Fintech Finance

JULY 23, 2024

billion mobile wallets around the world using their existing Swift connectivity, enhancing the cross-border payments experience for businesses and consumers. Swift connects more than 11,500 financial institutions in over 200+ countries. We estimate that we are reaching 600m unbanked consumers.”

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SWIFT Cross-Border Cross-Border Payments Accounts 98

Fintech Finance

OCTOBER 21, 2024

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-time payments network. For more information on how to connect to Nium via Swift, visit here.

Real Time Payments 94

Real Time Payments SWIFT Payment Networks Cross-Border Payments 94

Payments Source

JUNE 9, 2017

International payments and risk-based services provider INTL FCStone says its London-based global payments division will become a non-bank participant in Swift's global initiative to improve the cross-border transaction landscape.

SWIFT 60

SWIFT Payment Initiation Cross-Border Non-Bank 60

PYMNTS

MARCH 16, 2020

Cross-border payments via Swift’s ISO 20022 migration, originally set to roll out by November 2021, have now been set back a year and are expected to come by the end of 2022 instead, according to reports. ISO 20022 is set to make changes to the payment landscape as a whole, according to the company.

ISO 20022 78

ISO 20022 ISOs SWIFT Cross-Border Payments 78

PYMNTS

AUGUST 12, 2020

AscendantFX Capital , which works in technology-based payment innovations, has joined the SWIFT Network for the benefits it offers, including better transparency and faster payments, the company announced in a Wednesday (Aug. SWIFT gpi’s technology is revolutionary for the payments industry and gives power back to the customer.”

Cross-Border 77

Cross-Border SWIFT Cross-Border Payments Payee 77

PYMNTS

OCTOBER 6, 2016

SWIFT’s year has been filled with controversy, the apex of which occurred when reports surfaced that cyberthieves infiltrated Bangladesh Bank via the SWIFT messaging system in February, resulting in $81 million stolen from the bank’s account at the New York Federal Reserve.

SWIFT 75

SWIFT Global Payments Innovation Cross-Border 75

PYMNTS

JANUARY 30, 2019

Payments messaging company SWIFT said it will test gpi Link, “a gateway to interlink eCommerce and trading platforms with the SWIFT gpi payment service.”. SWIFT said the first part of this proof-of-concept effort will involve Corda , an R3 blockchain platform.

SWIFT 60

SWIFT Distributed Ledger Technology (DLT) Payment APIs and Integration Message Standards 60

Fintech Finance

MAY 21, 2024

Swift has today set out plans to help financial institutions streamline the cross-border payments experience for their corporate customers, by extending ISO 20022 across the entire payment chain and giving banks ready-to-use, white-labelled tracking services that can be activated for customers at the click of a button.

ISO 20022 59

ISO 20022 SWIFT Cross-Border Payments Cross-Border 59

PYMNTS

SEPTEMBER 6, 2018

SWIFT, Too. One might be forgiven for thinking that the news surrounding secure messaging provider SWIFT has been limited to speculation and headlines concerning the possibility of a parallel, Europe-focused, cross-border payment scheme. Ma is contributing $10 million to a fund that will be geared toward African entrepreneurs.

SWIFT 40

SWIFT Payment Initiation Caps Cross-Border Payments 40

PYMNTS

APRIL 9, 2018

SWIFT ’s global payments initiative (gpi) service has a new bank on board. Reports on Friday (April 6) in WebIndia123 said ICICI Bank is the first in India to join and roll out the global payments service. SWIFT gpi significantly enhances this experience in cross-border payments by delivering a totally new standard.

SWIFT 54

SWIFT Cross-Border Payments Cross-Border Real Time Payments 54

The Fintech Times

JANUARY 22, 2024

Looking to provide data consolidation and payment initiation services, PayTabs Group , the MENA based paytech has partnered with open banking firm, Fintech Galaxy. The service will initially be rolled out in the Kingdom of Saudi Arabia and the United Arab Emirates and subsequently expand to other MENA markets.

Payment Initiation 64

Payment Initiation FinTech Payment APIs and Integration Regulatory Compliance 64

PYMNTS

OCTOBER 22, 2018

SWIFT announced Monday (October 22) the launch of Payment Controls, a new in-network solution to combat fraudulent payments and to help strengthen customers’ existing security. SWIFT said in the press release that Payment Controls is an important way to protect firms as the frequency and speed of payments increases.

