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Request for Payments

To create a FedNow and Instant Real-Time Payments (RTP) Request for Payment (RfP) file using QuickBooks Online (QBO), you can follow these steps. The overall process involves exporting invoice data from QBO, converting it to the required format (such as ISO 20022 XML), and then uploading the file to your bank’s portal for processing. Here's a step-by-step guide:

Step 1: Export Invoice Data from QuickBooks Online (QBO)

QuickBooks Online allows you to export invoice data that you can use to create a Request for Payment (RfP). First, export the relevant data to a CSV format, which can then be converted into the necessary file format.

Steps to Export Invoice Data:

1. Log in to QuickBooks Online:
   • Access your QuickBooks Online account.
2. Navigate to the Sales/Invoices Section:
   • Go to Sales > Invoices to view your outstanding invoices.
3. Select Invoices for Export:
   • Select the invoices for which you want to generate RfP files.
4. Export Data:
   • Click on Export and select Export to CSV. This will download a CSV file with relevant fields such as:
     • Invoice Number
     • Payee Details (e.g., name, account number, routing number)
     • Payer Details (customer name, account number, routing number)
     • Amount, Currency
     • Due Date
     • Invoice Reference

Example Exported CSV Format:

csv

InvoiceNumber,PayeeName,PayeeAccount,PayeeRouting,PayerName,PayerAccount,PayerRouting,Amount,Currency,DueDate,InvoiceRef

INV-1001,ABC Corp,123456789,987654321,John Doe,987654321,123456789,500.00,USD,2024-10-01,INV-1001

INV-1002,XYZ LLC,2233445566,654321987,Jane Smith,1122334455,321654987,300.00,USD,2024-09-25,INV-1002

Step 2: Convert the CSV Data into ISO 20022 XML for RfP

Once you’ve exported your invoice data from QBO, you need to convert the CSV file into the ISO 20022 XML format required for FedNow and RTP RfP submissions.

Sample ISO 20022 XML Format for Request for Payment (RfP):

xml

<?xml version="1.0" encoding="UTF-8"?>

<Document xmlns="urn:iso:std:iso:20022:tech:xsd:pain.013.001.07">

  <ReqForPaymt>

    <PayeeInfo>

      <Name>ABC Corp</Name>

      <AcctNumber>123456789</AcctNumber>

      <RoutingNumber>987654321</RoutingNumber>

    </PayeeInfo>

    <PayerInfo>

      <Name>John Doe</Name>

      <AcctNumber>987654321</AcctNumber>

      <RoutingNumber>123456789</RoutingNumber>

    </PayerInfo>

    <PaymentInfo>

      <Amount>500.00</Amount>

      <Currency>USD</Currency>

      <DueDate>2024-10-01</DueDate>

      <InvoiceRef>INV-1001</InvoiceRef>

    </PaymentInfo>

    <MessageInfo>

      <MessageId>RFP-INV-1001</MessageId>

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

    </MessageInfo>

  </ReqForPaymt>

</Document>

This structure contains:

• PayeeInfo: Details about the business requesting payment.
• PayerInfo: Details about the customer who will make the payment.
• PaymentInfo: Includes the amount, currency, due date, and invoice reference.
• MessageInfo: Metadata including a unique message ID and creation timestamp.

Steps to Convert CSV Data into XML:

You can manually create the XML file for each invoice or automate the process using a script. Here’s how to automate the conversion using Python:

Python Script to Convert CSV to ISO 20022 XML:

python

import pandas as pd

import xml.etree.ElementTree as ET

 

# Load the CSV exported from QuickBooks Online

data = pd.read_csv('quickbooks_invoices.csv')

 

# Function to create an XML file for each RfP

def create_rfp_xml(row):

    root = ET.Element("Document", xmlns="urn:iso:std:iso:20022:tech:xsd:pain.013.001.07")

    rfp = ET.SubElement(root, "ReqForPaymt")

 

    # Payee Information

    payee = ET.SubElement(rfp, "PayeeInfo")

    ET.SubElement(payee, "Name").text = row['PayeeName']

    ET.SubElement(payee, "AcctNumber").text = str(row['PayeeAccount'])

    ET.SubElement(payee, "RoutingNumber").text = str(row['PayeeRouting'])

 

    # Payer Information

    payer = ET.SubElement(rfp, "PayerInfo")

    ET.SubElement(payer, "Name").text = row['PayerName']

    ET.SubElement(payer, "AcctNumber").text = str(row['PayerAccount'])

    ET.SubElement(payer, "RoutingNumber").text = str(row['PayerRouting'])

 

    # Payment Information

    payment = ET.SubElement(rfp, "PaymentInfo")

    ET.SubElement(payment, "Amount").text = str(row['Amount'])

    ET.SubElement(payment, "Currency").text = row['Currency']

    ET.SubElement(payment, "DueDate").text = row['DueDate']

    ET.SubElement(payment, "InvoiceRef").text = row['InvoiceRef']

 

    # Message Information

    message = ET.SubElement(rfp, "MessageInfo")

    ET.SubElement(message, "MessageId").text = f"RFP-{row['InvoiceRef']}"

    ET.SubElement(message, "CreationDate").text = "2024-09-15T12:00:00"

 

    # Save XML to file

    tree = ET.ElementTree(root)

    tree.write(f'rfp_{row["InvoiceRef"]}.xml')

 

# Generate XML files for each invoice

for _, row in data.iterrows():

    create_rfp_xml(row)

This script:

• Reads the CSV file exported from QBO.
• Converts each row of data into the ISO 20022 XML format.
• Saves an XML file for each invoice with the correct naming convention.

