Remove Fraud Detection Remove Irrevocability Remove Payment Message
article thumbnail

Offline settlements with a digital pound: Lessons from the BoE’s report

The Payments Association

Industry Voices “This research set out to understand what it would take to make peer-to-peer offline payments work – securely, privately and at scale. The findings show that it’s technically possible, but with significant challenges surrounding fraud detection, data sharing, and usability.

article thumbnail

What Is FedNow & How Can Businesses Prepare for It?

Seon

The bank of the soon-to-be-paid employee sends back a request for payment (RFP) via the FedNow Service for the payer to confirm the transaction on their app. The payer approves, then their credit union screens the payment and sends a payment message through the FedLine network. Let’s take a closer look at these downsides.