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Paymentsmessaging firm SWIFT has released its first set of guidelines for financial institutions using the ISO 20022 paymentsmessagingstandard to complete cross-border transactions. ISO 20022 will modernize international and domestic payment rails, enabling right and new payment services.”
“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
For a few years the corporate banking space has been discussing the potential for ISO 20022 to streamline payments, with industry forces like SWIFT and SEPA promoting its adoption. But, according to Nordea, obstacles remain for ISO 20022 to take off as a paymentsmessagingstandard and provide corporates the efficiency they need.
In an interview with PYMNTS , Citi’s Global Head of Payments and Receivables Manish Kohli explained how APIs that pre-validate payments data can reduce errors and costs while improving speed. In the Nordics, we know the benefits of collaboration in the standards space.
Real-time payments and reconciliation, the company added, could be a major boost to corporate cashmanagement efforts, too. Further, blockchain, Finlync said, negates the need for participants to align with what the company described as “complex” paymentsmessagingstandards like ISO.
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