Finextra

FEBRUARY 13, 2024

We explore the significance of interoperability and the prioritisation of standardisation to enhance cross-border transactions. Additionally, we explain the key methods for ensuring seamless transactions across borders, leveraging ISO 20022 data and AI for fraud prevention, resilience, and scalability across all 13 markets.

ISO 20022 108

ISO 20022 Cross-Border Fraud Prevention ISOs 108

Payments Source

MAY 20, 2019

Universal standards such as the nonprofit nexo can support card payment acceptance stakeholders through a portfolio of implementation specifications and messaging protocols that harness the power and interoperability potential of the ISO 20022 standard.

Interoperability 107

Interoperability ISO 20022 ISOs Payments 107

Fintech Finance

JANUARY 11, 2024

The Practicalities of Cross-Border Payments in a Faster Payments World also highlights the challenges faced by fintech companies, providing insights into regulatory compliance, security, foreign exchange rate risks, lack of transparency, high costs, interoperability, data privacy, competition with financial institutions, and liquidity management.

Cross-Border Payments 93

Cross-Border Payments Cross-Border Faster Payments ISO 20022 93

PYMNTS

APRIL 29, 2019

An interoperable cross-border solution could remove these frictions and provide smooth transfers between two real-time payment systems, while a single, globally accessible faster payments service could offer swift end-to-end transfers. Smooth communications between players must be supported if payment schemes are to be interoperable.

ISO 20022 77

ISO 20022 Interoperability Instant Payments Cross-Border 77

PYMNTS

AUGUST 1, 2019

In the latest Smarter Payments Tracker , PYMNTS takes a deep dive into the challenge of interoperability in achieving better cross-border payments services and experiences. Adoption of ISO 20022 will continue the transformation of correspondent banking already ongoing,” SWIFT said in its Wednesday (July 31) announcement.

Interoperability 61

Interoperability ISO 20022 Cross-Border ISOs 61

PYMNTS

MARCH 16, 2016

When analysts from SWIFT and its ISO 20022 Registration Authority took a look at the various efforts behind adoption of the global messaging standard in 2014, a report found that while implementation projects were on their way across Europe, Russia and Africa, among the laggards were the U.S. and Canada.

ISO 20022 40

ISO 20022 ISOs Message Standards Cross-Border 40

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 40

ISO 20022 ISOs SWIFT Message Standards 40

PYMNTS

NOVEMBER 27, 2019

The ISO 20022 payments messaging standard — and faster payment networks’ adoption of it — has proven to be a significant value-add to financial service providers’ faster payments offerings. A lack of interoperability between local payment networks is among the largest of those hurdles, said Halpin.

ISO 20022 117

ISO 20022 Cross-Border Payments ISOs Cross-Border 117

Faster Payments Council

MARCH 15, 2023

Whether we will see these services gain traction is tied to what many believe to be a major hurdle–interoperability. FedNow may not interoperate with RTP, and it doesn't seem to be a priority for either. Learn how to position ISO 20022 as a part of an organization's broader payments modernization strategy.

FPC 88

FPC ISO 20022 Cross-Border Payments Cross-Border 88

PYMNTS

AUGUST 16, 2019

The latest Smarter Payments Tracker looks at the infrastructure developments that are making cross-border payment systems faster, more seamless and interoperable. Last month, SWIFT released its first set of guidelines for financial institutions using the ISO 20022 payments messaging standard to complete cross-border transactions.

Cross-Border Payments 81

Cross-Border Payments Cross-Border ISO 20022 ISOs 81

PYMNTS

AUGUST 12, 2020

However, Phixius makes these deals less necessary as it offers interoperability. The technology was to use the blockchain as well as Afinis interoperable and standardized APIs in addition to ISO 20022. As of now, companies mainly trade data regarding payments with deals between two parties.

Phixius 79

Phixius ISO 20022 Payments Data NACHA 79

PYMNTS

JUNE 16, 2020

As the financial services industry seeks to expand the use and value of instant payments linking cross-border transactions with always-on digital commerce, uniting far-flung stakeholders and fostering interoperability is key. The containers are uniform and standardized even though they hold a broad range of items.

ISO 20022 72

ISO 20022 Cross-Border ISOs B2B 72

PYMNTS

APRIL 30, 2020

The combination will achieve that goal through a Contextual Funds Transfer (CFT) payment rail, connected to the businesses’ enterprise resource planning (ERP) and supply chains, which would ultimately create interoperability for business payments and more visibility.

