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ISO20022: The big shift to structured addresses

Finextra

From this point on, Swift, and payment schemes, such as SEPA and CHAPS, will begin rejecting transactions with unstructured data. Neglecting this may lead to payment failures, processing delays, higher costs, false compliance hits, and increased scrutiny from regulators and correspondent banks. The benefits are far-reaching.

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Anatomy Of A Bank Heist, SWIFT-ly Done By Phishers

PYMNTS

The fraudsters who hacked their way into the Bangladesh central bank two years ago got there by getting into software tied to the SWIFT financial platform. Upon success with the phishing, the hackers “moved through the bank’s network” to access computers that victimized banks used to send and receive messages over SWIFT systems.

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Stablecoins to streamline Cross Border Payments

Finextra

Global non-cash commercial payments will grow at a CAGR of 11.3% between 2022 and 2027 Asia Pacific region leading the growth at 14.6% 60% of corporate banks agree that cross-border real-time payments infrastructure brings a revenue opportunity. 42% Global cross-border e-commerce is to reach USD 3.4

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Cross-Border Payment Efforts Look To The Blockchain And Beyond

PYMNTS

Beyond individual company news, some seeming validation has come from the World Bank for Ripple’s xRapid and other technologies, including SWIFT’s blockchain pilots, as noted earlier this week. SWIFT also has an ongoing distributed ledger proof of concept. That comes as SWIFT is working with R3’s blockchain platform, Corda.

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 World Bank Sees DLT Potential For Cross-Border Transactions

PYMNTS

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). As a result, DLT can lower costs, and boost transparency, in part by eliminating the need for a correspondent banking relationship.

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Crypto Goes After Intercompany B2B Payments

PYMNTS

The challenges of global payments are well known, particularly as analysts warn of the impact of a decline in correspondent banking relationships around the world. Analysts pointed to a rise in regulatory pressure as one of the factors pushing banks to reduce exposure to and participation in the correspondent banking space.

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Smarter Payments Tracker Eyes Interoperability

PYMNTS

Payments messaging firm SWIFT has taken recent steps to promote interoperability of its payments network, recently announcing that it would allow blockchain platforms to loop into SWIFT’s global payments innovations (GPI) service to facilitate real-time transactions. Across the pond, meanwhile, the U.S.’s