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With government and private sector-led initiatives pushing for faster, digitalpayments across the globe, corporates and financial institutions are still missing a key element of enhanced transactions: data. In corporate banking and payments, the challenges that arise can be vast.
As the world’s payment market infrastructures and their currencies complete their adoption of ISO 20022, they are reaping the benefits that interoperable and data-rich standard can offer. Richer Data With A Little Help From Our Friends .
Making the most of this opportunity will require businesses to move beyond their lingering cross-border payments inefficiencies, as many firms continue to use antiquated ways of sending and receiving funds, resulting in payments that are labor-intensive and lack transparency.
NACHA focuses on fostering efficient payments, including same-day payment capabilities and developing compliance standards for electronic transactions that reduce fraudulent transaction risks. Through a robust risk management framework and stringent security rules, NACHA strengthens trust in the digitalpayment ecosystem.
.” Virtual checks and application programming interface (API) infrastructures enable seamless integration of electronic disbursement workflows within the rest of the back office to ensure that payment initiation retains the “look and feel” of a paper check payment for the payer.
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