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We were able to point out that our Regulatory, Directories, and Fraud Work Groups will be tackling these and other relevant topics in their upcoming work efforts. Our expansive, hour-long session resulted in a valuable back and forth, with many insightful questions and candid responses from the Fed.
The payer approves, then their credit union screens the payment and sends a payment message through the FedLine network. In addition, only one main organization’s system and network can be approached in the event of fraud, hacking attempts, and/or system or user errors. In fact, the transactions themselves are irrevocable.
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