The Fintech Times

JULY 20, 2024

As global outages hit banking firms and payments worldwide, are we to be forever doomed by glitches, power outages and cyberattacks? On Thursday 18 July, the CHAPS system, used by UK high-street banks and lenders to send money to one another, experienced an outage, caused by a glitch related to the global network Swift.

Payments 122

Payments Mitigation Regulations ISO 20022 122

PYMNTS

DECEMBER 4, 2018

The payment messaging entity SWIFT this past week began implementing its SWIFTNet Instant service that is tied to the Eurosystem’s TARGET Instant Payment Settlement service. The service, as has been reported, lets customers make instant payments from inside the Single Euro Payments Area (also known as SEPA ).

Instant Payments 50

Instant Payments ISO 20022 SWIFT ISOs 50

PYMNTS

JULY 9, 2020

In a PYMNTS interview , Tim Coats, Oxbury co-founder, chief customer and regulatory officer, said Faster Payments will become a key rail for the farming and agricultural space to accelerate cash flow through its supply chain. SWIFT Certifies Fiorano ISO 20022.

ISO 20022 77

ISO 20022 Blockchain Cross-Border Cross-Border Payments 77

PYMNTS

AUGUST 1, 2019

In corporate payments, high-value transactions with tall demands for compliance, transparency, speed, efficiency and security aren’t just placing a burden on the businesses sending and receiving funds. International payments often contain unstructured and ambiguous transaction data, causing unnecessary delays and failed processing.

Interoperability 61

Interoperability ISO 20022 Cross-Border Correspondent Bank 61

PYMNTS

SEPTEMBER 11, 2019

In an interview with PYMNTS , Citi’s Global Head of Payments and Receivables Manish Kohli explained how APIs that pre-validate payments data can reduce errors and costs while improving speed. Last week, SWIFT launched a new API standard for the pre-authorization of funds.

Cross-Border Payments 76

Cross-Border Payments Cross-Border ISO 20022 Real Time Payments 76

PYMNTS

APRIL 19, 2016

Payments technology developers and regulators are beginning to voice their support for ISO 20022, the payments messaging standard that proponents say can streamline global payments with an easier way to link data to a transaction. Up next is Switzerland.

ISO 20022 40

ISO 20022 ISOs Message Standards Federal Reserve 40

PYMNTS

AUGUST 13, 2019

While the Federal Reserve dives into domestic faster payments, other players have been working to accelerate money globally. Financial messaging service provider SWIFT , for one, recently tested an effort to send money instantly between countries’ real-time payment systems.

On-Demand 62

On-Demand ISO 20022 Federal Reserve Faster Payments 62

PYMNTS

SEPTEMBER 23, 2019

The industry push for SWIFT’s ISO 20022 adoption continues to encourage financial institutions to adopt the payments messaging standard for more efficient transmission of transaction data, which can have particular impact for high-value cross-border B2B payments. Beyond the Payment.

B2B 49

B2B ISO 20022 Payment APIs and Integration ISOs 49

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.

Fed 49

Fed Federal Reserve Cross-Border Payments Cross-Border 49

PYMNTS

JULY 28, 2016

This “standard for standards” is designed to set the tone for a global financial industry message scheme, but unfortunately it is often misunderstood. The standard isn’t related to any one organization or segment, it was created by the International Organization for Standardization for many global transactions.

ISO 20022 40

ISO 20022 ISOs NACHA ACH 40