article thumbnail

RT2: A strategic transformation for UK payment providers

The Payments Association

It enhances resilience, broadens access, improves interoperability, and enables innovation, thereby modernising the UK’s financial infrastructure. RT2 offers four key advancements: enhanced resilience, expanded access, wider interoperability, and improved functionality. Why is it important? What’s next?

article thumbnail

Smarter Payments Tracker Eyes Interoperability

PYMNTS

In the latest Smarter Payments Tracker , PYMNTS takes a deep dive into the challenge of interoperability in achieving better cross-border payments services and experiences. In its announcement , SWIFT noted that this standardization will be especially impactful for high-value corporate payments within the correspondent banking sphere.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Greater Flexibility: BVNK Wallet Offers Stablecoin, Crypto and Fiat Payments All in One Place

The Fintech Times

With our embedded wallet, were making stablecoin, crypto and fiat payment rails interoperable, to give our customers true payments flexibility. In the last few years, stablecoins have emerged as a new global payment rail for businesses and an alternative to the correspondent banking system. Why stablecoins?

article thumbnail

UBS Successfully Pilots Blockchain-based Payment Solution for Cross-Border Transactions

The Fintech Times

Xiaonan Zou , UBS head of digital assets, group treasury, adds: “We see the interoperability between UBS Digital Cash and other digital cash initiatives as key for the financial industry.

article thumbnail

Nexus Empowers APAC Financial Institutions to Achieve G20 Cross-Border Payment Targets

Fintech News

The challenge today is that many countries operate their own IPS, but cross-border payments still rely on slow and expensive correspondent banking arrangements. With Nexus, banks and fintechs connect once through their IPS to a shared platform instead of building separate bilateral links with each market.

article thumbnail

Temasek-backed Partior Ledger Expands Following US$60M+ Series B Investment

Fintech News

Traditional cross-border payments encounter various challenges, including delays, high costs, lack of transparency, multiple intermediaries, variable processing speeds, and differing compliance standards across correspondent banks.

article thumbnail

SWIFT Readies ISO 20022 For X-Border Payments

PYMNTS

A press release issued Wednesday (July 31) said ISO 20022 has the potential to promote efficiency in the correspondent banking community and modernize cross-border transactions. “Adoption of ISO 20022 will continue the transformation of correspondent banking already ongoing,” SWIFT said in its announcement.