Remove Instant Payments Remove Interoperability Remove Message Standards
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Finastra Facilitates Connection of Swiss Banks in Readiness for New SIC Instant Payments Service

Fintech Finance

Finastra , a global provider of financial software applications and marketplaces, today announced the completion of a Swiss Interbank Clearing (SIC) instant payments readiness project. Using Finastra’s cloud-based Service Bureau offering, Swiss banks can seamlessly transition to facilitating instant interbank payments.

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Deep Dive: Making Instant Payment Schemes Universal And Interoperable

PYMNTS

Many countries around the world are rolling out instant payments schemes that bring speed and convenience to payments made within their own borders. Unfortunately, those benefits are often limited when it comes to cross-border payments. A London-based manufacturer can’t rely on the U.K.’s Current Efforts .

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Finastra’s 24/7 Instant Payment Service Offers Real-Time Sanctions Screening

The Fintech Times

By August 2023, the 50 largest banks in S witzerland must be capable of processing instant interbank payments, with all participants in the Swiss customer payment system expected to achieve this capability by the end of 2026.

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Fed Says America Needs Instant Payments As Soon As Possible

PYMNTS

Federal Reserve Board members this week shed some light on the timing and mechanics of FedNow — an always-on, fully interoperable interbank-settlement service that will give rise to instant payments in the United States. Lael Brainard said the coronavirus crisis has heightened the need for instant payments.

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Unpacking 3 Key Concepts From G20’s Enhanced Cross Border Payments Plan

Fintech News

Theme 1: Establishing Optimal Governance and Interoperability Frameworks Effective governance and interoperability frameworks will be crucial for managing the complexities of cross-border payments. One idea is to have a central system for checking payments against sanctions lists, which could make the process faster and simpler.

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U.S. Faster Payments Council Releases Dual Reports on ISO 20022 Implementation and Benefits

Fintech Finance

These reports serve as critical resources for financial institutions seeking to implement ISO 20022, a global standard that is reshaping the landscape of financial messaging. Both reports are now available for download from the FPC’s Faster Payments Knowledge Center.

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Instant Payments Gain Ground With SEPA, SWIFT

PYMNTS

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 ).