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EPC Selects Swift for the EPC Directory Service

Fintech Finance

Swift has been selected as EDS provider after a Request for Proposal (RFP) process running in the second and third quarters of 2024 and the subsequent approval by the EPC Board in September 2024. In the architecture of the VOP scheme, the EDS enables reachability and interoperability between VOP scheme participants.

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Nexus Empowers APAC Financial Institutions to Achieve G20 Cross-Border Payment Targets

Fintech News

An RFP is also underway to select the Nexus technical operator that will be responsible for building and running the infrastructure. And for those that haven’t yet made the switch, it’s becoming increasingly important—not just for Nexus, but for interoperability across the global financial system.

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FPC 2023 Fall Member Meeting

Faster Payments Council

The RFP Customer Experience Work Group selected consumer-to-business bill pay as an initial use case, producing industry standards focused on this goal. Participating organizations will share insights gained and how they will implement these standards to catalyze instant payments adoption with a streamlined RFP customer experience.

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U.S. Faster Payments Council Releases Consumer Bill Pay Research White Paper

Faster Payments Council

In addition to presenting the benefits and drawbacks of the two models, the paper explores how Request for Payment (RfP) messaging could bring the best of both models together to help drive broader industry adoption, and ultimately transform the bill pay experience.

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U.S. Faster Payments Council Unveils Comprehensive Report on Instant Recurring Payments

Fintech Finance

It highlights the importance of features such as Request for Payment (RfP) and standing approval, providing a robust foundation for seamless and secure transactions in the dynamic landscape of instant payments. For those reasons, the FPC urges all system participants to adopt the recommendations in this report.”

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How Banks Can Overcome 10 Challenges with FedNow Payment Sending and Acceptance

Finovate

per RFP message, charged to the requestor. Creating interoperability with other payment networks As with other payment rails, banks need to ensure their systems are compatible across other systems. Additionally, banks may be holding back because of the fees that come with participating in FedNow.

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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. This is alongside small per-transaction fees, including those for the initial request for payment (RFP) messages. How much does it cost to do a FedNow transaction?

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