Request for Payment RfP Reject Codes using ISO 20022

Handling Request For Payment (RfP) reject codes in the context of ISO 20022 transactions and banking halts involves a systematic approach to identify, resolve, and clean the data before it is processed further. Here are actions you can take to manage Request For Payment reject codes during the banking halt:

1. Identify and Document Reject Codes:

• Maintain a comprehensive list of ISO 20022 reject codes specific to RfP transactions. This list should include descriptions of each code, indicating the reason for the rejection.

2. Immediate Notification and Analysis:

• Set up a mechanism to receive immediate notifications from banks regarding rejected RfP transactions.
• Analyze reject codes promptly to understand the specific issues causing the rejection.

3. Communication with Banks:

• Establish clear communication channels with banks to resolve issues related to reject codes.
• Seek additional information or clarification from banks if needed to address the rejection reasons effectively.

4. Error Resolution Workflow:

• Develop a standardized workflow for handling rejected RfP transactions. This should include steps for investigation, correction, and resubmission.
• Assign responsibilities to team members involved in resolving reject codes.

5. Data Cleaning Process:

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

6. Validation Checks:

• Implement validation checks to ensure that the cleaned data complies with ISO 20022 standards and the specific requirements of the banks involved.
• Check for completeness, accuracy, and proper formatting of data elements.

7. Temporary Halt on Syncing:

• Temporarily halt the syncing process with QuickBooks Online until all reject codes are addressed, and the data is cleaned.
• This prevents erroneous or incomplete data from being transferred to QBO.

8. Pre-Sync Review:

• Conduct a pre-sync review to verify that all reject 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 ISO 20022 and QuickBooks Online.

9. Documentation and Audit Trail:

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

10. Continuous Improvement:

• Periodically review and update your processes based on the feedback received from banks and any changes in ISO 20022 standards.
• Implement improvements to prevent future occurrences of similar reject codes.

11. Training:

• Train relevant team members on the proper procedures for handling reject codes and cleaning data.
• Ensure that the team is aware of the importance of data accuracy and compliance with banking and ISO standards.

By following these actions, you can establish a robust process for handling Request For Payment reject codes during banking halts, ensuring that data is thoroughly cleaned before syncing with QuickBooks Online. This approach promotes accuracy, compliance, and efficiency in your financial transaction workflows.