FedNow Batches

To create, import, upload, and download batches of files for FedNow instant transactions, you typically need to follow these general steps:

1. Prepare Transaction Data:

• Organize your transaction data into a format compatible with FedNow specifications. This could be CSV, XML, JSON, or another format specified by FedNow.
• Ensure that each transaction record includes all necessary information such as sender account details, recipient account details, transaction amount, timestamp, and any additional required fields.

2. Create Batch File:

• Compile multiple transaction records into a single batch file. This batch file will contain all the transactions you want to process together.
• Ensure the batches files adheres to the file format requirements specified by FedNow.

3. Upload Batches Files:

• Access the FedNow platform or the interface provided by your financial institution for uploading batches files.
• Follow the provided instructions to upload the batch file. This may involve logging into an online portal or using an API provided by FedNow.

4. Validation and Processing:

• Once the batch file is uploaded, FedNow will validate the data to ensure it meets the required standards and format.
• If the data passes validation, FedNow will begin processing the transactions in real-time.
• During processing, you may receive notifications or updates on the status of each transaction.

5. Confirmation and Reporting:

• After processing is complete, you'll receive confirmation of the successful execution of the transactions.
• Depending on the FedNow platform or your financial institution, you may have access to transaction reports or logs detailing the processed transactions. You can download these reports for record-keeping and reconciliation purposes.

6. Download Reports:

• If available, access the reporting section of the FedNow platform or your financial institution's portal.
• Generate and download reports containing details of the processed transactions. These reports may include information such as transaction IDs, timestamps, sender and recipient details, amounts, and status.

7. Reconciliation and Record-keeping:

• Use the downloaded reports to reconcile transactions with your internal records.
• Maintain records of the processed transactions for auditing and compliance purposes.

It's essential to refer to the specific documentation and guidelines provided by FedNow or your financial institution for detailed instructions on creating, uploading, and downloading batch files for instant transactions. These instructions may vary depending on the platform or system you're using and any specific requirements imposed by FedNow or your financial institution.