Fintech News

AUGUST 8, 2024

As the industry evolves, adopting robust standards like ISO 20022 becomes crucial for driving these benefits. The Role of ISO 20022 in Seamless Settlement and Post-Trade Operations In 2018, the Swift community decided to adopt ISO 20022 for cross-border payments and reporting (CBPR+).

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ISO 20022 APACS SWIFT ISOs 124

PYMNTS

AUGUST 1, 2019

Payments messaging firm SWIFT has released its first set of guidelines for financial institutions using the ISO 20022 payments messaging standard to complete cross-border transactions. “Adoption of ISO 20022 will continue the transformation of correspondent banking already ongoing,” SWIFT said in its announcement.

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ISO 20022 ISOs SWIFT Cross-Border 76

PYMNTS

AUGUST 15, 2019

The ISO 20022 messaging standard has been seen as a potential way of achieving the latter, and has been drawing increasing global attention. ISO 20022 introduced a range of data fields that allow transactional details to be remitted along with payments. Interoperability And Adoption . Hurdles And Supports .

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ISO 20022 ISOs Interoperability Message Standards 58

Finextra

MAY 27, 2024

In recent years, the world of payments has been undergoing a significant transformation. Historicall.

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ISO 20022 Interoperability ISOs Payments 69

PYMNTS

MAY 31, 2018

This makes interoperability that much more difficult to achieve. Throckmorton and his team at NACHA believe that ISO 20022 , developed by the International Organization for Standardization (ISO), could be that common language. That’s the basic promise and potential of ISO.”.

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ISO 20022 ISOs Interoperability NACHA 40

Fintech Finance

JULY 10, 2024

It will enable interoperability among PayNet, RENTAS, and SWIFT using ISO 20022 standards. As the industry adopts ISO 20022 globally, this modernisation solution meets regulatory mandates, improves system resilience, and integrates future payment services.

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ISO 20022 Real Time Payments ISOs Payments 98

Finextra

FEBRUARY 13, 2024

We explore the significance of interoperability and the prioritisation of standardisation to enhance cross-border transactions. Additionally, we explain the key methods for ensuring seamless transactions across borders, leveraging ISO 20022 data and AI for fraud prevention, resilience, and scalability across all 13 markets.

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ISO 20022 Cross-Border Fraud Prevention ISOs 108

Payments Source

MAY 20, 2019

Universal standards such as the nonprofit nexo can support card payment acceptance stakeholders through a portfolio of implementation specifications and messaging protocols that harness the power and interoperability potential of the ISO 20022 standard.

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Interoperability ISO 20022 ISOs Payments 107

Fintech Finance

JANUARY 11, 2024

The Practicalities of Cross-Border Payments in a Faster Payments World also highlights the challenges faced by fintech companies, providing insights into regulatory compliance, security, foreign exchange rate risks, lack of transparency, high costs, interoperability, data privacy, competition with financial institutions, and liquidity management.

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Cross-Border Payments Cross-Border Faster Payments ISO 20022 93

Fintech Finance

JULY 11, 2024

It is based on the ISO 20022 messaging standard which Switzerland has been using for several years. The standard helps facilitate interoperability and cross-border transactions, also giving Swiss banks the opportunity to implement international payment capabilities in the future.

Instant Payments 115

Instant Payments Facilitators ISO 20022 Message Standards 115

PYMNTS

AUGUST 19, 2016

As SWIFT continues to promote the adoption of the ISO 20022 payments messaging standard across financial institutions, the company said it is zeroing in on the potential for ISO 20022 harmonization in the high-value payments space. To highlight that potential, SWIFT revealed on Thursday (Aug.

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ISO 20022 ISOs SWIFT Message Standards 40

PYMNTS

AUGUST 1, 2019

In the latest Smarter Payments Tracker , PYMNTS takes a deep dive into the challenge of interoperability in achieving better cross-border payments services and experiences. Adoption of ISO 20022 will continue the transformation of correspondent banking already ongoing,” SWIFT said in its Wednesday (July 31) announcement.

