Payments Source

DECEMBER 5, 2018

Fifteen major banks will test Swift's pre-validation service for Global Payments Innovation transactions, focusing on quickly identifying and eliminating errors or omissions in payment messages.

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PYMNTS

NOVEMBER 27, 2019

The global payments 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 global payment activity is able to keep up with the pace of doing business. Progress in Tackling Cross-Border Payments Friction.

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Fintech News

DECEMBER 10, 2023

In a global financial landscape where efficiency and accuracy are paramount, the challenge of failed payments is a significant hurdle for small and medium-sized enterprises (SMEs) and financial institutions (FIs), particularly in a vibrant market like Singapore.

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PYMNTS

JULY 29, 2020

According to Reuters, the report urges increased use of the Cross-Border Interbank Payment System ( CIPS ) instead of the Belgium-based SWIFT system. In theory, this would help protect China’s global payments data from possible U.S. Gaining richer payments data is one of the key selling points for the new standard.

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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.

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PYMNTS

AUGUST 21, 2020

There are signs that the wheels are beginning to churn once again, however, and though not every industry will recover at the same pace, there is evidence that global trade is once again on the rise. Yet as cross border trade picks back up, the foreign exchange and global payments needs of businesses will intensify.

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PYMNTS

NOVEMBER 22, 2016

Just weeks after receiving approval to facilitate cross-border payments originating from India, FinTech firm Earthport revealed its newest partner to get operations off the ground. 21) said Earthport is working with India’s third-largest bank, Axis Bank, to enable outbound global payments for its users.

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PYMNTS

AUGUST 16, 2019

Cross-border payments are expected to surge over the next few years as the economy becomes increasingly global and interconnected. The latest Smarter Payments Tracker looks at the infrastructure developments that are making cross-border payment systems faster, more seamless and interoperable. A Call for Transparency.

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PYMNTS

JULY 1, 2019

The rise of the global economy and the demand for swift and secure cross-border payments is driving the development of more efficient infrastructures, and spurring financial institutions (FIs) to experiment with emerging tech. Canadian payments network Interac has experimented with blockchain for consumer payments.

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PYMNTS

JUNE 24, 2019

Payments messaging firm SWIFT will allow blockchain companies to connect into its global payments innovation (gpi) platform, SWIFT said in its latest report on the future of payments. The initiative follows a collaboration between SWIFT and R3 that was announced in January, reports noted.

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PYMNTS

APRIL 23, 2018

Payments messaging company SWIFT is hoping to launch real-time payments services in the Asia Pacific region, according to Verdict reports on Friday (April 20). SWIFT gpi , launched last year, provides financial institutions with infrastructure to facilitate transparent, faster cross-border payments.

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PYMNTS

JANUARY 13, 2017

12) said SWIFT will launch a proof-of-concept test to explore the use of blockchain technology for cross-border payments and settlements by banks. It’s no certainty, however, that a working application using blockchain for cross-border payments will emerge, SWIFT said. An announcement Thursday (Jan.

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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.

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PYMNTS

NOVEMBER 20, 2018

Banking technology provider Cashplus is introducing a new application program interface (API) designed to allow small and medium-sized businesses (SMBs) to make mass payments to their vendors simultaneously. The Payments API is rolling out ahead of the U.K.’s A press release Monday (Nov. 19) said Cashplus, based in the U.K.,

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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 ).

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PYMNTS

SEPTEMBER 11, 2019

According to the new Simplifying Cross-Border Payments Playbook , there are five key criteria that an ideal cross-border payment solution should meet: speed, security, compliance, transparency and ubiquity. Currently, there are 57 real-time payments rails operating in more than 72 countries, with even more under construction.

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PYMNTS

SEPTEMBER 20, 2018

Amid an embrace of mobile payments and a push toward consumer choice, sometimes payments infrastructure must change. This week, the Monetary Authority of Singapore said it has launched SGQR (short for the Singapore Quick Response Code ), billed as a single label that combines several QR payment codes.

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PYMNTS

APRIL 19, 2017

The largest retail bank in Italy has made its first major step onto the stage of real-time cross-border payments. Intesa Sanpaolo announced Tuesday (April 18) that it has successfully completed its first testing activities with EBA Clearing, using technology by Dovetail for pan-European real-time payments.

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PYMNTS

JULY 9, 2020

There’s no single path to payments infrastructure innovation. This week’s examination of the latest initiatives to target B2B payments friction from the ground up finds a mix of strategies. For some, like Currencycloud and Steamchain, the path involves bypassing legacy payment rails and embracing blockchain.

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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. and fees associated with payments using CIPS are unclear.

