PYMNTS

SEPTEMBER 17, 2020

SWIFT , a global provider of secure financial messaging services, announced Wednesday (Sept. 16) that its cross-border platform will be retooled to enable financial institutions to deliver instant transactions. SWIFT said the planned platform will leverage its reach across more than 11,000 institutions in 200 countries.

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Payments Source

FEBRUARY 16, 2017

A dozen global transaction banks are now using the Society for Worldwide Interbank Financial Telecommunication's new global payments initiative service to improve cross-border payment delivery.

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Payments Source

APRIL 5, 2016

Swift is moving into the testing phase of its global payments initiative, saying 21 banks have started a pilot for clearer communication amongst banks making and accepting cross-border payments.

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Fintech Finance

JANUARY 2, 2024

StoneX has announced that it is one of the first financial organizations to enable Swift ’s new leading-edge solution for cross-border payments. Cross-border payments have long been a complex area marked by ongoing regulatory and compliance changes, bank offline hours, and increasing competition.

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PYMNTS

MARCH 16, 2020

Cross-border payments via Swift’s ISO 20022 migration, originally set to roll out by November 2021, have now been set back a year and are expected to come by the end of 2022 instead, according to reports. ISO 20022 is set to make changes to the payment landscape as a whole, according to the company.

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The Paypers

APRIL 11, 2016

(The Paypers) A total of 21 banks have signed on to pilot test SWIFT `s global payments initiative, a project aimed at modernizing cross-border payments by enabling same-day use of funds.

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PYMNTS

SEPTEMBER 6, 2018

However, blockchain is also gaining ground, and currency is offering a boost to the payments infrastructure. To that end, IBM said it launched its Blockchain World Wire , billed as a cross-border payment system that is powered by the Stellar blockchain network. SWIFT, Too.

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Payments Source

FEBRUARY 25, 2021

The payments division of Western Union has integrated with the Swift Global Payment Initiative for faster transfers, and has added international currency options.

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PYMNTS

AUGUST 12, 2020

AscendantFX Capital , which works in technology-based payment innovations, has joined the SWIFT Network for the benefits it offers, including better transparency and faster payments, the company announced in a Wednesday (Aug. SWIFT gpi’s technology is revolutionary for the payments industry and gives power back to the customer.”

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PYMNTS

APRIL 9, 2018

SWIFT ’s global payments initiative (gpi) service has a new bank on board. Reports on Friday (April 6) in WebIndia123 said ICICI Bank is the first in India to join and roll out the global payments service. SWIFT gpi significantly enhances this experience in cross-border payments by delivering a totally new standard.

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Payments Source

JUNE 9, 2017

International payments and risk-based services provider INTL FCStone says its London-based global payments division will become a non-bank participant in Swift's global initiative to improve the cross-border transaction landscape.

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PYMNTS

JUNE 28, 2016

As of today, 73 new banks have signed on to Swift’s Global payments initiative. The goal of the project is to expand the payment services and experience for customers by upping the speed, transparency and predictability of cross-border payments.

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PYMNTS

OCTOBER 6, 2016

SWIFT’s year has been filled with controversy, the apex of which occurred when reports surfaced that cyberthieves infiltrated Bangladesh Bank via the SWIFT messaging system in February, resulting in $81 million stolen from the bank’s account at the New York Federal Reserve.

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PYMNTS

NOVEMBER 27, 2019

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-Border Payments Friction.

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PYMNTS

APRIL 1, 2019

The jockeying for cross border-payments continues, and SWIFT and Ripple continue to dominate the headlines. As noted, SWIFT has rolled out its gpi (short for global payments initiative). Ripple has xRapid, its cross-border payments solution.

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PYMNTS

MARCH 28, 2016

China has received some criticism and skepticism over its cross-border payments initiative, spearheaded as CIPS — the Cross-Border Inter-Bank Payments System. Analysts point out that the payments system operates just 11 hours a day and only out of Shanghai. The MOU was signed Friday.

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PYMNTS

OCTOBER 22, 2018

SWIFT announced Monday (October 22) the launch of Payment Controls, a new in-network solution to combat fraudulent payments and to help strengthen customers’ existing security. SWIFT said in the press release that Payment Controls is an important way to protect firms as the frequency and speed of payments increases.

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PYMNTS

APRIL 6, 2016

Payments messaging firm SWIFT is looking to gain support for its global payments initiative and, most recently, announced the latest backers of the pilot program. The company said it will hope to improve the transparency and speed of global payments with the program. “The

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PYMNTS

MAY 3, 2019

It seems that’s the journey for cross-border payments, which are in the midst of a digital disruption as innovators focus on addressing a range of friction points, from sluggish speeds to high costs. Only a few years ago, small businesses lagged in global payments technology uptake. In the U.K.,

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PYMNTS

MARCH 21, 2017

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 payments messaging standard and provide corporates the efficiency they need.

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PYMNTS

NOVEMBER 2, 2016

Last September, Ripple publicly questioned the effectiveness of the Global Payments Innovation initiative of payments technology firm SWIFT. GPII, Ripple stated, is “an iteration of exactly what SWIFT provides today with a marginal increase in speed for availability of funds.” ”

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PYMNTS

AUGUST 10, 2016

. “Although we are very much still in the early stages of blockchain adoption, it was highly encouraging to see in a true demonstration the potential it has in transforming cross-border payments, making them almost instantaneous and reducing potential errors.” ”

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PYMNTS

SEPTEMBER 7, 2017

Efficiency is closely linked to digitization, so the Fed’s efforts to promote payments efficiency mean promoting the use of electronic payments. This includes the implementation of ISO 20022 messaging standards across organizations like NACHA and SWIFT. Cross-Border Payments. Collaboration.

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PYMNTS

JANUARY 31, 2019

.” The report also issued a slight warning to the industry: While faster payment innovations and technologies are progressing, solutions “tend to focus on technology more than risk,” with less attention paid to risk mitigation and legality than to speed. “As the U.S. ” As the U.S.

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PYMNTS

FEBRUARY 21, 2018

It’s surprisingly common for the information settlement mechanism like SWIFT to be on a separate ledger from the payment settlement mechanism, which is the system more likely to be scrutinized by the bank’s internal controls, as well as the various audits, including inspection by regulators.”. “In Saudi Arabia.

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PYMNTS

MAY 4, 2018

Connecting multiple companies under the fold of a single entity will enable Syncapay to facilitate cross-sharing of industry expertise, services and best practices, Spottiswood told PYMNTS in a recent interview. In many ways, it can begin in the peer-to-peer payments space, which has offered an example for business payments.

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PYMNTS

DECEMBER 26, 2018

To better compete with new industry entrants, traditional banks or payments providers need to capitalize immediately on new technology capabilities and offer payment methods that provide the best customer experience, enrich existing data sets and minimize friction, facilitating seamless economic transactions.

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