Streamlining FedNow Exception Handling
Banker Forms—Pacs008, Pacs028, Camt056, Pacs004, and Camt026—serve as critical tools for resolving exceptions in FedNow instant payments by enabling structured queries to the FedNow Messages database. These forms allow bankers to efficiently retrieve real-time data on payments, without relying on manual communication like emails or phone calls.
ISO 20022 Integration
By leveraging the ISO 20022 messaging standard used in FedNow, these forms automate exception resolution through predefined message types. The forms address operational challenges by embedding security protocols (e.g., encryption and authentication) required for FedNow compliance, reducing the need for programming expertise during implementation.
Key Form Types & Functions
| Form Type | Function | Use Case |
|---|---|---|
| Pacs028 | Payment Status Query | Queries whether a credit transfer was accepted or rejected, triggering automated responses like Pacs002 status reports |
| Camt056 | Cancellation Request | Facilitates cancellation requests for erroneous transactions (e.g., duplicate payments) |
| Pacs004 | Payment Return | Standardizes payment returns when transactions need to be reversed |
| Camt026 | Information Request | Supports requests for remittance or audit trails, aligning with FedNow's rich data capabilities |
| Pacs008 | Credit Transfer | Initiates the original payment transaction in the FedNow system |
Business Benefits
- Enhanced transparency in payment processing
- Accelerated dispute resolution timeframes
- Reduced operational overhead for exception handling
- 24/7 reliability for instant payment support
- Decreased interbank settlement risk
