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Further, one of the largest benefits to corporates of faster and real-time payments services is less about the speed and more about the data these networks are able to carry along with a transaction. The world is moving more toward standards, and ISO is one of them,” said Halpin.
According to a statement , “gpi Link will seamlessly connect gpi members to multiple trade platforms, thereby enabling gpi paymentinitiation, end-to-end payment tracking, payer authentication and credit confirmation.
According to a statement , “gpi Link will seamlessly connect gpi members to multiple trade platforms thereby enabling gpi paymentinitiation, end-to-end payment tracking, payer authentication and credit confirmation.
ISO 20022, which is designed to set the tone for global financial industry messages, provides a standardized approach to building messagingstandards across financial services. As Throckmorton pointed out, it’s not about moving money but more about making processes better, more standard and more secure.
When analysts from SWIFT and its ISO 20022 Registration Authority took a look at the various efforts behind adoption of the global messagingstandard 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. in its faster paymentsinitiatives.
Fifth Third’s Chayt said the need for speed might have gotten real-time paymentsinitiatives off the ground, but that’s just a starting point. economy is proving to be a tailwind for faster payments and processes. The “now,” according to the panelists, demands interoperability between rails, which is an eventuality.
This year is a critical one for this initiative, the Fed said, with the Fed’s Faster Payments Task Force having already issued the results of its assessment and recommendations for continued progress. This includes the implementation of ISO 20022 messagingstandards across organizations like NACHA and SWIFT.
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