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PYMNTS recently spoke with Saqib Sheikh, global head of SWIFT’s ISO20022 program, to learn more about SWIFT’s commitment to assist the financial community in the transition to the new standard in cross-borderpayments: ISO20022. Richer Data With A Little Help From Our Friends .
Within the research , Juniper Research found instant payments will revolutionise B2B payments by enabling cheaper and more secure cross-border trade. They will reach 42 per cent of all cross-borderpayments by 2028, at $16trillion; up from just 17 per cent in 2024, at $5trillion.
Friction associated with traditional payment networks is plentiful, he told PYMNTS in a recent interview — and while real-time payment networks can address many of the related woes, their adoption will greatly rely on their ability to address corporates’ biggest pain points. Progress in Tackling Cross-BorderPayments Friction.
In today’s digital age, however, speedy transactions depend on payment rails that support rapid settlement and messaging standards that enable sending and quickly processing comprehensive payment details. . Deep Data For Swift, Secure Payments . High-value payment systems operated by the U.S.
With the expansion, Mastercard is exploring a mix of payment rails by supporting FinTechs that allow cryptocurrency payments via card. The first company it's working with is Wirex, which provides a crypto-friendly currency account and enables cross-borderpayments via Visa card.
"Everybody talks about rich data pipes being attached to ISO20022. That is technically true, but remarkably uninteresting, unless somebody does the work to standardize what's actually going to flow across those pipes.".
There are barriers to progress, though, with most businesses saying that a lack of standard remittance information is the biggest challenge to adoption of electronic payments information.
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