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The rise of the global economy and the demand for swift and secure cross-borderpayments is driving the development of more efficient infrastructures, and spurring financial institutions (FIs) to experiment with emerging tech. The bank recently announced it had been testing moving international funds using Ripple.
PYMNTS recently spoke with Saqib Sheikh, global head of SWIFT’s ISO 20022 program, to learn more about SWIFT’s commitment to assist the financial community in the transition to the new standard in cross-borderpayments: ISO 20022. Richer Data With A Little Help From Our Friends .
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.
Deep Data For Swift, Secure Payments . ISO 20022 introduced a range of data fields that allow transactional details to be remitted along with payments. NACHA also offers a tool to help firms send ISO 20022-approved remittancesdata for B2B payments. .
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