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. SWIFT data shows that about 36 percent of gpi transfers reach their destination within 5 minutes. About 53 percent reach in an hour, and 96 percent reach the same day.

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SWIFT International Payments Correspondent Payment Message 43

PYMNTS

MAY 24, 2018

SWIFT announced Thursday (May 24) that 25 percent of all SWIFT cross-border payment traffic is being sent over the global payments innovation — or gpi — in the 15 months since the service was rolled out. That enables gpi banks to track all SWIFT payment instructions at all times.

Cross-Border Payments 40

Cross-Border Payments Cross-Border SWIFT Accounts 40

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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Real Time Payments SWIFT Cross-Border Payments Cross-Border 43

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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Settlement SWIFT Cross-Border Cross-Border Payments 51

PYMNTS

MARCH 9, 2018

SWIFT has offered another update on its blockchain proof of concept (PoC), reiterating its potential to enrich transaction data, support real-time liquidity management and reconciliation and more. The PoC includes 34 banks, each with their own node in SWIFT’s DLT sandbox.

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SWIFT ISO 20022 Blockchain Liquidity Management 43

PYMNTS

JANUARY 13, 2017

Financial messaging firm SWIFT made its first public embrace of blockchain technology last year with a whitepaper exploring the use of the technology for smart contracts. 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.

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SWIFT Cross-Border Payments Blockchain Cross-Border 41

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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SWIFT Cross-Border Payments Cross-Border Blockchain 40

PYMNTS

SEPTEMBER 19, 2016

Reuters had previously reported last week that such a task force would form following the $81 million bank heist from Bangladesh Bank , a crime that infiltrated the SWIFT payments messaging network. The funds were stolen from Bangladesh’s central bank’s account at the New York Federal Reserve.

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Cybersecurity Global Payments Central Bank Cross-Border Payments 78

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.

SWIFT 40

SWIFT Payment Message Procedures Central Bank 40

PYMNTS

MARCH 28, 2016

This makes China’s international payments play a bit unconvincing to some. But payments messaging service SWIFT has been brought on by China to help strengthen CIPS’ capabilities. Reports said Friday (March 25) that the company has signed a memorandum of understanding (MOU) that sees SWIFT aiding CIPS in its development.

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SWIFT Cross-Border Cross-Border Payments Payments 40

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.

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ISO 20022 Cross-Border Payments ISOs Cross-Border 117

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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Interoperability ISO 20022 Cross-Border ISOs 61

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.

Cross-Border Payments 68

Cross-Border Payments Cross-Border SWIFT Payments 68

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. The new remittance scheme will be powered by Ripple’s xRapid and xCurrent services.

Cross-Border Payments 84

Cross-Border Payments Cross-Border Blockchain SWIFT 84

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.

Cross-Border Payments 41

Cross-Border Payments Cross-Border B2B SWIFT 41

PYMNTS

MAY 23, 2018

SWIFT Deepens Faster Payments Presence Across Europe. Global payments logistics service provider EFiS is broadening its collaboration with payments messaging firm SWIFT to facilitate connection to faster payments networks in Europe. Yelp Renews Antitrust Complaint Against Google.

Faster Payments 40

Faster Payments SWIFT Payment Message Research 40

PYMNTS

JUNE 13, 2018

This week, reports in the Financial Times highlighted the competitive pressure between SWIFT and Ripple as the two companies rival for the top spot in the cross-border payments market. SWIFT, a payments messaging company, has introduced its Global Payments Innovation (GPI) initiative to boost innovation in global payments.

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Blockchain Distributed Ledger Technology (DLT) SWIFT Cross-Border Payments 44

PYMNTS

APRIL 23, 2018

The bank is using SWIFT’s gpi service , and is also reportedly in discussions with the payments messaging company to join a consortium to develop a real-time payments solution for cross-border transactions in the Asia Pacific region.

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Real Time Payments Cross-Border Payments Cross-Border SWIFT 46

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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Cross-Border Cross-Border Payments P2P SWIFT 40

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.

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

PYMNTS

DECEMBER 20, 2018

The current market, the company’s report said, involves banks using proprietary payment formats, creating a “potential deadlock: Do banks risk losing business by insisting on using their own formats?” Or do corporates limit their choice of bank by insisting on their preferred format?”.

ISO 20022 57

ISO 20022 Value Added Service ISOs API 57

PYMNTS

NOVEMBER 20, 2018

The release of the Payments API follows Cashplus’ launch of its Account API and Application API as the company builds out its suite of integrations that target business currency accounts. “This is only the beginning of our API roadmap initiatives,” said CEO Rich Wagner in a statement last year.

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API Payment APIs and Integration Small Business Payments 43

PYMNTS

JUNE 16, 2016

The interbank messaging firm SWIFT has had a rough few months. 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.

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Security SWIFT B2B Faster Payments 43

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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Cross-Border Payments Cross-Border Payment Message SWIFT 40

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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SWIFT Cross-Border Payment APIs and Integration Cross-Border Payments 73

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.

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B2B ISO 20022 Payment APIs and Integration ISOs 49

PYMNTS

SEPTEMBER 20, 2018

As noted by Regulation Asia , SGQR is being adopted by 27 payment schemes across the nation. Separately, SWIFT said it is launching a pre-validation service that will let customers discover and fix the errors that might delay payment messages before they are sent to recipients.

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SWIFT Mobile Payments PayPal Payments 63

PYMNTS

DECEMBER 17, 2019

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. that develops solutions for digital currency. Open Banking. We offer a single API across all banks,” Kirsch told Webster.

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Central Bank Global Payments Cross-Border Payment APIs and Integration 52

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.

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ISO 20022 Blockchain Cross-Border Cross-Border Payments 77

PYMNTS

JULY 28, 2016

“Although it’s helpful to streamline things like global payments, we really need to be aware of geographical differences and work to make sure we’re interpreting the way that ISO is used in other countries,” Estep said. TURNING CONFUSION INTO CLARITY. DEFINING THE VALUE BY WALKING BACK CONVERSION.

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ISO 20022 ISOs NACHA ACH 40

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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Instant Payments ISO 20022 SWIFT ISOs 50

PYMNTS

AUGUST 16, 2019

Many are choosing to implement ISO 20022 as a common messaging standard to achieve greater interoperability between payment systems, with the system seeing more than 80 implementations in over 40 markets, including with TCH’s RTP system in the U.S. and Australia’s NPP. Challenges Aren’t Universal.

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Cross-Border Payments Cross-Border ISO 20022 ISOs 81

Fintech News

DECEMBER 10, 2023

The challenge in international payments primarily revolves around ensuring data accuracy at every step of the payment chain. Edward spoke of the pivotal role of data and technology in creating and validating payment messages. Digital payments are fast becoming the norm, positioning the region as a global payment leader.”

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Addressing Fraud Prevention Financial Inclusion Payments 115

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. SWIFT has similarly taken to boosting ISO 20022’s adoption within Canada , too.

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ISO 20022 ISOs Message Standards Federal Reserve 40