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With fasterpayments functionality beginning to take off in the U.S., the outlook of how accelerated transaction times might impact B2B payments and, more specifically, the issue of late payments to suppliers, remains unclear. “We see fasterpayments coming into the U.S. and Europe have imposed.
Further, one of the largest benefits to corporates of faster and real-time payments services is less about the speed and more about the data these networks are able to carry along with a transaction. What FasterPayments Hasn’t Solved … Yet. The Community Approach to Ubiquity.
SWIFT’s decision to replace its existing cross-border paymentmessaging service with ISO 20022 represents another significant push in that direction — one that could have ripple effects. NACHA also offers a tool to help firms send ISO 20022-approved remittancesdata for B2B payments. .
When analysts from SWIFT and its ISO 20022 Registration Authority took a look at the various efforts behind adoption of the global messaging standard in 2014, a report found that while implementation projects were on their way across Europe, Russia and Africa, among the laggards were the U.S. in its fasterpayments initiatives.
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