SWIFT 49

SWIFT Payments Real Time Payments Crime 49

PYMNTS

JANUARY 30, 2019

Payments messaging company SWIFT said it will test gpi Link, “a gateway to interlink ecommerce and trading platforms with the SWIFT gpi payment service.”. SWIFT said the first part of this proof-of-concept effort will involve Corda, an R3 blockchain platform.

SWIFT 46

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

PYMNTS

JUNE 28, 2016

As of today, 73 new banks have signed on to Swift’s Global payments initiative. The goal of the project is to expand the payment services and experience for customers by upping the speed, transparency and predictability of cross-border payments.

Payment Initiation 40

Payment Initiation Global Payments Cross-Border Payments Cross-Border 40

PYMNTS

OCTOBER 7, 2019

First Investment Bank ( Fibank ) is the first Bulgarian bank to offer the SWIFT Global Payment Initiative (gpi), according to a press release. SWIFT data shows that about 36 percent of gpi transfers reach their destination within 5 minutes. About 53 percent reach in an hour, and 96 percent reach the same day.

SWIFT 43

SWIFT International Payments Correspondent Payment Message 43

Payments Source

FEBRUARY 16, 2017

A dozen global transaction banks are now using the Society for Worldwide Interbank Financial Telecommunication's new global payments initiative service to improve cross-border payment delivery.

Cross-Border Payments 60

Cross-Border Payments Cross-Border SWIFT Payment Initiation 60

The Paypers

APRIL 11, 2016

(The Paypers) A total of 21 banks have signed on to pilot test SWIFT `s global payments initiative, a project aimed at modernizing cross-border payments by enabling same-day use of funds.

Cross-Border Payments 28

Cross-Border Payments Cross-Border Payment Initiation SWIFT 28

The Paypers

JULY 31, 2017

(The Paypers) Three local Chinese commercial banks have announced they will join Swift ’s global payments innovation initiative (gpi).

SWIFT 28

SWIFT Payment Initiation Payments Global Payments 28

PYMNTS

MARCH 28, 2016

China has received some criticism and skepticism over its cross-border payments initiative, spearheaded as CIPS — the Cross-Border Inter-Bank Payments System. Analysts point out that the payments system operates just 11 hours a day and only out of Shanghai. and fees associated with payments using CIPS are unclear.

SWIFT 40

SWIFT Cross-Border Cross-Border Payments Payments 40

The Paypers

JULY 26, 2016

(The Paypers) ICICI Bank and Axis Bank are the first Indian banks to sign up for Swift’s global payments innovation initiative.

SWIFT 28

SWIFT Payment Initiation Payments Global Payments 28

PYMNTS

NOVEMBER 2, 2016

Last September, Ripple publicly questioned the effectiveness of the Global Payments Innovation initiative of payments technology firm SWIFT. GPII, Ripple stated, is “an iteration of exactly what SWIFT provides today with a marginal increase in speed for availability of funds.” ”

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SWIFT Blockchain NOV Global Payments 75

The Paypers

FEBRUARY 26, 2021

US-based Western Union Business Solutions has announced the expansion of its global capabilities, bringing different payment services to business customers.

Payment Initiation 34

Payment Initiation Global Payments SWIFT Payments 34

PYMNTS

NOVEMBER 27, 2019

These underlying markets sometimes dictate the speed by which a cross-border payment can travel to an end beneficiary.”. For faster payments, technological innovation is introducing newer capabilities, but as Halpin emphasized, it will ultimately be up to the payments community of end users whether that technology is used.

ISO 20022 117

ISO 20022 Cross-Border Payments ISOs Cross-Border 117

PYMNTS

OCTOBER 16, 2020

BBVA took part in an experimental payment initiative to link the SWIFT gpi with the U.K.’s s nationwide instant payment infrastructure, and the results were displayed at the Sibos conference.

Instant Payments 85

Instant Payments Blockchain Central Bank SWIFT 85

Fintech Finance

JANUARY 2, 2024

StoneX has announced that it is one of the first financial organizations to enable Swift ’s new leading-edge solution for cross-border payments. Cross-border payments have long been a complex area marked by ongoing regulatory and compliance changes, bank offline hours, and increasing competition.

