Request for Payment RfP Return Codes using ISO 20022

When dealing with Request For Payment (RfP) return codes during a banking halt in the "Receiving" phase of funding transmissions, it's important to have a systematic and well-defined process to identify, handle, and clean the message data before further processing. Here are actions you can take in response to RfP return codes:

1. Immediate Notification:

• Set up immediate notifications to receive alerts when RfP return codes are received from the banks.
• Establish clear communication channels to ensure that the relevant stakeholders are informed promptly.

2. Analysis of Return Codes:

• Analyze each RfP return code to understand the specific reason for the return. This may involve reviewing the code documentation provided by the banks or contacting the banks for clarification.

3. Error Resolution Workflow:

• Develop a standardized workflow for handling RfP return codes. This workflow should include:

• Investigation: Assign responsibilities to team members to investigate the details of the return code.
• Correction: Correct the issues identified in the RfP message data that led to the return.
• Resubmission: If applicable, prepare the corrected data for resubmission to the bank.

4. Communication with Banks:

• Establish clear communication channels with the banks to resolve issues related to RfP return codes.
• If necessary, seek additional information or clarification from the banks to address the return reasons effectively.

5. Data Cleaning Process:

• Initiate a data cleaning process to address issues identified by RfP return codes. This may involve:

• Correcting data entries.
• Updating information in the RfP message.
• Resolving discrepancies between payer and payee data.

6. Validation Checks:

• Implement validation checks to ensure that the cleaned data complies with the requirements of both the banks and the RfP transaction specifications.
• Check for completeness, accuracy, and proper formatting of data elements.

7. Temporary Halt on Syncing:

• Temporarily halt the syncing process with downstream systems (such as QuickBooks Online) until all RfP return codes are addressed, and the data is cleaned.
• This helps prevent erroneous or incomplete data from being transferred to downstream systems.

8. Pre-Sync Review:

• Conduct a pre-sync review to verify that all RfP return codes have been resolved, and the data is in a clean and accurate state.
• Ensure that the cleaned data aligns with the requirements of both the banks and downstream systems.

9. Documentation and Audit Trail:

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

10. Continuous Improvement:

• Periodically review and update your processes based on feedback from banks and changes in industry standards.
• Implement improvements to prevent future occurrences of similar return codes.

11. Training and Awareness:

• Train relevant team members on the procedures for handling RfP return codes and cleaning data.
• Foster awareness of the importance of data accuracy and compliance with banking and transaction standards.

By following these actions, you can establish a robust process for handling Request For Payment return codes during a banking halt in the "Receiving" phase, ensuring that the data is thoroughly cleaned before further processing. This approach promotes accuracy, compliance, and efficiency in your financial transaction workflows.