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SWIFT: The Road To ISO 20022 Adoption

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Cross-border payments are a fragmented space with disparate standards, service levels, and compliance and reporting regulations varying from country to country. With a common language, payments increasingly have more reach, are processed faster with fewer manual interventions, and are more meaningful with richer remittance data.

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Global Payments Cybersecurity Task Force A Go

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Reuters had previously reported last week that such a task force would form following the $81 million bank heist from Bangladesh Bank , a crime that infiltrated the SWIFT payments messaging network. The funds were stolen from Bangladesh’s central bank’s account at the New York Federal Reserve.

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SWIFT Sets ISO 20022 Sights On High-Value Payments

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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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Peru Taps Vocalink In Payments System Overhaul

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The Fed, of course, has been eyeing the creation of a faster payments system, and yet there may be some challenges afoot, noted The Wall Street Journal. For one thing, consumers are partial to paying with credit cards that offer rewards , and may be hesitant to adopt other payment methods.

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Clearing Up The Case For ISO 20022

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She explained that the work NACHA has done with the utilization of ISO 20022 has nothing to do with the actual speed of the payments themselves. ISO 20022 Stakeholder Group, which includes the Fed, X9 and TCH, is aimed at exploring how valuable the standard can be for various payment types in the U.S.