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PYMNTS

APRIL 23, 2018

Singapore bank DBS is introducing the ability for small businesses and larger corporates to track their cross-border payments in real time. Corporate cross-border payment volumes have increased by 25 percent in the last 12 months,” said Navinder Duggal, DBS head of cash product management.

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PYMNTS

SEPTEMBER 23, 2019

Corporates have growing expectations for faster, more efficient and more secure B2B payments — whether their money is moving from one business unit to another or one country to another. Payments Speed and Security. As businesses continue this shift, it is no longer safe to assume that corporates are not interested in faster payments.

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PYMNTS

DECEMBER 20, 2018

Last year Nordea released its Future of Payments report, urging the corporate payments industry to become standardized across banks. The ISO 20022 payments messaging format can be an instrumental component to global payments standardization, particularly as industry heavyweights like SWIFT promote its adoption.

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PYMNTS

OCTOBER 7, 2019

First Investment Bank ( Fibank ) is the first Bulgarian bank to offer the SWIFT Global Payment Initiative (gpi), according to a press release. There are other advantages as well, with real-time traceability through the identifying technology in the payment message.

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PYMNTS

AUGUST 15, 2019

The growing traction of faster payments continues, especially across a cross-border backdrop. In news reported by MoneyControl.com, SWIFT, the payments messaging giant, is reportedly looking at testing instant international settlements with local networks in India to speed transactions and make them more transparent.

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The Paypers

JUNE 24, 2016

(The Paypers) The Federal Reserve (Fed) has made efforts in pushing ISO 20022 global payments messaging standard adoption.

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PYMNTS

MAY 23, 2018

Welcome to Five at Five, your late look at payments and commerce news you might have missed. Today’s stories focus on Facebook’s enhanced Marketplace and the latest on faster payments in Europe. SWIFT Deepens Faster Payments Presence Across Europe. Yelp Renews Antitrust Complaint Against Google.

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PYMNTS

JUNE 22, 2016

Last January, the bank was part of a group of financial institutions that signed onto SWIFT’s global payments innovation initiative , an effort to streamline cross-border payments via the SWIFT payments messaging network.

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PYMNTS

MARCH 9, 2018

The tool uses ISO 20022 payments messaging standards and technologies that are part of SWIFT’s gpi (global payments innovation) initiative combined with blockchain technology to enable the recording of transactions linked to Nostro Accounts.

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PYMNTS

SEPTEMBER 12, 2019

The paper check continues to be a prominent — and, in many cases, dominant — payment method in B2B transactions. PYMNTS research released last October in the “ Bringing Corporate Payments Out of the Dark Ages ” webinar revealed 64 percent of B2B payments are made with checks, despite consumer payments’ acceleration toward electronic tools.

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PYMNTS

SEPTEMBER 22, 2017

Months prior, the bank also said it joined SWIFT’s global payments innovation initiative, an effort that focuses on innovation in the cross-border payments space using the SWIFT payments messaging network with a focus on faster payments and data collection.

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PYMNTS

JUNE 20, 2016

The Federal Reserve is pushing for adoption of the ISO 20022 global payments messaging standard, a move industry analysts say could streamline B2B payments, especially cross-border. Swendseid said she is confident that, once wire payments move to the ISO 20022 standard, ACH payments will soon follow.

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PYMNTS

JUNE 15, 2018

A new deal involving SWIFT and 10 Chinese banks represents the latest move in the global competition to facilitate cross-border payments. In a statement , the payments messaging company said the financial institutions (FIs) “have gone live” with the SWIFT Global Payments Innovation (GPI) initiative.

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PYMNTS

APRIL 26, 2016

Bad news broke on Monday morning (April 25) for global payments messaging platform SWIFT as BAE Systems released analysis concluding that cyberthieves hacked into SWIFT’s software , causing the $81 million bank heist from the Bangladesh central bank.

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PYMNTS

JUNE 16, 2016

Cyberattackers were able to steal $81 million from the Bangladesh central bank by compromising the SWIFT messaging system , forcing the company — and financial services players everywhere — to take a renewed look at payments security measures. ” Payments Security. . ” Payments Security.

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PYMNTS

SEPTEMBER 24, 2019

For today’s payment service providers, accelerating payments across borders means either developing new infrastructure, or making use of existing rails, to move money around the world. Below, PYMNTS looks at the latest news in cross-border payments innovation as industry players complete, collaborate and innovate.

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PYMNTS

JULY 28, 2016

Though it can be traced back to 2004 and was revised as recently as 2013, the ISO 20022 framework is still a source of confusion across the payments industry. This “standard for standards” is designed to set the tone for a global financial industry message scheme, but unfortunately it is often misunderstood.

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