ISO 20022 67

ISO 20022 B2B Interoperability Funds Transfer 67

PYMNTS

SEPTEMBER 11, 2019

In June, the Chinese digital payment player Alipay and a handful of European mobile wallets announced a partnership to promote QR code payment interoperability. In July, SWIFT released its first set of guidelines for financial institutions using the ISO 20022 payments messaging standard to complete cross-border transactions.

Cross-Border Payments 76

Cross-Border Payments Cross-Border ISO 20022 Real Time Payments 76

PYMNTS

OCTOBER 10, 2016

ISO 20022, which is designed to set the tone for global financial industry messages, provides a standardized approach to building messaging standards across financial services. “They are trying to maintain interoperability from a global perspective and also trying to achieve that standardization,” he explained.

Same Day ACH 76

Same Day ACH ACH ISO 20022 NACHA 76

PYMNTS

MARCH 22, 2020

Nacha-owned membership organization Afinis Interoperability Standards is teaming up with Findland-based XMLdation to automate application programming interface (API) standardization in the payments space, Nacha announced. After all, payments is a global industry,” Leppälahti said.

API 63

API ISO 20022 NACHA Interoperability 63

PYMNTS

FEBRUARY 5, 2020

George Throckmorton, NACHA managing director and executive director of Afinis Interoperability Standards, said using the conventional bilateral agreements for payment data sharing “limits broader industry adoption” and doesn’t meet expectations. NACHA also announced that Ernst & Young (EY) will assist in the development of Phixius. “EY

NACHA 52

NACHA Phixius B2B ISO 20022 52

PYMNTS

OCTOBER 12, 2020

These comment letters highlighted the need for features to address accessibility, interoperability, security, liquidity, and fraud prevention,” Montgomery said. Looking Toward Interoperability And Scale . Interoperability is a core component” of FedNow, said Montgomery.

Instant Payments 97

Instant Payments FedNow Fed Interoperability 97

PYMNTS

DECEMBER 4, 2018

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. As has been widely reported, ISO 20022 is known for carrying richer data in payments messages.

Instant Payments 50

Instant Payments ISO 20022 SWIFT ISOs 50

PYMNTS

AUGUST 16, 2019

Although there are more efficient cross-border transactions being enabled, several roadblocks are still in the way, including payment tracking and issues with interoperability between market systems. Some FIs are also turning to blockchain-based solutions to improve transparency and interoperability.

Cross-Border Payments 54

Cross-Border Payments Cross-Border ISO 20022 Interoperability 54

PYMNTS

MAY 30, 2018

While some financial institutions are turning to APIs as a way to help different financial institutions transmit data and communicate more efficiently and also protect their own data, others are promoting the ISO 20022 standard as a common language for different FIs. About the Tracker.

Payment APIs and Integration 52

Payment APIs and Integration ISO 20022 Interoperability NACHA 52

PYMNTS

OCTOBER 15, 2020

Interoperability In Focus . Interoperability, said the panel, can improve B2B payments, creating new payments structures that contain message payloads that (can eventually) enable straight-through processing. As a rule of thumb, he said, on-ramps and off-ramps need to be monitored and controlled to make sure networks are safe.

Real Time Payments 125

Real Time Payments NACHA SWIFT TCH 125

Faster Payments Council

SEPTEMBER 17, 2019

Kirstin spoke openly with our membership, addressing questions coming in from our members on topics such as ubiquity, interoperability, and industry collaboration. We were thrilled to have upwards of 100 of our members on the line to hear directly from Kirstin Wells, principal economist at the Federal Reserve Board.

FPC 68

FPC FedNow ISO 20022 Request for Comment 68

PYMNTS

AUGUST 21, 2020

Interoperability Is Key. To get there, interoperability is key, said Cunha. He pointed to standards seen with ISO 20022 as a guidepost for such CBDC interplay — whether retail or wholesale payments are being coordinated (at present most central banks’ CBDC initiatives are focused on wholesale payments).

CBDC 107

CBDC Fed Federal Reserve ISO 20022 107

Seon

JULY 27, 2023

In any event, the message follows the ISO 20022 standard, which according to the Federal Reserve will bring “interoperability, end-to-end efficiency of payments, and future innovation” to the FedNow Service. The payer approves, then their credit union screens the payment and sends a payment message through the FedLine network.

