Remove Fed Remove Remittance Data Remove SWIFT
article thumbnail

SWIFT: The Road To ISO 20022 Adoption

PYMNTS

Financial institutions have relied on their own IT systems, operations teams, the SWIFT messaging service and domestic payment schemes to acquire, construct, screen, relay and report customer payments. Richer Data With A Little Help From Our Friends . In 2004, financial institutions around the world had had enough.

ISO 20022 104
article thumbnail

Moving Data With Money The Key To Faster KYC: identitii

PYMNTS

In an earlier interview with PYMNTS, Ben Peters, chief operating officer at insurance payments solutions company VPay, said a lack of remittance data may be partially to blame for ACH’s lack of ubiquity. But even as regulators like the Fed in the U.S., “That’s a big expense for banks,” he noted.

article thumbnail

Ticking Off The Boxes On The Fed’s Checklist Of B2B Payments Priorities

PYMNTS

“The intent of the organization is to help payers better identify [the] payee information they need in order to make electronic payments,” he said in an interview, adding that the directory aims to be “payment agnostic” and support payments made via a variety of rails, including FedWire, ACH, SWIFT, lockbox and, yes, paper check.

B2B 40