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Payments messaging firm SWIFT has released its first set of guidelines for financial institutions using the ISO20022 payments messagingstandard to complete cross-border transactions. ISO20022 will modernize international and domestic payment rails, enabling right and new payment services.”
Enter: ISO20022. For a few years the corporate banking space has been discussing the potential for ISO20022 to streamline payments, with industry forces like SWIFT and SEPA promoting its adoption. “Or do corporates limit their choice of bank by insisting on their preferred format?”.
“In the Nordics we know the benefits of collaboration in the standards space. We have built the world-leading BankID service and the Swish payment method,” said Kirstine Nilsson, Swedbank’s head of business infrastructure, consumer payments and cashmanagement. “We We are now collaborating on the P27 pan-Nordic clearing system.
In July, SWIFT released its first set of guidelines for financial institutions using the ISO20022 payments messagingstandard to complete cross-border transactions. Last week, SWIFT launched a new API standard for the pre-authorization of funds. “In
But the executive insights in the pages that follow offer a bit of roadmap for cashmanagers to see more restful nights. Building on new initiatives to overlay legacy systems (like ISO20022messagingstandards) can aid in those endeavors. Among the Highlights.
Data flows and transparency can help corporate treasurers and chief financial officers act strategically in day-to-day cashmanagement and optimize working capital as they break down silos within their own companies. Interoperability will get a boost with messagingstandards such as ISO20022.
” Corporate cashmanagers may not be able to control many of those challenges, like ongoing geopolitical instability resulting in trade tensions and financial market volatility, or the rising threat of cyberattacks. . “We live in times of great uncertainty and great change,” said Kohli.
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