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FPC Draws Member Input with Town Halls on FedNowSM

Faster Payments Council

In addition, Kirstin emphasized that the Fed would like to understand how our members feel about other proposed characteristics of FedNow, including: irrevocability additional descriptors that can be included in the ISO 20022 message format the $25,000 transaction limit real-time confirmation of the validity of the receiver's account intraday credit (..)

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What Is FedNow & How Can Businesses Prepare for It?

Seon

The payer approves, then their credit union screens the payment and sends a payment message through the FedLine network. In any event, the message follows the ISO 20022 standard, which according to the Federal Reserve will bring “interoperability, end-to-end efficiency of payments, and future innovation” to the FedNow Service.

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