FedNow 40

FedNow Federal Reserve ISO 20022 Fraud Detection 40

PYMNTS

NOVEMBER 2, 2020

Tech-driven Interoperability and collaboration will finally bring trillions of dollars into the digital age, Kevin Phalen , head of global business solutions at Visa , told Karen Webster in a recent interview. Interoperability will get a boost with messaging standards such as ISO 20022.

B2B 119

B2B Cross-Border Digital Currency Multi-Currency 119

PYMNTS

AUGUST 7, 2020

Federal Reserve Board members this week shed some light on the timing and mechanics of FedNow — an always-on, fully interoperable interbank-settlement service that will give rise to instant payments in the United States. For the Federal Reserve, real-time payments will take time — three or four years’ time, to be specific.

Instant Payments 75

Instant Payments Fed FedNow Interbank Settlement 75

PYMNTS

JANUARY 17, 2018

Together, the partners will explore how to use distributed ledger technology to support post-trade procedures like corporate actions processing, while also digging into how key messaging standards like ISO 20022 can also come into play here. “To

Blockchain 46

Blockchain ISO 20022 ISOs SWIFT 46

PYMNTS

NOVEMBER 18, 2020

He said the movement toward standards – particularly the messaging standard ISO 20022 and its marriage of data to payment flows – will enable banks to help their clients reduce manual reconciliation and expand their own businesses. The “now,” according to the panelists, demands interoperability between rails, which is an eventuality.

Real Time Payments 98

Real Time Payments ISO 20022 Reconciliation Payments 98

PYMNTS

NOVEMBER 10, 2020

One of the biggest opportunities is in the ability for real-time payments technologies to not just move money quicker, but to also move rich data along with the transaction, particularly amid spreading adoption of the ISO 20022 payments messaging standard.

Real Time Payments 117

Real Time Payments B2B Value Added Service ISO 20022 117

PYMNTS

OCTOBER 2, 2019

However, with real-time payment modalities, and through the messaging standard ISO 20022, data can be easily uploaded into firms’ billing systems. There are many “flavors of fast” across interoperable systems, like Same Day ACH transactions, real-time payments and several daily settlement windows available from the FED.

C2B 81

C2B Faster Payments Real Time Payments Lockbox 81

PYMNTS

JANUARY 2, 2019

Different countries operate on different messaging systems, a challenge that can be addressed by standards such as ISO 20022. The future is one where there are multiple payment methods,” tech-enabled and interoperable, even between countries, as transactions become ever more global and mobile.

Real Time Payments 79

Real Time Payments RTP ISO 20022 Cross-Border 79

PYMNTS

APRIL 20, 2016

SWIFT maintains in the paper that more research is needed in order to make determinations over whether DLT systems would be fully interoperable with existing, legacy infrastructure; and whether DLTs work well across multiple counterparties.

SWIFT 40

SWIFT ISO 20022 Regulatory Compliance IRS 40

PYMNTS

AUGUST 5, 2019

Financial players’ attempts to address such issues include offering pre-validation services to confirm payment details prior to initiating payments, creating regional instant payment schemes or making domestic real-time payment systems interoperable to quickly move funds.

Cross-Border 46

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

PYMNTS

AUGUST 7, 2019

“We obviously expect that the collective set of technology and the services that we’re buying can be further exported more widely across Europe and into other markets,” he said, with the goal to create an interoperable market of payments schemes that can facilitate account to account payments, in real time, across countries.

Visa 77

Visa Acquirers Real Time Payments ISO 20022 77

PYMNTS

MAY 12, 2020

The companies are combining their technologies to launch NIFT ePay to digitize supply chains via a contextual funds transfer (CFT) payment rail based on the ISO 20022 payments messaging standard, integrated into company ERP systems and other platforms throughout the supply chain. PYMNTS’ Deep Dive Into The Digital Paper Mix.

B2B 52

B2B FedNow Same Day ACH Federal Reserve 52

PYMNTS

MARCH 14, 2019

. “We believe the future of payments will continue to be based on fiat currency models and infrastructure,” said Kohli, adding that the global payments landscape is currently comprised of an existing system that is “reliable, secure, interoperable and fully embedded in a diverse and complicated landscape.”

Global Payments 77

Global Payments Cross-Border Payments Cross-Border ISO 20022 77