FedNow Cash Consortium Announces the Release of Innovative CardPay Specification

CardPay_Spec_V1_April_2023.pdf

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Austin, TX April 17, 2023 – The FedNow Cash Consortium is proud to announce the release of their groundbreaking CardPay Specification, a comprehensive guide for integrating the CardPay feature into existing banking app infrastructure. The CardPay Specification is a derivative and adaptation work of a U.S. Registered Copyright.

CardPay is a cutting-edge P2P money transfer feature that utilizes QR codes and biometric authentication to facilitate secure, efficient, and user-friendly transactions between users. The CardPay Specification has been meticulously designed to ensure seamless functionality across various platforms, including iOS, Android, VR, AR, and web-based applications.

The FedNow Cash Consortium's CardPay Specification outlines detailed instructions for developers to integrate CardPay into banking apps, covering aspects such as panel components, transaction workflow, security measures, testing, deployment, and ongoing maintenance. Additionally, the specification highlights potential future developments and improvements, reinforcing CardPay's commitment to staying at the forefront of P2P money transfer technology and adapting to the evolving needs of users and the financial industry as a whole.

In light of the growing demand for convenient and secure P2P money transfer solutions, the release of the CardPay Specification represents a significant milestone for the FedNow Cash Consortium and the financial industry. The consortium has also granted the National Credit Union Administration (NCUA) the opportunity to explore licensing of the CardPay Specification, which could lead to a collaboration with Visa Inc. for the integration of CardPay into their new Visa+ service, specifically for use with PayPal Inc. and Block Inc.'s Cash App products.

The FedNow Cash Consortium is excited to share the CardPay Specification with developers and financial institutions, paving the way for a new generation of secure, reliable, and convenient P2P money transfer experiences that exceed user expectations and set a new standard for digital financial services.

About FedNow Cash Consortium

The FedNow Cash Consortium is a group of innovative financial technology leaders dedicated to driving the evolution of P2P money transfer solutions. Committed to the development of secure, user-friendly, and efficient financial services, the consortium aims to foster collaboration among industry stakeholders and maintain a competitive and innovative market for digital financial services.

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