FedNow Request for Payments

How Alias-Based Payments Work with FedNow® Request for Payments

Aliases act as digital stand-ins for bank account information—making RfPs both secure and simple.

A payee may upload a batch of RfPs using email or phone numbers as routing aliases. These identifiers are mapped to the payer’s deposit account via their enrolled financial institution. Once the payer approves the RfP—either one-time or on a recurring schedule—funds are delivered immediately via FedNow® or RTP®.

Each transaction includes ISO 20022-compliant fields for invoice ID, billing cycle, and remittance details. Both parties can view settlement confirmation in real time through their respective FinTech or banking dashboards.

Uploading, Downloading, and Managing Recurring RfP Files

Recurring Requests for Payments can be managed through importing and uploading ISO 20022 files to a secure dashboard.

Payees can pre-schedule recurring RfPs based on billing frequency and amount. The system supports both static values (e.g., subscriptions) and variable totals (e.g., utilities, commissions). Once received, the payer is notified via their mobile or email alias, and payment is completed in seconds.

Dashboards allow users to:

• Upload RfP files individually or in batch
• Download Excel reports filtered by alias, amount, or status
• Export real-time reconciliation logs and timestamps
• Monitor overdue, pending, and completed requests
• Automate payment reminders or retry logic if unconfirmed

To use FedNow Request for Payment Message Formatted Files, you should refer to the latest documentation and guidelines provided by the Federal Reserve or the FedNow Service Provider. Here are the general steps you might follow:

1.     Understand FedNow: Familiarize yourself with the FedNow Service and the Request for Payment (RFP) message format. This may involve reading through the official documentation and guidelines provided by the Federal Reserve.

2.     Access the Documentation: Locate and access the most recent documentation related to FedNow RFP message formatting and submission. This documentation will provide detailed instructions on how to create and format RFP messages.

3.     Prepare the Message: Create the Request for Payment message in the required format. Ensure that you include all the necessary information, such as payer and payee details, payment amount, due date, and any other relevant information specified in the documentation.

4.     Format the File: Format the RFP message into the appropriate file format, which may be specified in the documentation. Common formats for financial messages include XML or JSON. Ensure that your message adheres to the specified schema and data format.

5.     Test Environment: If available, use a test environment provided by the Federal Reserve or the FedNow Service Provider to validate your RFP message files. This will help ensure that your messages are correctly formatted and will be processed without issues in the production environment.

6.     Security and Authentication: Follow any security and authentication protocols specified by FedNow to ensure the confidentiality and integrity of your payment messages.

7.     Submission: Submit your formatted RFP message files to the FedNow system. This could involve using secure communication protocols and interfaces as specified in the documentation.

8.     Monitoring and Reconciliation: Monitor the status of your RFP messages and reconcile them with your records. Ensure that payments are processed as expected.

9.     Compliance: Ensure that your RFP messages comply with any regulatory requirements and standards set by the Federal Reserve or relevant authorities.

10.  Stay Informed: Stay updated on any changes or updates to the FedNow service and message formatting guidelines, as these may evolve over time.

It's crucial to keep in mind that the specific steps and requirements for using FedNow Request for Payment Message Formatted Files may change over time. Therefore, it's essential to refer to the latest documentation and guidelines provided by the Federal Reserve or the FedNow Service Provider for the most accurate and up-to-date information on how to use the service. You may also want to consult with your financial institution or payment service provider for assistance and guidance in using FedNow.