Step 3: Validate the XML File

Before uploading the XML file to your bank, it's important to validate it to ensure that it meets the ISO 20022 standard and contains all required data fields.

a) XML Validation Tools:

Use any online XML validation tool or an XML schema validator to check for syntax or structure errors. Some banks also provide validation tools to verify compliance with their file format requirements.

Step 4: Upload the RfP File to Your Bank's Dashboard

Once the RfP file has been created and validated, you can upload it to your business bank’s portal for processing. Here’s how:

a) Log in to Your Business Bank Dashboard:

• Access your bank’s online platform using your business credentials.

b) Navigate to the RfP or Payment Section:

• Look for options like FedNow Payments, RTP (Real-Time Payments), or Request for Payments (RfP).

c) Upload the XML File:

• Use the File Upload or Batch Upload feature.
• Select the XML file generated from the previous steps and submit it for processing.

d) Monitor the Status:

• After uploading, you can monitor the payment status in your bank’s dashboard (e.g., pending, approved, or rejected).
• Ensure the payments are processed in real-time, and take note of any errors or rejections.

Step 5: Reconcile Payments in QuickBooks Online

After the payments are processed, it’s important to reconcile them in QuickBooks Online.

1. Log in to QuickBooks Online:
   • Navigate to the Invoices section.
2. Mark Invoices as Paid:
   • Once the payments are confirmed, mark the corresponding invoices as Paid in QBO.
3. Match Bank Transactions:
   • Use QBO’s Bank Feeds feature to match incoming bank transactions with your invoices, ensuring that all payments are accurately recorded and reconciled.

Key Considerations:

• Data Accuracy: Ensure that all account numbers, routing numbers, and amounts are correct in the CSV and XML files.
• Format Compliance: Follow the ISO 20022 standard for the XML file to avoid rejections.
• Batch Processing: If handling multiple RfP requests, ensure your bank allows batch uploads and check for any file size or transaction limits.
• Security: Always use secure methods for transmitting sensitive financial information.

Conclusion

By exporting invoices from QuickBooks Online (QBO) and converting the data into an ISO 20022 XML Request for Payment (RfP) file, you can efficiently handle FedNow and Real-Time Payments (RTP). This process helps streamline payments, ensuring that your business can request and receive funds in real-time.

Call us, the .csv and or .xml Request for Payment (RfP) file you need while on your 1st phone call! We guarantee our reports work to your Bank and Credit Union. We were years ahead of competitors recognizing the benefits of RequestForPayment.com. We are not a Bank. Our function as a role as an "Accounting System" in Open Banking with Real-Time Payments to work with Billers to create the Request for Payment to upload the Biller's Bank online platform. U.S. Companies need help to learn the RfP message delivering their bank. Today Payments' ISO 20022 Payment Initiation (PAIN .013) show how to implement Create Real-Time Payments Request for Payment File up front delivering message from the Creditor (Payee) to it's bank. Most banks (FIs) will deliver the message Import and Batch files for their company depositors for both FedNow and Real-Time Payments (RtP). Once uploaded correctly, the Creditor's (Payee's) bank continuing through a "Payment Hub", will be the RtP Hub will be The Clearing House, with messaging to the Debtor's (Payer's) bank.

Our in-house QuickBooks payments experts are standing ready to help you make an informed decision to move your company's payment processing forward.

 1) Free ISO 20022 Request for Payment File Formats, for FedNow and Real-Time Payments (The Clearing House) .pdf for you manually create "Mandatory" (Mandatory data for completed file) fields, start at page 4, with "yellow" highlighting. $0.0 + No Support

2) We create .csv or .xml formatting using your Bank or Credit Union. Create Multiple Templates. Payer/Customer Routing Transit and Deposit Account Number may be required to import with your bank. You can upload or "key data" into our software for File Creation of "Mandatory" general file.

Fees = $57 monthly, including Support Fees and Batch Fee, Monthly Fee, User Fee, Additional Payment Method on "Hosted Payment Page" (Request for file with an HTML link per transaction to "Hosted Payment Page" with ancillary payment methods of FedNow, RTP, ACH, Cards and many more!) + $.03 per Transaction + 1% percentage on gross dollar file,

3) Payer Routing Transit and Deposit Account Number is NOT required to import with your bank. We add your URI for each separate Payer transaction.

Fees Above 2) plus $29 monthly additional QuickBooks Online "QBO" formatting, and "Hosted Payment Page" and WYSIWYG

4) Above 3) plus Create "Total" (over 600 Mandatory, Conditional & Optional fields of all ISO 20022 Pain .013) Price on quote.