Sam,
You can achieve the desired ouput even without using RANK function.
create a variable with the below formula
Max Date = [Recurring payment Start Date]Where([Recurring payment Start Date]=(Max([Recurring payment Start Date])In([Payment ID])))
Use Max Date in place of Recurring payment Start Date column.
And create a filter on the table on Max date with the condition Max date is not null.
You will get the expected output.
Cheers
Sri Harsha