Import File Formats for FedNow

Import file format for FedNow Request for Payment. With a general outline of how import file formats for payment requests typically work, which could be helpful for your understanding and implementation.

File Format Types: Import file formats are usually in common structured formats like CSV, XML, or JSON.

CSV (Comma-Separated Values):

CSV is a plain-text format where each line represents a record and fields are separated by commas.
Each row could represent a payment request with columns representing various details such as payment amount, recipient's information, purpose, etc.
Example CSV format for FedNow Request for Payment:
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Recipient Name,Recipient Account Number,Payment Amount,Payment Purpose
John Doe,123456789,100.00,Invoice #123
Jane Smith,987654321,50.00,Invoice #456

XML (Extensible Markup Language):

XML is a more structured format using tags to define data elements and their attributes.
Each payment request would be represented by an XML element, with sub-elements representing details like amount, recipient, etc.
Example XML format for FedNow Request for Payment:
xml
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<Payments>
<Payment>
<Recipient>
<Name>John Doe</Name>
<AccountNumber>123456789</AccountNumber>
</Recipient>
<Amount>100.00</Amount>
<Purpose>Invoice #123</Purpose>
</Payment>
<Payment>
<!-- ... Another Payment ... -->
</Payment>
</Payments>

JSON (JavaScript Object Notation):

JSON is a lightweight data interchange format with a simple key-value pair structure.
Each payment request would be represented by a JSON object, with keys corresponding to details like recipient, amount, purpose, etc.
Example JSON format for FedNow Request for Payment:
json
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[
{
"Recipient": {
"Name": "John Doe",
"AccountNumber": "123456789"
},
"Amount": 100.00,
"Purpose": "Invoice #123"
},
{
/* ... Another Payment ... */
}
]

Custom Formats: Depending on the specifications provided by the Federal Reserve or the payment system you're working with, you might need to adhere to a specific format or schema. Ensure that you understand the documentation provided by the authorities to correctly structure your import files.

Validation and Error Handling: Regardless of the format, it's crucial to implement validation checks for data integrity and handle errors gracefully. This ensures that the payment requests are accurate and the system can handle any issues that arise during the import process.

As file formats and requirements can change, I recommend checking the official documentation or resources provided by the Federal Reserve for the most up-to-date information on the FedNow Request for Payment file format. Additionally, if you're integrating with a specific software like QuickBooks, you might need to refer to their documentation or consult with experts who are knowledgeable about the latest developments in payment integration.