FedNow Message Specification

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Why ISO 20022 and JSON Are Key for FedNow®

ISO 20022 is the official data messaging structure of FedNow®, offering:

• Unified structure for all payment types
• Rich metadata to reduce reconciliation errors
• Better fraud detection through standardized fields
• Compatibility with RTP®, ACH, and international SWIFT messaging

JSON is gaining popularity for:

• Lightweight REST API calls
• Real-time notifications and confirmations
• Web and mobile payment applications
• Seamless integration with cloud accounting and ERP platforms

Together, these formats enable high-speed, low-friction, and audit-friendly real-time payment workflows.

Whether you’re using .XLSX files from QuickBooks®, .XML files for system-to-system communication, or JSON via your development team—TodayPayments.com provides everything you need to:

• Process real-time transactions with zero delay
• Use alias-based MIDs (mobile/email instead of bank info)
• Upload 100+ aliases under one consolidated dashboard
• Integrate into QuickBooks® Online (QBO) for real-time reconciliation
• Customize and embed Hosted Payment Pages inside ISO 20022-compatible RfPs
• Track all payments with real-time reporting for your CFO, bookkeeper, or accountant
• Run recurring billing and batch uploads with one click

The FedNow Service provides real-time payment processing, and one of the core messages used in the service is the "Request for Payment" (RfP). Below is a generic outline for a Request for Payment (RfP) Message Specification. This format is inspired by ISO 20022 messaging standards, which are commonly used in the payment industry.

FedNow Request for Payment Message Specification

1. Message Header

• Message Identifier: Unique identifier for the RfP message.
  • Example: MsgId
  • Data Type: String (Max length: 35)
  • Example Value: RFP-123456789
• Creation Date and Time: The date and time when the message is created.
  • Example: CreDtTm
  • Data Type: DateTime (ISO 8601 format)
  • Example Value: 2023-12-05T10:15:30Z
• Message Type: Type of message being sent, i.e., Request for Payment.
  • Example: MsgTp
  • Data Type: String (Fixed value: RFP)
  • Example Value: RFP

2. Initiating Party Information

• Initiating Party Name: Name of the individual or entity initiating the payment request.
  • Example: InitgPtyNm
  • Data Type: String (Max length: 140)
  • Example Value: ABC Corp
• Initiating Party Identifier: Unique identifier for the initiating party (e.g., a business identification number).
  • Example: InitgPtyId
  • Data Type: String (Max length: 35)
  • Example Value: 123456789
• Initiating Party Contact Information: Optional field for providing contact details.
  • Example: InitgPtyCtct
  • Data Type: String (Max length: 100)
  • Example Value: contact@abccorp.com

3. Creditor Information

• Creditor Name: Name of the creditor (i.e., the party to whom payment is owed).
  • Example: CdtrNm
  • Data Type: String (Max length: 140)
  • Example Value: XYZ Services Inc.
• Creditor Identifier: Unique identifier for the creditor (e.g., an account number).
  • Example: CdtrId
  • Data Type: String (Max length: 35)
  • Example Value: 987654321
• Creditor Financial Institution Identifier: Identifier of the creditor's bank or financial institution.
  • Example: CdtrFinInstnId
  • Data Type: String (Max length: 35)
  • Example Value: BANK98765

4. Debtor Information

• Debtor Name: Name of the debtor (i.e., the party from whom the payment is requested).
  • Example: DbtrNm
  • Data Type: String (Max length: 140)
  • Example Value: John Doe
• Debtor Identifier: Unique identifier for the debtor (e.g., an account number).
  • Example: DbtrId
  • Data Type: String (Max length: 35)
  • Example Value: 654321987
• Debtor Financial Institution Identifier: Identifier of the debtor's bank or financial institution.
  • Example: DbtrFinInstnId
  • Data Type: String (Max length: 35)
  • Example Value: BANK12345

5. Payment Details

• Payment Amount: The amount requested in the payment.
  • Example: PmtAmt
  • Data Type: Decimal (Precision: 18,2)
  • Example Value: 150.00
• Currency: Currency in which the payment is requested.
  • Example: Ccy
  • Data Type: String (ISO 4217 Currency Code)
  • Example Value: USD
• Payment Due Date: Date by which the payment is requested to be made.
  • Example: DueDt
  • Data Type: Date (ISO 8601 format)
  • Example Value: 2023-12-20

6. Invoice/Reference Information

• Invoice Number: Reference number for the payment request (if applicable).
  • Example: InvNb
  • Data Type: String (Max length: 35)
  • Example Value: INV-456789
• Reference Note: Optional field for any additional reference or memo.
  • Example: RfrdDoc
  • Data Type: String (Max length: 140)
  • Example Value: Payment for services rendered in November.

7. Additional Information (Optional)

• Remittance Information: Details about the purpose of the payment.
  • Example: RmtInf
  • Data Type: String (Max length: 140)
  • Example Value: Invoice #456 for Consulting Services.
• Payment Terms: Any special payment terms (e.g., early payment discounts).
  • Example: PmtTrms
  • Data Type: String (Max length: 140)
  • Example Value: 2% discount if paid by 2023-12-15.

This template can be adapted or extended based on specific FedNow or institution requirements, ensuring that any necessary data elements for proper message handling and processing are included. Always refer to the latest FedNow specifications and ISO 20022 guidelines for real-time payments to ensure compliance.

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