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That probably won’t come as a surprise to many in the B2B payments space, considering that organizations typically try to float their capital for as long as possible, a cashmanagement tactic that can lead to longer payment terms with small suppliers, and the prevalence of late payments. In the U.K.,
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 paymentsmessaging standard and provide corporates the efficiency they need.
And at the broader level, as the current market climate drives further adoption of digital payments, growing adoption of real-time transacting is contributing to the modernization of a cashless, resilient economy. But for entities to truly obtain the value of real-time payments, they must first overcome a resistance to change.
The security compromise hasn’t led FinServ firms to shy away from the global paymentsmessaging company, however. Earlier this month, Dutch B2B payments company PowertoPay announced it had secured certification to incorporate SWIFT’s Alliance Lite2 into its cashmanagement platform.
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