Upload Request for Payment

To upload FedNow and Real-Time Payments (RTP) Request for Payment (RfP) files to your business bank for either one-time payments or batch recurring payments, you'll follow a structured process. Here’s how you can efficiently manage this, with steps applicable for both types of payments.

Overview

• One-time Payment: A single Request for Payment, sent to a specific payer.
• Batch Payments with Recurring Options: Multiple payments in a single file, with options to schedule or automate recurring payments.

Steps for Uploading FedNow and RTP RfP File for One-time and Batch Recurring Payments

1. Prepare the Payment Data in QuickBooks Online (QBO)

Ensure the payment details in QBO are accurate. For one-time payments, this could be an individual invoice. For batch or recurring payments, you will have multiple invoices and customer data recorded.

2. Install and Configure SecureQBPlugin

Use SecureQBPlugin to export the payment data from QBO in a format your bank can process. SecureQBPlugin supports exporting data as ISO 20022 XML, CSV, or JSON file formats, which are compatible with many banks that support FedNow and RTP.

• Install the plugin and connect it to your QuickBooks Online account.
• Choose the transactions (invoices or payments) you need to process, whether it’s a one-time payment or a batch for recurring payments.

3. Select the Payment Type (One-time or Recurring)

Decide whether you’re processing a one-time payment or scheduling recurring payments.

For One-time Payment:

• Select a single invoice or payment request in QBO.
• Export the payment request in a FedNow-compatible format (ISO 20022 XML, CSV, JSON).
• Use SecureQBPlugin to map fields such as payer information, amount, invoice number, and payment due date.

For Recurring Payments:

• Select multiple invoices or payments in QBO.
• Export a batch payment file (similar to one-time payments but includes multiple transactions).
• Use SecureQBPlugin to configure recurring options:
  • Frequency (daily, weekly, monthly).
  • Start and End Date for the recurring payments.
• The batch file will contain all the payers’ details and the scheduled payment requests.

4. Export the File in ISO 20022, CSV, or JSON Format

For both one-time and recurring batch payments, SecureQBPlugin will export the data into the required format that your bank accepts. Here’s an example for each file format:

ISO 20022 (Pain.013) XML for One-time Payment

xml

<Document>

  <CstmrCdtTrfInitn>

    <GrpHdr>

      <MsgId>PAYMENT001</MsgId>

      <CreDtTm>2024-09-15T12:00:00</CreDtTm>

      <NbOfTxs>1</NbOfTxs>

      <CtrlSum>1500.00</CtrlSum>

    </GrpHdr>

    <PmtInf>

      <PmtInfId>PmtInf001</PmtInfId>

      <PmtMtd>TRF</PmtMtd>

      <ReqdExctnDt>2024-09-15</ReqdExctnDt>

      <Dbtr>

        <Nm>Customer Name</Nm>

      </Dbtr>

      <DbtrAcct>

        <Id>

          <IBAN>US1234567890</IBAN>

        </Id>

      </DbtrAcct>

      <Cdtr>

        <Nm>Your Business Name</Nm>

      </Cdtr>

      <CdtrAcct>

        <Id>

          <IBAN>US9876543210</IBAN>

        </Id>

      </CdtrAcct>

      <Amt>

        <InstdAmt Ccy="USD">1500.00</InstdAmt>

      </Amt>

      <RmtInf>

        <Ustrd>Invoice #INV001</Ustrd>

      </RmtInf>

    </PmtInf>

  </CstmrCdtTrfInitn>

</Document>

CSV for Batch Recurring Payments

csv

MsgId,DebtorName,DebtorIBAN,CreditorName,CreditorIBAN,Amount,Currency,InvoiceNumber,Frequency,StartDate,EndDate

PAYMENTBATCH001,Customer One,US1234567890,Your Business Name,US9876543210,1500.00,USD,INV001,Monthly,2024-09-15,2025-09-15

PAYMENTBATCH001,Customer Two,US2234567890,Your Business Name,US9876543210,2000.00,USD,INV002,Monthly,2024-09-15,2025-09-15

JSON for One-time Payment

json

{

  "Payment": {

    "MsgId": "PAYMENT001",

    "Debtor": {

      "Name": "Customer One",

      "IBAN": "US1234567890"

    },

    "Creditor": {

      "Name": "Your Business Name",

      "IBAN": "US9876543210"

    },

    "Amount": {

      "Currency": "USD",

      "Value": 1500.00

    },

    "RemittanceInformation": "Invoice INV001"

  }

}

5. Submit the RfP File to Your Bank

Once the file is ready in the required format (ISO 20022 XML, CSV, or JSON), submit it to your business bank for processing:

One-time Payment:

• Log into your bank’s FedNow or RTP portal.
• Upload the file (XML, CSV, JSON).
• Review the payment details and confirm submission.
• The bank will process the payment request, and the payer (customer) will be notified to complete the payment through the FedNow or RTP system.

Batch Recurring Payments:

• For batch payments, you’ll follow the same process as one-time payments, but the file will contain multiple payers’ details.
• If you’re setting up recurring payments, the bank may provide additional options to configure the frequency and duration of payments.
• Submit the batch file and ensure that the recurring payment schedule is correctly set.

6. Monitor Payment Status

• Use your bank’s portal to monitor the status of payments. You will see real-time updates when the payer responds to the Request for Payment.
• For batch and recurring payments, track the status of each transaction in the batch.

7. Reconcile Payments in QBO

After the payments are processed by your bank, reconcile the payments in QuickBooks Online:

• Use SecureQBPlugin to import the payment confirmations.
• Match the payments to the corresponding invoices or transactions in QBO.
• Confirm that the payment details, including amounts and remittance information, are correct.

8. Automating Future Recurring Payments (Optional)

If your business processes recurring payments regularly:

• Automate the SecureQBPlugin export process by scheduling batch exports.
• Set up automatic file uploads or use your bank’s API to streamline the payment process further.
• Automate reconciliation in QBO by importing payment statuses directly from the bank.

Conclusion

By using SecureQBPlugin to export one-time and batch recurring payment data from QuickBooks Online and uploading it to your business bank, you can efficiently handle real-time payment requests via FedNow and RTP. The process ensures smooth payment flows and accurate record-keeping in QBO, while giving your payers real-time payment options.

Would you like help setting up the recurring payments or generating specific formats?