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Nium , the leading global infrastructure for real-time cross-border payments, today announced that financial institutions can now leverage Swift capabilities and their existing Swift infrastructure to connect to Nium’s global real-timepayments network.
Banks have been playing catch-up with FinTechs in the bid to bring speed to their processes, especially when it comes to B2B payments. The conversation came across a backdrop of more than 50 real-timepayment systems currently live around the world, although largely domestic and regional in nature. That said, the U.S.
AFFIN Group (“AFFIN” or “the Group”) today announced a partnership with ACI Worldwide , a global leader in mission-critical, real-timepayments software, to modernise the Bank’s real-timepayment capabilities. It will enable interoperability among PayNet, RENTAS, and SWIFT using ISO20022 standards.
The global payments ecosystem’s path to faster and real-timepayments ubiquity is an evolution, not a revolution. That is to say, mass adoption will take time, and the factors driving that adoption will almost certainly continue to change and shift as end users’ needs do the same.
Dion Global Solutions announced this week the release of RealTimePayment Engine (RTPE), a tool to support real-timepayments while remaining compliant with European regulations. The company cited the European Payment Services Directive, ready to take effect in 2018.
Enter: ISO20022. For a few years the corporate banking space has been discussing the potential for ISO20022 to streamline payments, with industry forces like SWIFT and SEPA promoting its adoption. “Or do corporates limit their choice of bank by insisting on their preferred format?”.
In the previous episode of NACHA’s Countdown to Same Day ACH podcast series, NACHA President and CEO Jan Estep identified the overlaps, complements and implications of all the initiatives under the faster payments umbrella — namely, real-timepayments, Same Day ACH and blockchain. Innovation On Old Initiatives.
Real-timepaymentsinitiatives are under way all across the globe, but there is little consistency across jurisdictions regarding how the financial services sector takes on the initiative or where each market is at in terms of progress in achieving real-timepayments capabilities. In the U.S.,
Intesa Sanpaolo announced Tuesday (April 18) that it has successfully completed its first testing activities with EBA Clearing, using technology by Dovetail for pan-European real-timepayments. Reports in January first surfaced that EBA Clearing was testing its own real-timepayments solution compliant with EU payment standards.
Federal Reserve’s announcement that it will launch its own real-timepayment and settlement system called FedNow. The much-awaited decision dismayed large banks that regard a government-run system as unnecessary competition with their own real-time rail, The Clearing House’s RealTimePayments (RTP).
There is no dearth of faster paymentsinitiatives — and no certainty that there will be one faster payments scheme to rule them all. Interoperability, he added, will be fostered through the use of ISO20022, for standardized messaging. Interoperability is a core component” of FedNow, said Montgomery.
You can test all you want, but for payments innovators, the true test only comes when a solution is released out into the real world. s Faster Paymentsinitiative, there have already been some changes made to the service that looks to support real-time transacting. For the U.K.’s is all about flexibility.
“This is perhaps unsurprising,” ACI stated of this conclusion, “given their urgent need to modernize aging legacy systems to operate in an increasingly mobile and real-timepayments environment.”. Real-TimePayments A Bust?
To move forward, the Fed said it will support a working group and other collaborative efforts to continue developing a faster payments ecosystem for the nation, and work with industry stakeholders to address gaps and requirements for real-timepayments settlement.
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