Request for Pay (RfP) for Aging Digital Invoices: Faster Payments & Better Cash Flow

Request for Payments (RfP™) Parameters, Attributes, Benefits and Features

ISO 20022 Key Parameters for RfP Aging and Settlement

Attributes

• ISO 20022-compliant XML and JSON formats
• Realtime status updates on RfP sent, accepted, declined, or expired
• Cross-rail compatibility: works across RTP®, FedNow®, ACH, and BNPL
• Supports alias-based payments (email, mobile, or QR vs. routing/account)
• Hosted payment page or QuickBooks® integration for invoice delivery
• Batch and recurring RfPs enabled
• POS, MOTO, and eCommerce compatibility

Benefits

• Track RfP aging in real time—know exactly when a request is pending, paid, or expired
• Receive 24/7 real-time payments via FedNow® and RTP®
• Reduce DSO and improve working capital through instant settlement
• Bookkeepers and CFOs love it—we offer FREE real-time reconciliation tools
• Alias-based security—no need to share sensitive bank credentials
• Improved compliance and traceability with ISO 20022 audit trails
• Chargeback-free finality—real-time payments are irrevocable
• Use mobile, SMS, email, or QR to deliver RfPs seamlessly
• Integration with Excel, XML, and JSON batch processing

Minimum ISO 20022 Data Fields Required for Valid Request for Payment

To meet the minimum viable request structure for FedNow® or RTP®-compliant RfPs, include:

1. MsgId – Unique Request ID
2. CreDtTm – Creation Date and Time
3. Dbtr + DbtrAcct – Payer and account or alias
4. Cdtr + CdtrAcct – Payee and bank info or email/mobile
5. Amt – Payment amount
6. ReqdExctnDt – Settlement/due date
7. RltdRmtInf – Invoice or bill reference
8. Optional: Ustrd, RgltryRptg, SplmtryData – for reconciliation, regulatory use, or context

Ask us How:

Using Request-for-Pay (RfP™) with ISO 20022 messaging, businesses can monitor invoice aging in real-time across FedNow® and RTP® rails. With support for mobile aliases, email-based invoicing, and hosted payment pages, merchants can deliver requests that are easy to pay and even easier to track.

From QBO to .XML to JSON—TodayPayments.com ensures complete file format interoperability so your AR team can batch, reconcile, and post real-time payments back into your ERP or accounting system automatically.

This system empowers AR departments to move from reactive to proactive. Instead of chasing down payments, businesses now get alerts the moment an RfP is accepted or rejected. Payments post instantly—free from chargebacks, with ISO 20022 audit logs for every step.

Our solution involves working with spreadsheets in Excel and Google Sheets to integrate Request For Pay Aging digital invoices, dealing with a manual or semi-automated process. Below are some recommendations for optimizing your solution:

1. Spreadsheet Setup:

• Data Structure: Design your spreadsheet with structured columns to accommodate relevant information such as invoice number, amount, due date, and aging details.
• Automation with Formulas: Leverage spreadsheet formulas (e.g., SUMIFS, VLOOKUP) to automate calculations, including aging. Ensure formulas are dynamic to accommodate changes in the data.

2. Integration with Request For Pay Aging Invoices:

• Data Entry Process: Streamline the data entry process for Request For Pay Aging invoices. Consider using forms or templates to maintain consistency and reduce errors.
• Data Validation: Implement validation rules within the spreadsheet to ensure accurate data entry. This may include dropdown lists, data validation checks, and conditional formatting.

3. User-Friendly Interface:

• Instructions and Guidance: Provide clear instructions within the spreadsheet for users. Include tooltips or guidance on how to enter and update Request For Pay Aging information.

4. Automation Scripts:

• Google Apps Script (Google Sheets): If using Google Sheets, consider utilizing Google Apps Script to automate repetitive tasks. This could include automated data fetching, calculations, and updating aging information.
• VBA Macros (Excel): For Excel, explore the use of Visual Basic for Applications (VBA) macros to automate tasks. This may include automating data entry, calculations, and other processes.

5. Data Validation and Quality Control:

• Regular Audits: Conduct regular audits of the spreadsheet data to identify discrepancies or errors. Implement checks to ensure data quality.

6. Integration with External Systems:

• APIs or External Data Sources: If feasible, explore options to integrate your spreadsheet solution with external systems or APIs that provide Request For Pay Aging information. This could reduce manual data entry.

7. Collaboration Features:

• Google Sheets Collaboration (Google Sheets): If using Google Sheets, leverage collaboration features to allow multiple users to work on the spreadsheet simultaneously. Ensure proper access controls.

8. Documentation and Training:

• User Guides: Create user guides or documentation explaining how to use the spreadsheet for Request For Pay Aging. Include step-by-step instructions and best practices.

9. Security:

• Access Controls: Implement access controls to ensure that only authorized personnel can make changes to the spreadsheet. This is crucial for maintaining data integrity.

10. Regular Backups:

• Backup Procedures: Establish regular backup procedures for your spreadsheet data. This ensures that important information is not lost in case of accidental deletions or errors.

11. User Training:

• Training Sessions: Conduct training sessions for users to familiarize them with the spreadsheet solution. Address common challenges and provide tips for efficient use.

12. Continuous Improvement:

• Feedback Mechanism: Establish a feedback mechanism to gather input from users. Use this feedback to identify areas for improvement and implement updates accordingly.

By incorporating these recommendations, you can enhance the efficiency, accuracy, and usability of your solution that involves spreadsheets for managing Request For Pay Aging digital invoices.