Import Request for Payment

Importing a FedNow Instant and Real-Time Payments (RTP) Request for Payment file into your business bank's dashboard will depend on the specific bank and its digital banking platform. However, here is a general step-by-step guide that applies to many business banking portals that support FedNow or RTP transactions:

Step-by-Step Guide for Importing FedNow/RTP Request for Payment File:

1. Ensure Compatibility with File Format

• The Request for Payment (RFP) file is typically formatted in the ISO 20022 XML standard, which is used by FedNow and RTP systems. Ensure that your file adheres to this format.
• If your file is not in this format, you may need to convert it into the appropriate structure before importing.

2. Access Your Business Bank’s Dashboard

• Log in to your business banking portal using your credentials.
• Navigate to the "Payments" or "Payments & Transfers" section, which typically houses the FedNow or RTP services.

3. Locate the FedNow or RTP Payment Services

• Look for options related to real-time payments (RTP) or FedNow.
• Some banks may list this as “Instant Payments,” “Real-Time Payments,” or “FedNow Services.”

4. Upload the Request for Payment (RFP) File

• Within the payments section, there should be an option to upload or import a file.
  • It may say “Import Payments,” “Upload File,” or “Batch Payments.”
• Select the appropriate option and browse for your FedNow or RTP Request for Payment file (XML).

5. Validate and Confirm the File

• After uploading the file, the bank’s system may automatically validate the structure of the file.
• Ensure that the payment request data is correct, such as:
  • Payment amount
  • Payer and payee details (e.g., names, account numbers)
  • Payment date and currency
• If the validation fails, the dashboard will typically highlight errors, which you should correct before re-uploading.

6. Submit the Payment

• Once the file is successfully uploaded and validated, review the details of the payment requests.
• Confirm the import and submit the request. The payments should be processed in real time.

7. Review Confirmation or Status Updates

• After submitting the request, the bank will generate a confirmation or provide real-time status updates on the payments.
• You can usually monitor the status of the payments (e.g., pending, completed, failed) through the dashboard under the “Transactions” or “Payment History” section.

8. Check with Your Bank’s Support

• If your business bank dashboard does not clearly offer an option for uploading FedNow or RTP files, contact your bank’s support team.
• They may provide additional instructions or a file specification document for the proper import process.

Key Considerations:

• File Size: Ensure the file does not exceed any maximum size limits imposed by your bank for bulk payment imports.
• Security: Make sure that any payment files uploaded are encrypted, especially if sensitive customer information is included.
• API Integration: If your business processes a high volume of payments, some banks offer APIs to automate the process without manual file uploads.

If you have any further details on your specific bank’s platform or encounter any issues, I can help tailor the guidance!