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Interoperability ISO 20022 Cross-Border Correspondent Bank 61

Faster Payments Council

AUGUST 23, 2024

2:20pm-3:00pmMT: Concurrent Breakout Session – The Power of ISO 20022: Unlocking Efficiency and Global Reach in Payments (Capitol Ballroom 7) The world of payments is undergoing a major transformation with the adoption of ISO 20022. Speakers: Laura Sullivan, Form3; Kenneth T.P.

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FPC ISO 20022 Federal Reserve Instant Payments 167

The Fintech Times

JULY 15, 2024

” The SIC5 system, developed by the Swiss National Bank and SIX, uses the ISO 20022 messaging standard, enhancing interoperability and cross-border transactions, and paving the way for future international payment capabilities for Swiss banks.

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Instant Payments ISO 20022 Fraud Prevention Message Standards 72

PYMNTS

NOVEMBER 27, 2019

The ISO 20022 payments messaging standard — and faster payment networks’ adoption of it — has proven to be a significant value-add to financial service providers’ faster payments offerings. The world is moving more toward standards, and ISO is one of them,” said Halpin. The Community Approach to Ubiquity.

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ISO 20022 Cross-Border Payments ISOs Cross-Border 117

Faster Payments Council

MARCH 15, 2023

Whether we will see these services gain traction is tied to what many believe to be a major hurdle–interoperability. FedNow may not interoperate with RTP, and it doesn't seem to be a priority for either. Learn how to position ISO 20022 as a part of an organization's broader payments modernization strategy.

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FPC ISO 20022 Cross-Border Payments Cross-Border 88

The Fintech Times

JULY 9, 2024

The Open Identity Exchange and the Canadian non-profit Digital ID Authentication Council of Canada (DIACC) have committed to working together to advance global digital interoperability. iDenfy, a Lithuanian regtech company, has announced a strategic partnership with SIMPal, a telecommunication service provider.

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ISO 20022 FinTech ISOs Payroll 59

PYMNTS

AUGUST 12, 2020

However, Phixius makes these deals less necessary as it offers interoperability. The technology was to use the blockchain as well as Afinis interoperable and standardized APIs in addition to ISO 20022. As of now, companies mainly trade data regarding payments with deals between two parties.

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Phixius ISO 20022 Payments Data NACHA 79

PYMNTS

JUNE 16, 2020

As the financial services industry seeks to expand the use and value of instant payments linking cross-border transactions with always-on digital commerce, uniting far-flung stakeholders and fostering interoperability is key. The containers are uniform and standardized even though they hold a broad range of items.

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ISO 20022 Cross-Border B2B ISOs 72

PYMNTS

OCTOBER 10, 2016

ISO 20022, which is designed to set the tone for global financial industry messages, provides a standardized approach to building messaging standards across financial services. “They are trying to maintain interoperability from a global perspective and also trying to achieve that standardization,” he explained.

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Same Day ACH ACH ISO 20022 NACHA 76

PYMNTS

SEPTEMBER 11, 2019

In June, the Chinese digital payment player Alipay and a handful of European mobile wallets announced a partnership to promote QR code payment interoperability. In July, SWIFT released its first set of guidelines for financial institutions using the ISO 20022 payments messaging standard to complete cross-border transactions.

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

PYMNTS

FEBRUARY 5, 2020

George Throckmorton, NACHA managing director and executive director of Afinis Interoperability Standards, said using the conventional bilateral agreements for payment data sharing “limits broader industry adoption” and doesn’t meet expectations. NACHA also announced that Ernst & Young (EY) will assist in the development of Phixius. “EY

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NACHA Phixius B2B Same Day ACH 52

PYMNTS

MARCH 22, 2020

Nacha-owned membership organization Afinis Interoperability Standards is teaming up with Findland-based XMLdation to automate application programming interface (API) standardization in the payments space, Nacha announced. After all, payments is a global industry,” Leppälahti said.

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API ISO 20022 NACHA Interoperability 63

PYMNTS

OCTOBER 15, 2020

All of these new instant payments systems around the world are being built on the ISO 2002 standard,” said Waterhouse. Interoperability In Focus . Interoperability, said the panel, can improve B2B payments, creating new payments structures that contain message payloads that (can eventually) enable straight-through processing.

