Real-time Payments RTP Reject Codes


How to Real-time Payments RTP Reject Codes

Mobile Request for Payment Request for Payment, a new standard for digital invoicing facilitating real-time payments RTP ® and FedNow ® payments that are instant, final (irrevocable - "good funds") and secure.

Monitoring FedNow and Real-Time Payments (RTP) reject codes for Payers and Payees in the context of "Request for Payments" involves tracking and resolving transaction rejections efficiently. Here's a detailed guide on managing reject codes for both Payers and Payees:

1. Organize Your Spreadsheet:

  • Create separate sheets or tabs for FedNow and RTP transactions, distinguishing between Payers and Payees.
  • Include columns for transaction details, such as transaction ID, payment reference, amount, payer/payee details, and status.

2. Transaction Details:

  • Include relevant details specific to FedNow and RTP transactions, such as FedNow transaction ID or RTP reference number.

3. Reject Code Column:

  • Add a dedicated column to record the reject code associated with each transaction.
  • Include an additional column for reject code descriptions to provide more context.

4. Status Indicators:

  • Use status indicators to denote the current state of each transaction (e.g., Pending, Rejected, Resolved).
  • Utilize color-coded flags or symbols for quick visual identification.

5. Automatic Date Calculations:

  • Utilize formulas to automatically calculate the aging of rejected transactions based on the current date.

6. Conditional Formatting:

  • Implement conditional formatting to visually highlight rejected transactions and aging categories.
  • Distinguish between Payers and Payees using different colors or formatting.

7. Immediate Notification:

  • Set up immediate notifications to receive alerts when reject codes are received from FedNow or RTP.
  • Establish clear communication channels to ensure that relevant stakeholders are informed promptly.

8. Analysis of Reject Codes:

  • Analyze each reject code to understand the specific reason for rejection.
  • Consult the documentation provided by FedNow and RTP to interpret the reject codes accurately.

9. Error Resolution Workflow:

  • Develop a standardized workflow for handling rejected transactions. This workflow should include:
    • Investigation: Assign responsibilities to team members to investigate the details of the rejection.
    • Correction: Correct the issues identified in the transaction that led to rejection.
    • Resubmission: If applicable, prepare the corrected data for resubmission to FedNow or RTP.

10. Communication with Banks:

  • Establish clear communication channels with banks to resolve issues related to reject codes.
  • Seek additional information or clarification from banks if needed to address the rejection reasons effectively.

11. Data Cleaning Process:

  • Initiate a data cleaning process to address issues identified by reject codes. This may involve correcting data entries, updating information, or resolving discrepancies.

12. Syncing with QuickBooks Online:

  • Set up a systematic process for syncing your spreadsheet data with QuickBooks Online.
  • Leverage QBO import tools or APIs to ensure accurate and timely data transfer.

13. Regular Reviews:

  • Schedule periodic reviews to catch any discrepancies, errors, or overdue rejected transactions.
  • Verify that aging categories are updated accurately based on the current date.

14. Documentation and Audit Trail:

  • Document all actions taken to resolve reject codes, including corrections made to the data.
  • Maintain an audit trail to track changes and provide transparency in case of future inquiries or audits.

15. Training and Awareness:

  • Train relevant team members on the procedures for handling reject codes and cleaning data.
  • Foster awareness of the importance of data accuracy and compliance with banking and transaction standards.

By implementing these steps, you can establish a comprehensive and well-organized process for monitoring FedNow and RTP reject codes for both Payers and Payees in Excel and Google Sheets. Regular reviews, documentation, and training are essential for maintaining accuracy and efficiency in your financial processes.

ACH and both FedNow Instant and Real-Time Payments Request for Payment ISO 20022 XML Message Versions.
The versions that NACHA and The Clearing House Real-Time Payments system for the Response to the Request are pain.013 and pain.014 respectively. Predictability, that the U.S. Federal Reserve, via the FedNow ® Instant Payments, will also use Request for Payment. The ACH, RTP® and FedNow ® versions are "Credit Push Payments" instead of "Debit Pull.".

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