Payments Dive

JULY 15, 2025

Deep Dive Opinion Library Events Press Releases Topics Sign up Search Sign up Search Retail Banking Restaurants Regulations & Policy Risk Technology B2B An article from Fedwire makes ISO leap The Federal Reserve shifted payments for the Fedwire Funds Service to a new international standard this week without any reported glitches.

FedWire

Payments Dive

JULY 21, 2025

While he stressed that the digital assets will likely never fully displace rails such as the Automated Clearing House and Swift, the passage of the Genius Act – which provides a federal regulatory framework for stablecoins – means that companies like Amex will take a close look at cryptocurrencies and how to use them, he said. “Are

Stablecoins

Fintech News

DECEMBER 10, 2023

The Reserve Bank of India (RBI) has initiated discussions with the Hong Kong Monetary Authority (HKMA) , the US Federal Reserve, and the international payment platform SWIFT to explore the use of central bank digital currencies (CBDCs) for cross-border payments.

Cross-Border Payments

PYMNTS

SEPTEMBER 23, 2019

The phase 1 implementation of the ISO 20022 migration strategy that was scheduled for November 2020 is being postponed by the Federal Reserve Bank, the U.S. SWIFT announced last year that it is planning to allow its users to send data-rich ISO 20022 messages across its global network starting in November 2021.

ISO 20022

PYMNTS

JANUARY 31, 2019

Financial messaging service SWIFT said this past week that it has fashioned a partnership with R3 , a blockchain startup. The partnership will integrate the R3 platform into the SWIFT global payments innovation (gpi) offering. I think that today, that is not what SWIFT is.”. CNBC noted that R3 competes with Ripple.

SWIFT

PYMNTS

APRIL 11, 2019

Federal Reserve. That theft serves as a demarcation point for financial messaging service SWIFT , which, in a report released on Wednesday (April 10), found that fraudsters are trying to make off with smaller amounts of ill-gotten gains to fly under the radar of authorities and financial executives. Tracing The Money Flows.

SWIFT

PYMNTS

OCTOBER 6, 2016

SWIFT’s year has been filled with controversy, the apex of which occurred when reports surfaced that cyberthieves infiltrated Bangladesh Bank via the SWIFT messaging system in February, resulting in $81 million stolen from the bank’s account at the New York Federal Reserve.

SWIFT

Payments Source

MAY 27, 2016

U.S. (..)

SWIFT

PYMNTS

DECEMBER 20, 2018

SWIFT , the messaging service, said earlier this week that its SWIFT global payments innovation (gpi) service is being used for a majority — as in 55 percent — of its cross-border traffic. As has been reported, more than 50 percent of SWIFT gpi payments are made within 30 minutes, and roughly 100 percent are made within 24 hours.

Cross-Border

Payments Source

MAY 11, 2016

Officials from the Federal Reserve Bank of New York, Bangladesh Bank and the payments network Swift vowed Tuesday to catch the thieves who took $81 million out of the Bangladesh central bank's account at the New York Fed.

Fed

PYMNTS

SEPTEMBER 17, 2018

The fraudsters who hacked their way into the Bangladesh central bank two years ago got there by getting into software tied to the SWIFT financial platform. Upon success with the phishing, the hackers “moved through the bank’s network” to access computers that victimized banks used to send and receive messages over SWIFT systems.

SWIFT

PYMNTS

FEBRUARY 1, 2019

The Federal Reserve Bank of New York announced that it will formally assist Bangladesh Bank in a lawsuit to recover funds stolen by hackers. While $1 billion was requested, $81 million was eventually sent to accounts at Manila-based Rizal Commercial Banking Corporation (RCBC), then to Philippine casinos.

Federal Reserve

PYMNTS

AUGUST 23, 2019

Working together to solve these challenges was the main takeaway from a PYMNTS discussion between Karen Webster and Heather Lee, financial crime compliance and sanctions strategy at SWIFT , the global financial messaging co-operative. Federal Reserve recently revealed plans to build its own instant clearing and settlement rails.

Real Time Payments

Payments Source

SEPTEMBER 30, 2019

The use of data-rich messaging through the ISO 20022 standard has been at the core of nearly every Federal Reserve discussion about faster payments, as well as Swift's plans for its member banks.

ISO 20022

PYMNTS

APRIL 10, 2019

Federal Reserve, criminals are now vying for smaller amounts in an attempt to avoid detection. The amount of money stolen in 2018 averaged between $250,000 and $2 million, which is down from amounts in the tens of millions, according to a report by interbank messaging service SWIFT.

SWIFT

PYMNTS

AUGUST 18, 2016

The financial messaging service known as SWIFT — which operates as a bank-owned consortium and helps payments in the billions of dollars move globally — has been beset by security flaws, has known about those flaws and has done little to address those flaws. So reported Reuters on Wednesday (Aug. So reported Reuters on Wednesday (Aug.

SWIFT

PYMNTS

AUGUST 20, 2020

This week’s exploration of the latest in payment rail innovation finds industry heavyweights like Visa, SWIFT and NACHA eyeing speed and data to add value to both new and legacy payment infrastructures. “We plan to use the data SWIFT gpi provides to route payments in the most effective, efficient way possible. .

RTP

PYMNTS

OCTOBER 12, 2016

Comments made by Kansas City Federal Reserve President Esther George at a conference today [October 12] will do nothing to instill confidence among an already hesitant public with the fight against cyber criminals and in digital payments networks. George did not address the U.S. according to Fortune. payments system.

