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Federal Reserve Board members this week shed some light on the timing and mechanics of FedNow — an always-on, fully interoperableinterbank-settlement service that will give rise to instant payments in the United States. For the Federal Reserve, real-time payments will take time — three or four years’ time, to be specific.
Developments include cross-border quick response (QR) payment linkages, connectivity between real-time national payment schemes, and the ongoing Singapore Response Code Scheme (SGQR+) project focusing on furthering QR code payment interoperability.
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