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The panel will discuss issues such as security, governance, and interoperability as well as concerns that the U.S. In this session, FPC QR Code work group leaders address the call to action for payment industry standards needed for universal acceptance and interoperability of QR codes.
We designed an ecosystem that is both competitive and interoperable, planned it around the existing financial system and built up the necessary infrastructure and features to support that desired outcome,” said Ong Ye Kung, MAS board member and education minister, in a speech.
That’s probably sound advice for any market hoping to achieve faster, more efficient payments — especially cross-border — by adopting a unified paymentsmessaging system. Existing payment standards are limited in the amount of remittance information they can support,” concluded the CPA.
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The payer approves, then their credit union screens the payment and sends a paymentmessage through the FedLine network. This paymentmessage either goes directly to the FedNow Service or via a service provider. That bank confirms its willingness to accept the payer’s outgoing payment.
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