Request For Payment Return Codes

When you encounter Request for Payment (RFP) reject codes during the "Receiving" phase of funding transmissions with banks, payee, and payer, it's crucial to take specific actions to address the issues before attempting to clean and sync the message data. Here are general steps you might consider:

1. Identify Reject Codes:

• Review the reject codes provided by the bank to understand the specific reasons for the rejection. Each code indicates a particular issue that needs to be addressed.

2. Isolate and Document Issues:

• Document each reject code along with a brief description of the issue it represents. This documentation will be useful for tracking and resolving the problems.

3. Review Payer and Payee Information:

• For reject codes related to payer or payee information, carefully review the details provided in the RFP. Verify that payer and payee information is accurate, complete, and matches the records on both ends.

4. Correct Invalid Information:

• If the reject code indicates invalid or incomplete information, take corrective actions to ensure that all required data fields are accurate and properly filled out. This may involve updating payer or payee details.

5. Communicate with Payer and Payee:

• In cases of invalid payer or payee information, reach out to both parties to resolve any discrepancies. This may include updating contact details, addresses, or account information.

6. Address Insufficient Funds:

• If the reject code is related to insufficient funds, communicate with the payer to address the issue. This may involve requesting additional funds, alternative payment methods, or negotiating payment terms.

7. Check for Duplicate Transactions:

• If the reject code indicates a duplicate transaction, review recent submissions to ensure that the same request has not been submitted multiple times. Avoid resubmitting duplicate transactions.

8. Verify Payment Amount:

• For reject codes related to payment amount, verify that the specified amount is within acceptable limits and meets the transaction requirements.

9. Adhere to Request Format:

• Ensure that the request for payment adheres to the required format and standards specified by the bank. Correct any issues related to the format of the message.

10. Update Payment Reference:

- If the reject is due to an error with the payment reference or invoice number, update the information to ensure accuracy.

11. Confirm Payee Account Status:

- If the reject code indicates that the payee's account is closed, confirm the status of the payee's account. If necessary, obtain updated account information.

12. Correct Bank Account Information:

- For reject codes related to bank account information mismatches, verify and correct the bank account details to ensure accuracy.

13. Document and Record Actions:

- Keep detailed records of the actions taken to address each reject code. This documentation is crucial for tracking resolutions and ensuring compliance.

14. Clean Data and Reattempt:

- Once the identified issues are resolved, and the data is cleaned, you can reattempt the transmission of the Request For Payment.

15. Continuous Monitoring:

- Implement continuous monitoring and validation processes to prevent similar issues in future transactions. Regularly update and review data to ensure accuracy.

Remember, these steps are general guidelines, and specific actions may vary based on the nature of the reject codes and the processes established by your bank or financial institution. Effective communication and a proactive approach to resolving issues are essential for successful Request For Payment transactions.