The Fintech Times

FEBRUARY 21, 2024

Having reflected on what the top priority is for businesses looking to enter the cross-border payments space, we now turn our attention to the future, and how the sector will evolve in 2024. “In 2024, cross-border payments volumes will continue to grow rapidly. .”

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PYMNTS

SEPTEMBER 11, 2019

According to the new Simplifying Cross-Border Payments Playbook , there are five key criteria that an ideal cross-border payment solution should meet: speed, security, compliance, transparency and ubiquity. How Cross-Border Payments Are Made. So, what’s the problem? What’s Changing?

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Payments Source

FEBRUARY 27, 2018

The network says more than $100 billion in Swift GPI payment messages are sent daily, enabling payments to be credited to the end beneficiaries within minutes — and some within seconds.

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PYMNTS

AUGUST 1, 2019

Payments messaging firm SWIFT has released its first set of guidelines for financial institutions using the ISO 20022 payments messaging standard to complete cross-border transactions. ISO 20022 will modernize international and domestic payment rails, enabling right and new payment services.”

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ISO 20022 ISOs SWIFT Cross-Border 76

PYMNTS

NOVEMBER 27, 2019

Friction associated with traditional payment networks is plentiful, he told PYMNTS in a recent interview — and while real-time payment networks can address many of the related woes, their adoption will greatly rely on their ability to address corporates’ biggest pain points. Progress in Tackling Cross-Border Payments Friction.

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ISO 20022 Cross-Border Payments ISOs Cross-Border 117

Payments Source

JUNE 3, 2019

Payments messaging standards provider Swift has received a license to offer connections to all of the Eurosystem market infrastructures for payments, securities settlement and collateral management.

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PYMNTS

NOVEMBER 22, 2016

Just weeks after receiving approval to facilitate cross-border payments originating from India, FinTech firm Earthport revealed its newest partner to get operations off the ground. 21) said Earthport is working with India’s third-largest bank, Axis Bank, to enable outbound global payments for its users.

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PYMNTS

JUNE 24, 2019

Payments messaging firm SWIFT will allow blockchain companies to connect into its global payments innovation (gpi) platform, SWIFT said in its latest report on the future of payments. The initiative follows a collaboration between SWIFT and R3 that was announced in January, reports noted.

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PYMNTS

AUGUST 15, 2019

In news reported by MoneyControl.com, SWIFT, the payments messaging giant, is reportedly looking at testing instant international settlements with local networks in India to speed transactions and make them more transparent. The functions include authentication and exchange rate data.

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PYMNTS

JANUARY 24, 2019

Payments messaging company SWIFT is expanding its gpi for Corporates (g4C) initiative, adding treasury management technology company BELLIN to its roster of early adopters of the tool. The tool expanded and began requiring SWIFT customers to include their UETR in all payment instructions, even for institutions not part of gpi.

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Payments Source

DECEMBER 5, 2018

Fifteen major banks will test Swift's pre-validation service for Global Payments Innovation transactions, focusing on quickly identifying and eliminating errors or omissions in payment messages.

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PYMNTS

JULY 9, 2020

In a PYMNTS interview , Tim Coats, Oxbury co-founder, chief customer and regulatory officer, said Faster Payments will become a key rail for the farming and agricultural space to accelerate cash flow through its supply chain. SWIFT Certifies Fiorano ISO 20022.

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PYMNTS

JANUARY 13, 2017

Financial messaging firm SWIFT made its first public embrace of blockchain technology last year with a whitepaper exploring the use of the technology for smart contracts. 12) said SWIFT will launch a proof-of-concept test to explore the use of blockchain technology for cross-border payments and settlements by banks.

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PYMNTS

APRIL 23, 2018

Payments messaging company SWIFT is hoping to launch real-time payments services in the Asia Pacific region, according to Verdict reports on Friday (April 20). SWIFT gpi , launched last year, provides financial institutions with infrastructure to facilitate transparent, faster cross-border payments.

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Payments Source

APRIL 4, 2019

Payments messaging standards provider Swift has established a new group to help it promote and assure smooth migration of the cross-border ISO 20022 standard.

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PYMNTS

SEPTEMBER 19, 2016

16) said several central banks have confirmed the formation of a task force to explore cybersecurity of cross-border payments and banking to protect interbank transactions. Last month, Bangladesh Bank told reporters that — contrary to earlier reports — it would not file legal charges against SWIFT and the New York Fed.

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PYMNTS

JUNE 15, 2018

A new deal involving SWIFT and 10 Chinese banks represents the latest move in the global competition to facilitate cross-border payments. In a statement , the payments messaging company said the financial institutions (FIs) “have gone live” with the SWIFT Global Payments Innovation (GPI) initiative.