Cross-Border Payments 59

Cross-Border Payments Cross-Border SWIFT Verification 59

PYMNTS

APRIL 1, 2019

The jockeying for cross border-payments continues, and SWIFT and Ripple continue to dominate the headlines. As noted, SWIFT has rolled out its gpi (short for global payments initiative). Ripple has xRapid, its cross-border payments solution.

Cross-Border 61

Cross-Border Distributed Ledger Technology (DLT) Cross-Border Payments Transactions 61

Fintech Finance

JANUARY 22, 2024

PayTabs Group , MEASA’s award-winning payment solutions powerhouse today announced it has partnered with Open Banking and financial innovation entity, Fintech Galaxy. The service will initially be rolled out in the Kingdom of Saudi Arabia and the United Arab Emirates and subsequently expand to other MENA markets.

FinTech 89

FinTech Payment APIs and Integration Regulatory Compliance Gateways 89

The Paypers

AUGUST 13, 2020

AscendantFX Capital have become members of the SWIFT network, and more specifically the Global Payment Initiative.

SWIFT 28

SWIFT Payment Initiation Global Payments Payments 28

Fintech Finance

JULY 10, 2024

It will enable interoperability among PayNet, RENTAS, and SWIFT using ISO 20022 standards. As the industry adopts ISO 20022 globally, this modernisation solution meets regulatory mandates, improves system resilience, and integrates future payment services. AFFIN will handle over 20% more transactions, supporting growth and scalability.

ISO 20022 98

ISO 20022 Real Time Payments ISOs Payments 98

PYMNTS

OCTOBER 17, 2018

Last year, Sberbank agreed to invest more than $500 million in the Yandex.Market eCommerce solution to develop a payment solution and introduce new features on the platform. Other B2B payment initiatives in Russia have come from Visa , which announced earlier this year that it would be expanding its corporate payment services in the country.

B2B 57

B2B SWIFT Payments Instant Payments 57

PYMNTS

APRIL 6, 2016

Payments messaging firm SWIFT is looking to gain support for its global payments initiative and, most recently, announced the latest backers of the pilot program. The company said it will hope to improve the transparency and speed of global payments with the program.

Cross-Border Payments 41

Cross-Border Payments Cross-Border B2B SWIFT 41

PYMNTS

MARCH 21, 2017

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 payments messaging standard and provide corporates the efficiency they need.

ISO 20022 77

ISO 20022 ISOs B2B Message Standards 77

PYMNTS

DECEMBER 3, 2020

Some of the most prominent include the SWIFT gpi service, request-to-pay capabilities and instant payments, which all require banks to loop into third-party payment networks and service providers.

Payment APIs and Integration 105

Payment APIs and Integration End User B2B API 105

PYMNTS

FEBRUARY 28, 2019

Wirex, a cryptocurrency and fiat (real money) payments platform, is releasing a beta version of a regulated crypto-oriented business account, according to reports. The account will support both crypto and fiat payments, and users will be able to transfer funds using over the counter rates or using blockchain, SEPA or Swift.

Accounts 64

Accounts Cryptocurrency Bitcoin Blockchain 64

PYMNTS

JUNE 16, 2016

The interbank messaging firm SWIFT has had a rough few months. Cyberattackers were able to steal $81 million from the Bangladesh central bank by compromising the SWIFT messaging system , forcing the company — and financial services players everywhere — to take a renewed look at payments security measures. What Else Do You Need?

Security 43

Security SWIFT B2B Faster Payments 43

PYMNTS

AUGUST 13, 2019

While the Federal Reserve dives into domestic faster payments, other players have been working to accelerate money globally. Financial messaging service provider SWIFT , for one, recently tested an effort to send money instantly between countries’ real-time payment systems.

On-Demand 62

On-Demand ISO 20022 Federal Reserve Faster Payments 62

PYMNTS

MARCH 16, 2016

When analysts from SWIFT and its ISO 20022 Registration Authority took a look at the various efforts behind adoption of the global messaging standard in 2014, a report found that while implementation projects were on their way across Europe, Russia and Africa, among the laggards were the U.S. in its faster payments initiatives.

ISO 20022 40

ISO 20022 ISOs Message Standards Cross-Border 40