currency>

    <DueDate>2023-12-20</DueDate>

  </PaymentDetails>

  <PaymentChannels>

    <PreferredMethod>FedNow</PreferredMethod>

    <FedNowTransactionId>FedNow-123456789</FedNowTransactionId>

    <RTPTransactionId>RTP-987654321</RTPTransactionId>

    <ACHTransactionId>ACH-123456789</ACHTransactionId>

    <ACHRoutingNumber>021000021</ACHRoutingNumber>

  </PaymentChannels>

  <InvoiceInfo>

    <InvoiceNumber>INV-12345</InvoiceNumber>

    <ReferenceNote>Payment for services rendered in November</ReferenceNote>

  </InvoiceInfo>

  <RemittanceInfo>

    <RemittanceDetails>Consulting services rendered in November.</RemittanceDetails>

    <PaymentTerms>2% discount if paid by 2023-12-15</PaymentTerms>

  </RemittanceInfo>

</RequestForPayment>

This XML format can be used for more structured communication, such as email attachments or systems that support XML-based messaging (e.g., financial institutions). XML is useful for integrating with backend systems or APIs that expect well-defined data structures.

3. ISO 20022 Format (XML-based)

ISO 20022 messages use a specific structure for payment requests. Here’s how a FedNow RfP can be represented in ISO 20022 format, adhering to its message specifications.

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

  <CdtTrfTxInf>

    <PmtId>

      <InstrId>RFP-123456789-FedNow</InstrId>

      <EndToEndId>INV-12345</EndToEndId>

    </PmtId>

    <Amt>

      <InstdAmt Ccy="USD">150.00</InstdAmt>

    </Amt>

    <Cdtr>

      <Nm>ABC Services Inc.</Nm>

      <Id>

        <OrgId>

          <Othr>

            <Id>987654321</Id>

          </Othr>

        </OrgId>

      </Id>

    </Cdtr>

    <CdtrAcct>

      <Id>

        <Othr>

          <Id>BANK98765</Id>

        </Othr>

      </Id>

    </CdtrAcct>

    <Dbtr>

      <Nm>Jane Doe</Nm>

      <Id>

        <PrvtId>

          <Othr>

            <Id>janedoe@example.com</Id>

          </Othr>

        </PrvtId>

      </Id>

    </Dbtr>

    <DbtrAcct>

      <Id>

        <Othr>

          <Id>BANK65432</Id>

        </Othr>

      </Id>

    </DbtrAcct>

    <RmtInf>

      <Ustrd>Payment for services rendered in November</Ustrd>

    </RmtInf>

    <PmtTpInf>

      <InstrPrty>NORM</InstrPrty>

      <SvcLvl>

        <Cd>SEPA</Cd>

      </SvcLvl>

    </PmtTpInf>

  </CdtTrfTxInf>

</Document>

In this ISO 20022 format, the message is structured to follow the international payments standards. The message includes a detailed breakdown of the transaction (payment identifier, amount, creditor, debtor, remittance information), allowing it to be processed by banks and financial institutions that support ISO 20022.

4. Texting / SMS Format

When using SMS or texting to send a FedNow RfP, you would use a more concise format to fit within the character limits of a text message. You would typically provide a link or QR code that leads to more detailed information.

Example SMS:

You have a new payment request from ABC Services Inc. for $150.00 due on 12/20/2023.

Pay now: https://paymentlink.com/RFP-123456789

For questions, contact John Doe at +11234567890.

This SMS message can include a payment link, where the user can go to a web page or mobile app to view details and complete the payment.

5. Email Format

For emails, you would include a more detailed message with potentially embedded links or buttons that take the recipient to a payment portal.

Example Email:

Subject: Request for Payment - $150.00 Due on 12/20/2023

From: ABC Services Inc. (info@abcservices.com)

Dear Jane Doe,

You have a new payment request from ABC Services Inc. for $150.00, due by 12/20/2023.

Payment Details:

• Invoice Number: INV-12345
• Amount: $150.00
• Due Date: 12/20/2023

To Pay:

• Click the link below to pay via FedNow, RTP, or ACH: Pay Now

For any questions, please contact John Doe at +11234567890.

Thank you,
ABC Services Inc.

Emails can include rich text, images, or QR codes to allow users to easily navigate to a payment gateway or portal.

Summary

1. JSON: Used for API-driven systems or mobile apps for lightweight messaging.
2. XML: Suitable for systems requiring more structured and complex data exchanges.
3. ISO 20022: Industry-standard for financial messaging, ensuring compatibility with international payment systems.
4. SMS: Short, concise text messages containing essential payment information and links.
5. Email: Detailed messages with more context, payment links, and options for interaction.

Each format serves a specific communication channel and purpose, ensuring that the FedNow RfP can be sent through different mediums while complying with international payment standards (ISO 20022) and digital communications (JSON, XML).