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PYMNTS

DECEMBER 4, 2018

The payment messaging entity SWIFT this past week began implementing its SWIFTNet Instant service that is tied to the Eurosystem’s TARGET Instant Payment Settlement service. The service, as has been reported, lets customers make instant payments from inside the Single Euro Payments Area (also known as SEPA ).

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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. China International Payment Service Corp.

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PYMNTS

AUGUST 9, 2018

Payments infrastructure news tends to be global in scope, as firms and stakeholders eye efficiency and speed in transacting in new and existing markets far-flung in nature. That latter solution lets users access multiple instant payment systems across Europe via single access point, leveraging existing SWIFT infrastructure.

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PYMNTS

APRIL 23, 2018

Singapore bank DBS is introducing the ability for small businesses and larger corporates to track their cross-border payments in real time. Businesses participating in the transaction must be serviced by banks that are part of SWIFT gpi.

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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.

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Payments Source

JUNE 15, 2017

The Society for Worldwide Interbank Financial Telecommunication plans to add instant payments messaging for the European market by late 2018, marking another step in its ongoing faster payments projects.

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PYMNTS

AUGUST 1, 2019

Financial service providers are operating in a global payments market filled with disruption as they work to offer cross-border corporate payment services that live up to businesses’ standards. ISO 20022 will modernize international and domestic payment rails, enabling right and new payment services.”.

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PYMNTS

OCTOBER 3, 2019

This week, according to a release , BitPay , a blockchain payments provider, said it is linking with Ripple ’s developer initiative, Xpring, in a bid to enable merchants to accept XRP for payments through BitPay’s merchant processing and cross-border payments platform.

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PYMNTS

JULY 18, 2017

SWIFT is opening up its KYC registry to more banks around the globe. The payments messaging company said Monday (July 17) that its KYC Registry is now open to all supervised financial institutions around the globe. The Registry enables banks and FIs to share and access KYC data and documents.

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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. “The

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PYMNTS

APRIL 9, 2020

Although SWIFT revealed plans for its account-to-account functionality last month, the announcement only began making headlines a few days ago. Reports have said the move by the payments messaging company positions the firm take on payments giants Visa and Mastercard.

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The Fintech Times

MAY 9, 2024

. “This includes cross-border payments , KYC and anti-money laundering (AML), external provider matching, international supply chain relationships, environmental, social and governance ( ESG ) reporting, and digital identity applications.

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PYMNTS

DECEMBER 13, 2018

Separately, SWIFT said this past week that it has launched a pilot program that focuses on an integrated gpi payments service that quickly identifies and eliminates payment message errors. SWIFT has said it is working with 14 banks globally.

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PYMNTS

AUGUST 19, 2016

As SWIFT continues to promote the adoption of the ISO 20022 payments messaging standard across financial institutions, the company said it is zeroing in on the potential for ISO 20022 harmonization in the high-value payments space. To highlight that potential, SWIFT revealed on Thursday (Aug.

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PYMNTS

AUGUST 15, 2019

Deep Data For Swift, Secure Payments . ISO 20022 introduced a range of data fields that allow transactional details to be remitted along with payments. Seventy countries had adopted the standard as of May 2018, and it is expected to support 87 percent of the world’s financial transactions by 2023.

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PYMNTS

JUNE 22, 2016

Last January, the bank was part of a group of financial institutions that signed onto SWIFT’s global payments innovation initiative , an effort to streamline cross-border payments via the SWIFT payments messaging network.

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PYMNTS

SEPTEMBER 27, 2019

The Financial Stability Board released analysis last year that found SWIFT interbank payment messages reflected a 4.1 Criticism of the world’s correspondent banking network continues to mount — and at the same time, the number of correspondent banking relationships is on the decline. Others are less aware of this.”.

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PYMNTS

AUGUST 28, 2019

However, while corporate adoption of real-time B2B payments will not happen overnight, he noted that there are other factors beyond back-office upgrades that support a more painless transition. Speaking The Same (Payments) Language. This is particularly true, he said, when supporting faster payment capabilities across borders.

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PYMNTS

SEPTEMBER 22, 2017

Months prior, the bank also said it joined SWIFT’s global payments innovation initiative, an effort that focuses on innovation in the cross-border payments space using the SWIFT payments messaging network with a focus on faster payments and data collection.

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PYMNTS

JANUARY 26, 2017

Cross-border payments, trade finance, smart contracts — blockchain has the potential to disrupt B2B processes, but FinTech players are only beginning to take these concepts onto a real-world stage. Real-time payments and reconciliation, the company added, could be a major boost to corporate cash management efforts, too.

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