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The globalpayments ecosystem’s path to faster and real-time payments ubiquity is an evolution, not a revolution. Among corporates, there is an increasing demand that their globalpayment activity is able to keep up with the pace of doing business. Progress in Tackling Cross-Border Payments Friction.
Payment rails are getting more attention these days, and there is an increasing focus on offering a standardized, relatively seamless experience that can be locked and loaded by various operators with minimal hassle. Payment rails are undergoing significant innovation, a trend that promises to continue into the 2020s in various areas.
Fifteen major banks will test Swift's pre-validation service for GlobalPayments Innovation transactions, focusing on quickly identifying and eliminating errors or omissions in paymentmessages.
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. But as the Tracker explores, there are several initiatives in the works to tackle those challenges — including in the corporate sphere.
Blockchain has potential to securely transmit remittance data along with payments in cross-border B2B transactions, enable companies to use smart contracts to enforce business agreements in B2B trade and mitigate the risk of fraud in supply chain transactions. The new remittance scheme will be powered by Ripple’s xRapid and xCurrent services.
In 2017, the European Payments Council launched the pan-European Single Euro Payments Area ( SEPA ) Instant Credit Transfer System, and Southeast Asian countries Indonesia, Malaysia, Singapore, Thailand and Vietnam agreed to establish a real-time cross-border paymentsnetwork. and Australia’s NPP. and Australia’s NPP.
Last week, seven European payments operators announced the European Mobile Payment System Association initiative, a new pan-European network focused on cross-border mobile payments.
SWIFT Deepens Faster Payments Presence Across Europe. Globalpayments logistics service provider EFiS is broadening its collaboration with paymentsmessaging firm SWIFT to facilitate connection to faster paymentsnetworks in Europe. Yelp Renews Antitrust Complaint Against Google.
By providing African governments and financial institutions with blockchain-driven tools, UDPN will support enabling an inclusive, scalable digital payments system for the African continent.
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