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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-time payments, Same Day ACH and blockchain. Innovation On Old Initiatives.
Nacha Unlocks Payments Data. Payments organization Nacha announced this week that it is rolling out a new platform designed to standardize and streamline the flow of transaction data between payment ecosystem participants. Commonwealth Bank Unifies SMB Apps.
Payments technology developers and regulators are beginning to voice their support for ISO 20022, the paymentsmessagingstandard that proponents say can streamline global payments with an easier way to link data to a transaction. SWIFT has similarly taken to boosting ISO 20022’s adoption within Canada , too.
In today’s digital age, however, speedy transactions depend on payment rails that support rapid settlement and messagingstandards that enable sending and quickly processing comprehensive payment details. . NACHA also offers a tool to help firms send ISO 20022-approved remittances data for B2B payments. .
The Federal Reserve is pushing for adoption of the ISO 20022 global paymentsmessagingstandard, a move industry analysts say could streamline B2B payments, especially cross-border. Reports said NACHA has created a working group to explore the decision, however. Still, there is progress, Swendseid said.
FINTAINIUM is combining its Account Receivables and Payables Management Platform with Everlink's eHUB Digital Payments Platform to support real-time B2B and B2C payments that adhere to ISO 20022 paymentsmessagingstandards. billion payments in the year's third quarter, a 9 percent year-over-year increase.
This “standard for standards” is designed to set the tone for a global financial industry message scheme, but unfortunately it is often misunderstood. The standard isn’t related to any one organization or segment, it was created by the International Organization for Standardization for many global transactions.
It’s almost as if these various players are all speaking different languages, according to George Throckmorton, managing director of NACHA , The Electronic Payments Association, who equated the payments industry to a digital Tower of Babel. StandardizingPayment Technology for Smarter, Safer Payments.
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