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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.
Yet for many entities, the concept of implementing real-time processing across an entire system can feel overwhelming complex. As real-timepayment infrastructure grows more sophisticated, technology presents an opportunity for organizations to mitigate the adoption hurdle. ” Becoming More Adaptive.
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.
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.
For a few years the corporate banking space has been discussing the potential for ISO 20022 to streamline payments, with industry forces like SWIFT and SEPA promoting its adoption. But, according to Nordea, obstacles remain for ISO 20022 to take off as a paymentsmessaging standard and provide corporates the efficiency they need.
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.
When The Clearing House (TCH), the payments firm owned by commercial banks, along with global software and services provider FIS, recently submitted their proposal to the Fed’s Faster Payments Task Force in order to evaluate their real-timepayments system proposal, it signified a milestone along the path toward real-timepayments.
“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?
Here’s a sneak peek: The ultimate goal, Waterhouse said, is ubiquity – namely, to make real-timepayments mainstream. “We There are a lot of non-paymentmessaging capabilities that we think will provide tremendous opportunity for innovation.”.
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