Cybersecurity

PYMNTS

MAY 25, 2016

To help repair its damaged reputation, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced on Tuesday (May 24) that it plans to launch a new security plan to help combat ongoing bank heists. “Many of the less protected banks are in countries w[h]ere skills are really scarce,” he added.

SWIFT

Clearly Payments

MARCH 18, 2024

Let’s delve into the key factors contributing to this decline: Shrinking Market Share: According to studies conducted by the Federal Reserve, cash usage has been on a steady decline. Data from the Federal Reserve reveals a stark reality—only 60% of businesses in the United States currently accept cash.

Credit Cards

PYMNTS

SEPTEMBER 19, 2016

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.

Cybersecurity

PYMNTS

MAY 13, 2016

It looks like hackers have, once again, found a way to gain access to the SWIFT messaging system. According to SWIFT officials, the latest attack targeted a commercial bank and managed to send SWIFT messages using the bank’s valid codes. SWIFT similarly emphasized the risk of malicious insiders in its note to banks.

SWIFT

PYMNTS

AUGUST 11, 2017

And in that context, PayPal’s just-announced acquisition of Swift Financial, as it moves to expand the purview of its PayPal Working Capital program, strikes a distinct chord. PayPal, now with Swift Financial in their quiver, says it wants to offer more SMBs that fighting chance. Much to the delight of Lindas everywhere.

SWIFT

Fintech Finance

AUGUST 15, 2024

Instant payments use the FedNow service, developed and launched by the Federal Reserve in July 2023, and the RTP® network, launched in 2017 by The Clearing House. So far, over 1,000 banks and credit unions have signed on with either the RTP or FedNow networks, or both, and instant payment volume continues to grow.

Instant Payments

PYMNTS

MARCH 31, 2020

say unemployment will hit 15 percent — but there will be a strong and swift recovery near the end of the year. In addition, the Federal Reserve’s programs to jumpstart the economy, including its move to take its interest rate to zero, and a possible measure coming later to support state governments could also buoy matters.

Federal Reserve

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.

ISO 20022

PYMNTS

OCTOBER 16, 2020

How Visa, FIS, TCH, SWIFT, Nacha And Circle See The Future Of Faster, Real-Time Payments Rails . The FinTech is reportedly likely to seek a charter with California’s Division of Financial Institutions and the Federal Reserve Bank of San Francisco within the next few weeks. banking license. FinTech N26 Mulls New Funding Round.

Instant Payments

PYMNTS

AUGUST 8, 2019

The impact of the Federal Reserve’ s faster payments initiative puts an interesting spin on the nation’s payments innovation efforts overall. But reports also noted that the acceleration of check payments could have significant impact for companies and small businesses that use paper checks to pay vendors or employees.

FedNow

PYMNTS

AUGUST 17, 2016

It looks like after all the Sturm und Drang, Bangladesh’s central bank will not take action against the Federal Reserve Bank of New York and SWIFT network over the $81 million theft it suffered earlier this year. “We look forward to cooperation both from the Fed and SWIFT.”

Fed

Fintech News

OCTOBER 22, 2024

In 2016, criminals used fraudulent orders on the SWIFT payments system to steal US$81 million from the Bangladesh central bank account at the Federal Reserve Bank of New York. However, the rapid pace of digital transformation has also introduced new risk challenges, with several prominent fraud cases highlighting these risks.

APACS

Fintech Finance

APRIL 12, 2024

As part of the phased testing and certification process (Depository Institution Testing, or DIT2) Finzly submitted 40 use cases to the Federal Reserve Financial Services, each of which met or exceeded the stringent certification criteria, reaffirming Finzly’s commitment to excellence and technological advancement.

ISO 20022

PYMNTS

MAY 19, 2020

In a joint appearance before the Senate Banking Committee , Federal Reserve Board Chairman Jerome Powell and Treasury Secretary Steven Mnuchin praised the $2 trillion CARES Act Tuesday (May 19) saying the swift, bipartisan measure is providing much-needed credit to taxpayers, businesses, states and municipalities.

Federal Reserve

PYMNTS

AUGUST 13, 2019

However, the choice was in line with the overwhelming majority of feedback that the Federal Reserve received from its request for responses to the rail creation proposal. While the Federal Reserve dives into domestic faster payments, other players have been working to accelerate money globally.

On-Demand

PYMNTS

JUNE 2, 2016

According to a letter seen by Reuters , the House of Representatives’ Science Committee is launching a probe into how the Federal Reserve Bank of New York handled the massive bank heist that took place back in February. SWIFT later fired back at those allegations, saying it was not responsible for any of the issues.

Federal Reserve

PYMNTS

AUGUST 20, 2020

As noted by several lawmakers in a letter to Federal Reserve Chairman Jerome H. Federal Reserve Bank of Boston President Eric Rosengren, as quoted in the Times, said an additional $600 million was at least in some stage of the lending process, which implies some uptake, but again, far, far lower than the $600 billion in capacity.

Federal Reserve

PYMNTS

OCTOBER 22, 2020

Plus, DBS Bank has launched a new live online tracking function for international collections that will utilize SWIFT Global Payments Innovation (gpi) technology. Unifimoney Partners With Nium for Real-Time Global Transfers . DBS Bank Rolls Out Real-Time Tracking for Cross-Border Pay. into one that is “broad-based and inclusive.”

Cross-Border Payments

PYMNTS

SEPTEMBER 7, 2017

It’s been more than two years since the Federal Reserve issued its Strategies for Improving the U.S. Now, the Federal Reserve wants to keep the momentum going. 6), it announced the publication of its follow-up paper, Federal Reserve Next Steps in the Payments Improvement Journey. On Wednesday (Sept.

Fed