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Further, one of the largest benefits to corporates of faster and real-time payments services is less about the speed and more about the data these networks are able to carry along with a transaction. These underlying markets sometimes dictate the speed by which a cross-border payment can travel to an end beneficiary.”.
When analysts from SWIFT and its ISO20022 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 paymentsinitiatives.
Financial messaging service provider SWIFT , for one, recently tested an effort to send money instantly between countries’ real-time payment systems. Deep Dive: The Challenges and Benefits of ISO20022 Migration. Get the full story in the Tracker. Read more in the Tracker. About the Tracker.
Real-time paymentsinitiatives 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-time payments capabilities. In the U.S.,
According to the Fed, payments must not only be faster, they must also be safe and ubiquitous. This year is a critical one for this initiative, the Fed said, with the Fed’s Faster Payments Task Force having already issued the results of its assessment and recommendations for continued progress.
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