PYMNTS

JANUARY 30, 2019

The gateway will enable the continuous monitoring and control of payment flows and the subsequent movement of goods by those trade platforms, while to ensure global integration and interoperability it will support application programming interfaces (APIs), as well as SWIFT and ISO standards.”.

SWIFT 46

SWIFT Distributed Ledger Technology (DLT) Payment APIs and Integration Message Standards 46

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.

Instant Payments 75

Instant Payments Fed FedNow Interbank Settlement 75

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.

Visa 77

Visa Acquirers Real Time Payments ISO 20022 77

PYMNTS

OCTOBER 10, 2016

NACHA’s launch of Same Day ACH ushered in three settlement windows, enabling ACH payments to be received same day. 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.

Same Day ACH 76

Same Day ACH ACH ISO 20022 NACHA 76

PYMNTS

MARCH 14, 2019

“If you look at cross-border payments, at the highest level they are the settlement engine for a rapidly globalizing economy,” said Kohli. “ Cross-border payments are becoming more important. With that preamble, I think it’s right to say cross-border payments have significantly changed over the last few years.”

Global Payments 77

Global Payments Cross-Border Payments Cross-Border ISO 20022 77

PYMNTS

JANUARY 25, 2019

The rail was built on the ISO 20022 messaging standard, which sends data and payments together. Richardson said this mechanism could help FIs to offer 24/7 year-round instant payments by ensuring that they have sufficient Fed account funds for around-the-clock settlement. However, the current payments environment in the U.S.

Real Time Payments 67

Real Time Payments Federal Reserve RTP TCH 67

PYMNTS

JANUARY 26, 2017

Interoperability and integration of the buyer and sellers’ data is therefore essential. Processing corporate payments as peer-to-peer, directly on blockchains, gives for instant settlement and, therefore, real-time reconciliation and accounting,” the company said. Today, that data is stored in their ERP.”.

Blockchain 57

Blockchain Cross-Border Payments Cross-Border B2B 57

PYMNTS

SEPTEMBER 7, 2017

Industry collaboration will be critical to achieving goals of accelerated payments, the Fed said, with top challenges identified as “interoperability, ubiquity and accessibility” of faster payments capabilities. This includes the implementation of ISO 20022 messaging standards across organizations like NACHA and SWIFT.

Fed 49

Fed Federal Reserve Cross-Border Payments Cross-Border 49

PYMNTS

APRIL 29, 2019

An interoperable cross-border solution could remove these frictions and provide smooth transfers between two real-time payment systems, while a single, globally accessible faster payments service could offer swift end-to-end transfers. Smooth communications between players must be supported if payment schemes are to be interoperable.

ISO 20022 77

ISO 20022 Interoperability Instant Payments Cross-Border 77

PYMNTS

NOVEMBER 2, 2020

Tech-driven Interoperability and collaboration will finally bring trillions of dollars into the digital age, Kevin Phalen , head of global business solutions at Visa , told Karen Webster in a recent interview. Interoperability will get a boost with messaging standards such as ISO 20022. That’s where the market’s going.

B2B 119

B2B Cross-Border Digital Currency Multi-Currency 119

PYMNTS

OCTOBER 2, 2019

However, with real-time payment modalities, and through the messaging standard ISO 20022, data can be easily uploaded into firms’ billing systems. There are many “flavors of fast” across interoperable systems, like Same Day ACH transactions, real-time payments and several daily settlement windows available from the FED.

C2B 81

C2B Faster Payments Real Time Payments Lockbox 81

PYMNTS

AUGUST 5, 2019

Financial players’ attempts to address such issues include offering pre-validation services to confirm payment details prior to initiating payments, creating regional instant payment schemes or making domestic real-time payment systems interoperable to quickly move funds.

Cross-Border 46

Cross-Border ISO 20022 Cross-Border Payments Payment APIs and Integration 46

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. As has been widely reported, ISO 20022 is known for carrying richer data in payments messages. Implementation began last Friday, Nov.

Instant Payments 50

Instant Payments ISO 20022 SWIFT ISOs 50