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Payments messaging firm SWIFT has released its first set of guidelines for financial institutions using the ISO 20022 payments messagingstandard to complete cross-border transactions. ” SWIFT pointed to the potential benefits of the ISO 20022 payments messagingstandard for corporate payments in particular.
A new API standard for the pre-authorization of funds is being rolled out by SWIFT, clearing a path for a revolution in financial services enabled by open banking, the company said in a press release on Thursday (Sept. API standards accelerate the introduction of new services.
Many are choosing to implement ISO 20022 as a common messagingstandard to achieve greater interoperability between payment systems, with the system seeing more than 80 implementations in over 40 markets, including with TCH’s RTP system in the U.S. Despite ISO 20022’s potential, there are barriers to it becoming the universal standard.
Payments messaging firm SWIFT has taken recent steps to promote interoperability of its payments network, recently announcing that it would allow blockchain platforms to loop into SWIFT’s global payments innovations (GPI) service to facilitate real-time transactions.
In July, SWIFT released its first set of guidelines for financial institutions using the ISO 20022 payments messagingstandard to complete cross-border transactions. Last week, SWIFT launched a new API standard for the pre-authorization of funds.
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