The multi-stakeholder group on Mobile Initiated (instant) SEPA Credit Transfers (MSG MSCT), which is facilitated by the European Payments Council, has developed a new document on the standardisation of Quick-Response (QR) codes for Mobile Initiated (Instant) Credit Transfers (MCTs) for submission to ISO (International Organization for Standardization).
It standardises a payee – and a payer-presented QR-code for all types of MCTs, i.e. all payment contexts: person-to-person (P2P), consumer-to-business (C2B), business-to-business (B2B) and business-to-consumer (B2C), while addressing both instant and classic credit transfers (so-called push payments).
In view of the ISO procedures, this document was developed in ISO format and will be submitted to the ISO Central Secretariat for further standardisation through a so-called fast track procedure.
The usage of this standardised QR-code is key for achieving global (cross-border) interoperability of mobile initiated (instant) credit transfers.
Find out more information in “related documents”.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
