Fintech News

JUNE 12, 2024

The Bank for International Settlements (BIS) Innovation Hub ‘s Point Zero Forum 2023 roundtable brought together key stakeholders and leaders from both the public and private sectors to discuss opportunities and challenges in cross-border payments.

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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. ” SWIFT pointed to the potential benefits of the ISO 20022 payments messaging standard for corporate payments in particular.

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JANUARY 30, 2019

Beyond that, this proof-of-concept effort, SWIFT said, “addresses the need for DLT-based commerce to be supported by global, fast, secure and transparent settlement using fiat currencies by enabling ‘off-ledger’ payment settlement based on gpi.”.

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Fintech Finance

APRIL 17, 2024

The Real-Time Rail is a complex, large-scale, multi-year infrastructure program that includes two key technical components: the build of the Real-Time Rail exchange component provided by Interac, which was completed in June 2023 and will allow for the exchange of payment messages in real-time.

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NOVEMBER 19, 2020

As Canada gears up to launch its real-time payments system, the Real-Time Rail (RTR), Payments Canada , the entity at the head of the initiative, has announced that Mastercard -owned Vocalink has been chosen as the clearing and settlement solution provider for the new payment rail. Volante Explores the Real-Time B2B Value Prop.

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JANUARY 30, 2019

Beyond that, this proof-of-concept effort, SWIFT said, “addresses the need for DLT-based commerce to be supported by global, fast, secure and transparent settlement using fiat currencies by enabling ‘off-ledger’ payment settlement based on gpi.”.

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

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JUNE 30, 2017

The European Central Bank (ECB) has announced its plans for a new instant payments and settlement system that will enable businesses and consumers to send money in real-time across 19 countries. The ECB has not ruled out switching standards as new ones are developed. cents per payment for the first two years of operation.

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AUGUST 15, 2019

In today’s digital age, however, speedy transactions depend on payment rails that support rapid settlement and messaging standards that enable sending and quickly processing comprehensive payment details. .

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DECEMBER 21, 2018

Liz brings a proven skillset to the company, including specialist expertise in clearing and settlement, and the development of innovative payment solutions in wholesale, corporate and retail banking,” Yates said. “We David Yates, the president of new payments platforms for Mastercard, said he’s very excited about the hire.

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MAY 1, 2019

ACH, Same Day ACH, Zelle, RCH RTP clearing and settlement, and SWIFT cross-border payments are all supported under the solution. ” NACHA Chief Operating Officer Jane Larimer, meanwhile, also praised Volante for its support of ACH, Same Day ACH and ISO 20022 messaging standard adoption among U.S. financial institutions.

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FEBRUARY 13, 2018

The solution enables banks and other FIs to leverage the ISO 20022 payments messaging standard and enhance straight-through processing and real-time settlement. Last year, Oracle launched a new API (application program interface) tool , its Oracle Banking Payments API service, for financial institutions (FIs).

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JULY 3, 2018

Checks will continue to be processed through the paper clearing system as well as the Image Clearing System, recently launched to support digital images of checks used for clearing and settlement. “This is our opportunity to create the future of retail payments in the U.K., economy. .’s

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FEBRUARY 21, 2019

The announcement said that SIA will work closely with Payments Canada and key industry stakeholders on the next version of its Real-Time Gross Settlement (RTGS) application solution. The site noted that Lynx will replace Canada’s current Large Value Transfer System, and will be based on the global ISO 20022 messaging standard.

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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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AUGUST 28, 2019

One of the most prominent payment industry trends to support real-time payments adoption is the focus on ISO 20022 payment message standardization, said Cooley. This standardization environment increases the velocity of the payment, resulting in faster payments and settlement,” he said. “If

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JUNE 13, 2018

” The initiative focuses on faster payments and the development of a new core clearing and settlement system, as well as adoption of the ISO 20022 payments messaging standard.

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JULY 31, 2018

These range from a new software tool intended to help banks offer Real-Time Payment services, to the Federal Reserve’s proposal to adopt a messaging standard that enables easier interactions between its real-time gross settlement system and other payment systems.

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AUGUST 13, 2019

Federal Reserve’s announcement that it will launch its own real-time payment and settlement system called FedNow. This month’s Deep Dive examines the potential benefits and restrictions of ISO 20022, as well as the increasing push for countries to adopt the standard and the challenges and supports available for doing so.

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NOVEMBER 3, 2020

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 payments messaging standards. Smaller FIs Drive Real-Time Demand.

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MARCH 1, 2019

Among those SMBs, 74 percent are interested in receiving customers’ settlements in real time and 54 percent found importance in making such payments to their vendors and suppliers. According to a report , real-time payments schemes that use global messaging standards could incur new risks. launched FPS in 2008.

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AUGUST 7, 2019

In the age of electronic payments, and especially the age of real time payments, said Stoddart, Mastercard sees opportunity tied to standardization of technologies and informational flows. That commonality has been furthered a bit with the introduction of PSD2. The Use Cases.

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SEPTEMBER 13, 2018

Topics addressed will include clearing and settlement, rules and standards and migration away from existing infrastructure. That service is based on the Rich Communication Services global messaging standard and the TBCASoft cross-carrier blockchain platform. Payments, Cross-Border and Over the Phone.

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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.

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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.”

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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.

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JANUARY 26, 2017

Processing corporate payments as peer-to-peer, directly on blockchains, gives for instant settlement and, therefore, real-time reconciliation and accounting,” the company said. Further, blockchain, Finlync said, negates the need for participants to align with what the company described as “complex” payments messaging standards like ISO.

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SEPTEMBER 7, 2017

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-time payments settlement.

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MAY 8, 2017

But when he began working to help Singapore’s market adopt real-time payments, he found that the ISO 20022 messaging standard was more suitable to enable the transfer of rich data alongside a real-time payment. It’s lessons like these that empower the U.S. —

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JUNE 7, 2018

’s payments messaging operations through the planned adoption of the ISO 20022 messaging standard, the bank announced Wednesday (June 6). Credit Message” (CCM), a messaging standard across all three payment schemes. The Bank of England is streamlining the U.K.’s

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NOVEMBER 2, 2020

Interoperability will get a boost with messaging standards such as ISO 20022. Through networks such as Visa B2B Connect, he said, platforms can bring together messaging, payment capabilities and settlement to address credit and trade financing activities. Thus there’ll be no need to pivot to a single set of rails.

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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.

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APRIL 29, 2019

Risk management, settlement practices and business processes can be slightly different depending on the nation or currency, which makes accounting difficult. Consistent business processes and messaging standards, among other factors, are critical to ensuring systems work together smoothly.

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AUGUST 5, 2019

API integrations can also help businesses access domestic rails, and ISO 20022 messaging standards for payment schemes can synchronize systems and pave the way for interoperability. Other cases have seen banks explore distributed ledger technology to handle that messaging.

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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.

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SEPTEMBER 17, 2018

Same Day ACH leverages existing rails to enable same-day funds availability, discussing options to expand their settlement windows. Others are taking on the heavy lift of integrating with messaging standards and financial institutions so neither they nor the corporates they serve have to do so.

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