Real-time Payments RTP Return Codes

Benefits of Using RTP Return Codes with ISO 20022 Messaging

Standardized Communication for Every Return Event
Each RTP or FedNow® transaction that is declined or returned includes a return code, mapped to ISO 20022 message types. This allows your treasury or accounting team to quickly determine the reason—whether it's insufficient funds, incorrect alias, closed account, or authorization issues.

Alias-Based MID Assignment Across Multiple Banks
Rather than relying on full account numbers, we assign you Merchant Identification Numbers (MIDs) that are tied to phone numbers and email addresses—making it easier to track returns across aliases and institutions.

FedNow® + RTP® Dual-Rail Compatibility
We enable you to process return notifications across both the RTP® and FedNow® networks, helping you streamline reconciliation even if you use multiple rails or banking partners.

Multi-Bank, Multi-State Real-Time Payment Support
Your business can enroll MIDs tied to aliases with several banks or credit unions in any U.S. state. Track returns, resubmit payments, and maintain continuity even across multiple entities or subsidiaries.

QuickBooks® Integration for Auto-Tagged Returns
Each return code received can be synced with your QuickBooks® Online (QBO) setup, allowing auto-tagging of failed payments or unmatched transactions for immediate correction.

Why Choose Our Platform for RTP and FedNow® Merchant Processing:

1. We provide MIDs for RTP® and FedNow® payment rails with alias flexibility
2. Our platform is ISO 20022-compliant for full RfP and return code mapping
3. You can assign multiple aliases—100+ phone or email MIDs supported
4. No physical bank visit required—apply online, 24/7
5. Use our hosted payment pages to send RfPs and receive instant feedback
6. Get return status in real time with downloadable transaction logs
7. Serve every business structure: Schedule C, LLC, S-Corp, or C-Corp
8. Reconcile return codes directly into QuickBooks® in real time

Monitoring FedNow and Real-Time Payments (RTP) return codes for Payers and Payees in the context of "Request for Payments" involves tracking and addressing transaction returns efficiently. Here's a guide on how you can manage return codes for both Payers and Payees:

1. Organize Your Tracking System:

• Utilize a spreadsheet in Excel or Google Sheets to organize information.
• Create separate sheets or tabs for FedNow and RTP transactions, distinguishing between Payers and Payees.
• Include columns for essential details such as transaction ID, payment reference, amount, payer/payee details, status, and return codes.

2. Transaction Details:

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

3. Return Code Column:

• Add dedicated columns to record return codes associated with each transaction.
• Include an additional column for return code descriptions to provide context.

4. Status Indicators:

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

5. Automatic Date Calculations:

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

6. Conditional Formatting:

• Implement conditional formatting to visually highlight returned 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 return codes are received from FedNow or RTP.
• Establish clear communication channels to ensure relevant stakeholders are informed promptly.

8. Analysis of Return Codes:

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

9. Error Resolution Workflow:

• Develop a standardized workflow for handling returned transactions. This workflow should include:

• Investigation: Assign responsibilities to team members to investigate the details of the return.
• Correction: Correct the issues identified in the transaction that led to the return.
• 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 return codes.
• Seek additional information or clarification from banks if needed to address the return reasons effectively.

11. Data Cleaning Process:

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

12. Documentation and Audit Trail:

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

13. Syncing with QBO:

• If applicable, ensure that your spreadsheet data is synced with QuickBooks Online (QBO) after resolving return codes.
• Leverage QBO import tools or APIs to ensure accurate and timely data transfer.

14. Regular Reviews:

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

15. Training and Awareness:

• Train relevant team members on the procedures for handling return 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 return 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.

Process Payments Smarter with TodayPayments.com

Don’t let payment returns slow you down. With Real-time Payments RTP Return Codes, your business can identify issues instantly, resolve them faster, and maintain cash flow without delay.

✅ Real-time RTP® and FedNow® transaction processing
✅ Alias-based MID routing for mobile and email identities
✅ ISO 20022-compliant RfP and return code reporting
✅ Multi-bank, multi-state compatibility
✅ No paperwork, no bank visit—apply online in minutes
✅ Sync with QuickBooks® for effortless treasury management

Apply now at https://www.TodayPayments.com
Real-time Payments RTP Return Codes – Process with Precision. Correct with Confidence.