The Payments Association

JANUARY 15, 2025

The recently published National Payments Vision sets a forward-looking strategy, outlining priorities such as enhancing the regulatory framework, advancing Open Banking, combating fraud, and building a world-leading payments infrastructure with cross-border interoperability.

SWIFT 88

SWIFT ISO 20022 Cross-Border Cross-Border Payments 88

The Fintech Times

JULY 15, 2024

” The SIC5 system, developed by the Swiss National Bank and SIX, uses the ISO 20022 messaging standard, enhancing interoperability and cross-border transactions, and paving the way for future international payment capabilities for Swiss banks.

Instant Payments 72

Instant Payments ISO 20022 Fraud Prevention Message Standards 72

PYMNTS

JANUARY 17, 2017

Dubbed the Faster Payments Standards Library, the resource is a free, HTML-based standard model to ease friction in the shift towards the ISO 20022 payments messaging standard, which Faster Payments and other payment schemes across the globe have agreed is critical to global adoption of real-time, international payment capabilities.

Faster Payments 43

Faster Payments ISO 8583 ISO 20022 Message Standards 43

PYMNTS

AUGUST 16, 2019

Financial institutions are facing increased pressure to make cross-border payments fast and seamless as consumers grow used to instant P2P payments and such products in other sectors. Recent American Express research found that greater transparency is one of the top priorities for firms that regularly make international payments.

Cross-Border Payments 81

Cross-Border Payments Cross-Border ISO 20022 ISOs 81

PYMNTS

APRIL 29, 2019

ISO 20022 should be phased in gradually and used alongside these standards and formats to boost adoption. According to a post from The Clearing House (TCH), regulatory and security requirements are increasing in the financial space, impeding the speed of international payments. Disharmony.

Interoperability 77

Interoperability ISO 20022 Instant Payments Cross-Border 77

PYMNTS

AUGUST 15, 2019

In today’s digital age, however, speedy transactions depend on payment rails that support rapid settlement and messaging standards that enable sending and quickly processing comprehensive payment details. . More precise payment information could also facilitate quick, straight-through processing. .

ISO 20022 58

ISO 20022 ISOs Interoperability Message Standards 58

PYMNTS

AUGUST 1, 2019

Payments messaging firm SWIFT has taken recent steps to promote interoperability of its payments network, recently announcing that it would allow blockchain platforms to loop into SWIFT’s global payments innovations (GPI) service to facilitate real-time transactions.

Interoperability 61

Interoperability ISO 20022 Cross-Border Correspondent Bank 61

PYMNTS

AUGUST 16, 2019

This will put increased pressure on banks, financial institutions (FIs) and other financial services players to make international payments move as seamlessly as possible. Recent research found that access to greater visibility is one of the top priorities for firms that regularly make international payments.

Cross-Border Payments 54

Cross-Border Payments Cross-Border ISO 20022 Interoperability 54

PYMNTS

AUGUST 21, 2020

In addition to open banking initiatives, efforts from both the private and public sector to improve existing payment rails, develop new ones and promote payments messaging standardization (though standards like ISO 20022) have also heightened the FinServ industry’s focus on combatting cross-border payments friction.

Multi-Currency 69

Multi-Currency Cross-Border Payments Cross-Border Finance 69

PYMNTS

SEPTEMBER 7, 2017

Payment System paper, in which the Fed outlined initiatives for the payments industry and its stakeholders to promote progress. For the Fed, progress means improving the speed, security and efficiency of the payments system, and to focus on international payments capabilities and promote collaboration within the field.

Fed 49

Fed Federal Reserve Cross-Border Payments Cross-Border 49

PYMNTS

DECEMBER 4, 2018

Drilling down a bit from pan-European efforts in payments infrastructure to more granular ones, in the U.K., a Bank of England consultation about the embrace of messaging standards – specifically, ISO 20022 – has garnered support of a Common Credit Message (CCM) that looks for harmonization of messaging across interbank payment efforts.

Instant Payments 50

Instant Payments ISO 20022 SWIFT ISOs 50

PYMNTS

AUGUST 5, 2019

Combatting hard-to-predict FX rate oscillations is not the only reason businesses are clamoring for smarter recurring payment solutions, however. Many speed hurdles affect the international payments space, and cross-border transactions often take three to five business days to settle if nothing goes wrong.

Cross-Border 46

Cross-Border ISO 20022 Cross-Border Payments Payment APIs and Integration 46

PYMNTS

MARCH 12, 2018

Information is key, and as Cooke stated, a data-rich payment – made possible through global messaging standards – can eliminate the guesswork that comes with knowing who’s who and why payments are being made.

Faster Payments 44

Faster Payments Central Bank Cross-Border Payments 44

The Payments Association

APRIL 14, 2025

Related links: Financial promotion rules for cryptoassets Financial promotions data 2024 Top regulatory priorities for the payments sector Mandatory adoption of ISO 20022 for cross-border payments (final preparations Q2) The transition to ISO 20022 for cross-border payments is a fundamental shift in global financial messaging standards.

Regulations 88

Regulations ISO 20022 Cross-Border Legal 88