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Real Time Payments NACHA SWIFT TCH 125

PYMNTS

OCTOBER 12, 2020

These comment letters highlighted the need for features to address accessibility, interoperability, security, liquidity, and fraud prevention,” Montgomery said. Looking Toward Interoperability And Scale . Interoperability is a core component” of FedNow, said Montgomery.

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Instant Payments FedNow Fed Interoperability 97

Seon

JULY 27, 2023

In any event, the message follows the ISO 20022 standard, which according to the Federal Reserve will bring “interoperability, end-to-end efficiency of payments, and future innovation” to the FedNow Service. The payer approves, then their credit union screens the payment and sends a payment message through the FedLine network.

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FedNow Federal Reserve ISO 20022 Fraud Detection 40

Faster Payments Council

SEPTEMBER 17, 2019

Kirstin spoke openly with our membership, addressing questions coming in from our members on topics such as ubiquity, interoperability, and industry collaboration. We were thrilled to have upwards of 100 of our members on the line to hear directly from Kirstin Wells, principal economist at the Federal Reserve Board.

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FPC FedNow Fed ISO 20022 68

PYMNTS

AUGUST 21, 2020

Interoperability Is Key. To get there, interoperability is key, said Cunha. He pointed to standards seen with ISO 20022 as a guidepost for such CBDC interplay — whether retail or wholesale payments are being coordinated (at present most central banks’ CBDC initiatives are focused on wholesale payments).

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CBDC Fed Federal Reserve ISO 20022 107

PYMNTS

NOVEMBER 18, 2020

He said the movement toward standards – particularly the messaging standard ISO 20022 and its marriage of data to payment flows – will enable banks to help their clients reduce manual reconciliation and expand their own businesses. The “now,” according to the panelists, demands interoperability between rails, which is an eventuality.

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Real Time Payments ISO 20022 Reconciliation Payments 98

PYMNTS

JANUARY 17, 2018

Together, the partners will explore how to use distributed ledger technology to support post-trade procedures like corporate actions processing, while also digging into how key messaging standards like ISO 20022 can also come into play here. “To

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Blockchain ISO 20022 ISOs SWIFT 46

PYMNTS

NOVEMBER 10, 2020

One of the biggest opportunities is in the ability for real-time payments technologies to not just move money quicker, but to also move rich data along with the transaction, particularly amid spreading adoption of the ISO 20022 payments messaging standard.

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Real Time Payments B2B Value Added Service ISO 20022 117

Fintech News

AUGUST 23, 2024

Over the four-day event, more than 750 expert speakers will participate in 300+ sessions covering a wide range of topics, including AI, digital currencies, tokenization, ISO 20022, environmental, social and governance (ESG) standards, embedded finance, interoperability, and compliance.

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APACS FinTech Participant ISO 20022 124

PYMNTS

AUGUST 7, 2020

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. For the Federal Reserve, real-time payments will take time — three or four years’ time, to be specific.

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Instant Payments Fed FedNow Interbank Settlement 75

PYMNTS

APRIL 20, 2016

SWIFT maintains in the paper that more research is needed in order to make determinations over whether DLT systems would be fully interoperable with existing, legacy infrastructure; and whether DLTs work well across multiple counterparties.

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SWIFT ISO 20022 Regulatory Compliance IRS 40

PYMNTS

JANUARY 2, 2019

Different countries operate on different messaging systems, a challenge that can be addressed by standards such as ISO 20022. The future is one where there are multiple payment methods,” tech-enabled and interoperable, even between countries, as transactions become ever more global and mobile.

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Real Time Payments RTP ISO 20022 Cross-Border 79

PYMNTS

AUGUST 7, 2019

“We obviously expect that the collective set of technology and the services that we’re buying can be further exported more widely across Europe and into other markets,” he said, with the goal to create an interoperable market of payments schemes that can facilitate account to account payments, in real time, across countries.

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Visa Acquirers Real Time Payments ISO 20022 77

PYMNTS

MARCH 16, 2016

When analysts from SWIFT and its ISO 20022 Registration Authority took a look at the various efforts behind adoption of the global messaging standard in 2014, a report found that while implementation projects were on their way across Europe, Russia and Africa, among the laggards were the U.S. and Canada.

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ISO 20022 ISOs Message Standards Cross-Border 40