The multi-stakeholder group on Mobile Initiated (instant) SEPA Credit Transfers (MSG MSCT) has developed a new document on the Specification of Quick-Response (QR)-codes for Mobile (Instant) Credit Transfers (MCTs) for submission for further standardisation to the ISO (International Organization for Standardization) Central Secretariat. 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 MSG MSCT leveraged for this work the document on “Standardisation of QR-codes for MSCTs” (EPC024-22), published in June 2022, but generalised some terms and text for usage beyond the Single Euro Payments Area (SEPA). 

The usage of this standardised QR-code is key for achieving global (cross-border) interoperability of mobile initiated (instant) credit transfers.

This  document and the further international standardisation through ISO also address Recommendations B included in the Euro Retail Payments Board (ERPB) Statement published in November 2021 (ERPB/2021/028).

Note that the MSG MSCT has recently slightly updated the document in view of a comment regarding some contradictory text, recently received through the submission for fast track procedure to ISO Technical Committee TC 68, Financial services, Sub Committee SC 9, Information exchange for financial services. 

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