The FPC prioritises industry collaboration in tackling topics including interoperability among faster payments solutions, identifying real-world solutions that can ease adoption of faster payments, managing security risks and fraud threats, addressing barriers to cross-border payments. Its whitepaper is available in the FPC’s Faster Payments Knowledge Centre, and it explores different models that can connect systems together to achieve payments interoperability, such as point of origination, network to network, or with an intermediary, and how settlement could work in those models.
The paper illustrates three models for payments interoperability and provides an explanation of the different forms of settlement: deferred gross settlement, deferred bilateral net settlement, deferred multilateral net settlement, and real-time gross settlement (RTGS).
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