Call for Experts

X9.150 QR Code Payment Standard

Project Description| This proposed standard is for a Payment QR Code. It is much more secure technology than a simple URL QR Code. Encoded in a Payment QR Code is all the information necessary to execute a payment without the consumer or merchant having to share financial account details.

Project Need| The QR Code Payment Standard is needed to accelerate the adoption of instant payments. The speed of payments in the U.S. lags far behind many other countries. There are over 12 Billion instant payments per month in India and 5 Billion per month in Brazil. In the U.S. there are only 30 million instant payments happening each month. A QR Code standard creates a network effect so that every bank or merchant mobile app with a QR Code reader or generator can be used to make payments with anyone.

Stakeholders| Financial institutions, merchants and billers are the primary stakeholders as a QR Code standard enables these 3 entities to receive and send payments directly from their bank account without having to share sensitive account information. Service providers of these entities are also stakeholders.

● Mobile app providers would embed Payment QR Code Technology into their UI and integrate to the back end as well.

● Cashiering and related systems for merchants would be updated to present QR Codes at checkout

● Billing vendors would include a QR code option for payment on bills they produce for companies

To participate in the development of this standard click here.

Current Work 

ASC X9 TR 60-202X Risk Assessment Framework for Bank Provided Crypto-Asset Custodial Accounts

Project Description| This work will supplement the Blockchain Risk Assessment Framework Technical Report by targeting bank-provided payment services and activities involving crypto-currencies and/or crypto-assets. Payment services include funds transfer, message transmission, payment processing, payment settlement, store value, and record transactions. These services are performed by banks today, but when a bank elects to operate a node on a blockchain network, exchange crypto-currencies, buy, sell, or issue crypto-assets, or custody related assets, new technical and operational risks should be identified and mitigated. This technical report will describe these risks and document questions to uncover risks associated with these activities.

Project Need| Crypto assets, as a financial class, are rapidly expanding but there are few standards to address the issues created by the development. The global market cap hovers around 2 trillion USD, greater than the subprime market prior to the 2008 financial crisis, and both public and private stakeholders are calling for a regulatory framework and establishment of standards. This technical report will start a process to fill these gaps with a framework to assess the risks associated with custodial accounts transferring and holding crypto assets and establish needed standards in this rapidly growing financial product domain.

Stakeholders| Banks, Brokers, government agencies, fintech innovators, cybersecurity experts, academic thought leaders

To participate in the development of this standard click here.