article thumbnail

EU Parliament Eyes New Rules On Cross-Border Payment Fees

PYMNTS

Separately, in terms of individual company news, and also in Europe, EastNets and Bankingblocks said they have teamed up to present modular “banking blocks” aimed at faster cross-border payments. In Canada, Payments Canada said on Wednesday (Feb.

article thumbnail

ISO 20022 – Expanding like no tomorrow

ACI Worldwide Blog

In the domestic Real-Time Gross Settlement (RTGS)/Wire and cross-border payment spaces, transformation to the most recent ISO 20022 (HVPS+ and CBPR+) messaging standards has been ongoing since 2022. ISO 20022 is a messaging standard used across the financial industry.

Insiders

Sign Up for our Newsletter

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

article thumbnail

Key considerations for the adoption of digital currencies

Finextra

The potential applications and use cases DLT-based digital currencies introduce a new settlement mechanism for faster, lower cost and more efficient transactions. A typical use case is the clearing and settlement of international payments. A typical use case is the clearing and settlement of international payments.

article thumbnail

The Journey of Payments and Clearing Systems in India

Finextra

Electronic Clearing Service (ECS) (1990s): Introduced for bulk, repetitive payments like salary disbursements and utility bill collections. This was a step towards automated recurring payments. Efforts are ongoing to study the feasibility of settling foreign currencies on Indian payment systems.

article thumbnail

Real-Time Payments Driving Real-Time Liquidity: Deutsche Bank

PYMNTS

Driven by a range of factors (including changes to intraday reporting requirements, open banking initiatives, longer clearing windows for real-time gross settlement (RTGS) and ACH transactions, faster cross-border payments and instant payment capabilities), treasurers are headed toward an ecosystem in which not only payments are done in real time, (..)

article thumbnail

U.S. Faster Payments Council Publishes Interoperability White Paper

Faster Payments Council

In addition to illustrating three models for payments interoperability, the paper provides an explanation of the different forms of settlement: deferred gross settlement, deferred bilateral net settlement, deferred multilateral net settlement, and real-time gross settlement (RTGS).

article thumbnail

Moving Money X-Border In The Age Of ‘Business As Unusual’

PYMNTS

Making cross-border payments work — across currencies and across time zones — is no easy task. The challenges are myriad, marked by (to name just a few) legacy systems; new domestic, faster payments rails; and the need to manage and mitigate fraud risk. “That isn’t changing,” said Brandli.