Real-Time Payments File Format

Benefits of Using Real-time Payments Format with ISO 20022

Instant RfP Messaging for Aging AR Collections
Send structured payment requests using ISO 20022 format, and enable customers to pay instantly using secure hosted links. All transactions are processed through Request for Payments.

Alias-Based MID Tracking Across All Banks
Assign a Merchant Identification Number (MID) to each email address or mobile number. This allows you to reconcile payments from multiple sources—even across different banks or credit unions.

Full Compatibility with RTP® and FedNow® Networks
Process payments in real time using either rail. No waiting for settlement—your AR system reflects updates the moment funds are received.

Cross-Bank, Cross-State Payment Consolidation
Track and reconcile payments received from multiple business divisions, locations, or financial institutions—all in one dashboard.

ISO 20022-Enabled Hosted Payment Pages
Each RfP sent includes a secure payment link formatted to international standards, ensuring regulatory compliance and a seamless customer experience.

No Bank Visit Required
We are a U.S.-based accounting fintech. You can apply, enroll, and begin accepting real-time payments entirely online.

QuickBooks® QBO Integration
Sync all RfP activity and received payments to your accounting platform automatically—no manual entry or spreadsheet imports needed.

Why Businesses Choose TodayPayments.com for ISO 20022 and RfP

1. Instant setup of alias-based MIDs across multiple financial institutions
2. Send ISO 20022-formatted RfPs with embedded hosted payment pages
3. Use both FedNow® and RTP® for nationwide, real-time processing
4. Sync AR updates directly with QuickBooks® Online in real time
5. Manage aging receivables with full visibility across all customer profiles
6. Enable mobile, SMS, email, and text-to-pay invoicing formats
7. Support for Schedule C, LLCs, S-Corps, C-Corps, partnerships, and more

The Real-Time Payments (RTP) Request for Payment (RfP) file typically adheres to the ISO 20022 XML format. This international standard governs electronic data interchange between financial institutions and is used for a variety of payment processing, including RTP systems such as FedNow and The Clearing House RTP. Here's a breakdown of the key components in an RfP file format:

1. ISO 20022 Format

• ISO 20022 Pain.013: This is the payment initiation message standard used to create RfP files. It includes mandatory, conditional, and optional fields.
• XML Structure: The file is structured in XML format, which allows it to be machine-readable and easily parsed by banking systems.

2. Core Components of an RfP File:

• Header Information: Includes details such as message ID, creation date, and version.
• Creditor Information (Payee): Contains the name, bank account details (IBAN, Routing Number, etc.), and the creditor's reference number.
• Debtor Information (Payer): Includes the debtor's name, account information, and payment reference.
• Payment Amount and Currency: Specifies the amount being requested, along with the associated currency (e.g., USD, EUR).
• Due Date: The date by which the payment is requested to be completed.
• Remittance Information: Details regarding the payment, such as invoice numbers, billing information, or any other contextual data necessary for reconciliation.
• Request for Payment Type: Whether the request is for a single or recurring payment.

3. Example Fields:

• <CdtTrfTxInf>: Credit Transfer Transaction Information, including the payment amount and beneficiary.
• <IntrBkSttlmAmt>: Interbank settlement amount.
• <ReqdExctnDt>: Required execution date for the payment.
• <UltmtDbtr>: Ultimate debtor (payer) details.
• <PmtTpInf>: Payment type information.

4. Additional Data:

• Payment Hub Information: Data regarding the intermediary (such as The Clearing House or FedNow) that facilitates the message delivery from the creditor’s bank to the debtor’s bank.
• Bank-Specific Fields: Banks may require additional proprietary fields based on their infrastructure, such as specific routing instructions or internal reference numbers.

5. File Types:

• .xml: Standard format for RTP transactions.
• .csv: Some banks may also accept CSV formats for batch uploads, especially when multiple payments are requested simultaneously.

6. Security Considerations:

• Encryption: The file must be securely transmitted using encryption methods like HTTPS or SFTP.
• Digital Signatures: Many RTP systems require digitally signed files to ensure authenticity and prevent tampering.

By following the ISO 20022 standards, financial institutions ensure that RfP files are universally recognized and processed efficiently. For detailed technical specifications, most banks provide their own guidelines based on the ISO 20022 framework, and solutions like SecureQBPlugin help generate compliant RfP files for QuickBooks users

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Still waiting on aging receivables to be paid through slow, unstructured systems?
It’s time to format your AR for the real-time economy.

✅ Use ISO 20022 to send Request for Payments instantly
✅ Accept real-time payments via RTP® and FedNow®
✅ Assign alias-based MIDs for 100+ customer profiles
✅ Consolidate payments from multiple banks and branches
✅ Sync with QuickBooks® for instant reconciliation
✅ Apply online 24/7—no bank appointment required

Start using Real-time Payments Format now at https://www.TodayPayments.com
Real-time Payments Format – The Global Standard for Real-Time Financial Precision.