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The Bank for International Settlements ‘ (BIS) Committee on Payments and Market Infrastructures (CPMI) has announced new measures to promote the adoption of its harmonised ISO20022 data requirements. They also provide impetus to industry-led efforts to create guidelines for faster cross-border payments.
The BIS Committee on Payments and Market Infrastructures (CPMI) announced further steps to promote the adoption of its harmonised ISO20022 data requirements for more efficient processing of cross-border payments. The data requirements were published in a report to the G20 in October 2023.
RT2, the UK’s new Real Time Gross Settlement service, and its transformative impact on the payments ecosystem. It enhances resilience, broadens access, improves interoperability, and enables innovation, thereby modernising the UK’s financial infrastructure. Why is it important? What’s next?
In the current ever-evolving global payments environment, payment serviceproviders (PSPs) face growing pressure to bring on network partners—like banks, wallets, and financial institutions—quickly, securely, and in full compliance with regulations. What was once a routine back-office task has become a vital strategy for growth.
Tokenisation is now a core enabler of secure, interoperable digital paymentspowering embedded finance, asset tokenisation, and evolving identity flows. Once a system for masking sensitive data, tokenisation has evolved into a foundational technology for enabling secure, interoperable, and scalable digital payments.
Rise of Payment Hubs & APIs: Over the last decade, corporates and banks layered API-driven gateways atop legacy cores for faster payment initiation, richer data (ISO20022), and straight-through reconciliation, yet liquidity still floats in multiple silos. "if invoice approved and ESG score > 80 then release payment").
In a recent webinar, B2B payments serviceprovider Bottomline brought together regional experts to discuss how banks in APAC can close the gap and compete more effectively. The Role of Standards: ISO20022 and the Power of Interoperability Javeri described ISO20022 as “not new, but the foundation” for future-ready payments.
Sustainable growth depends on interoperable risk frameworks, shared scam indicators, and coordinated responses, especially as fraudsters grow more agile and cross-border by design." Without collective visibility, we risk fragmented defences. Read More »
Additionally, standardisation of digital IDs is required to ensure they are interoperable with TSA systems. Across the industry, well need to see collaboration for secure, interoperable solutions that meet global standards. Combine digital ID, AI and new rich data standards like ISO20022, and I’m excited to see what can be done.
This shift demands that billers stay informed and proactive, as compliance and efficiency heavily depend on understanding complex regulations and effectively leveraging serviceproviders. However, the industry is moving toward best practices and standardized data formats such as ISO-20022 to ease cross-border invoicing.
Interoperability across banks, wallets, and payment gateways Your customers are not really concerned about the network connectivity or server-related things. To cater to this need, you must build an interoperable system that connects smoothly with other banks, wallets, and PSPs. That builds trust and reduces disputes.
As the industry evolves, adopting robust standards like ISO20022 becomes crucial for driving these benefits. B2B payments serviceprovider Bottomline ‘s on-demand webinar, “Championing Swift Connectivity for Private Banks and Asset Managers in APAC,” explores these critical developments in depth.
Further, one of the largest benefits to corporates of faster and real-time payments services is less about the speed and more about the data these networks are able to carry along with a transaction. The world is moving more toward standards, and ISO is one of them,” said Halpin. The Community Approach to Ubiquity.
Financial serviceproviders are operating in a global payments market filled with disruption as they work to offer cross-border corporate payment services that live up to businesses’ standards. ISO20022 will modernize international and domestic payment rails, enabling right and new payment services.”.
The two companies will join forces to offer a one-stop payment acceptance solution for payment serviceproviders and merchant acquirers to create a seamless and secure payment ecosystem for processing domestic and cross-border payments.
Aligned with ISO20022 and powered by our partnership with ACI Worldwide, CIMB is positioning itself at the forefront of next-generation banking,” said Ros Aziah, Group Chief Technology Officer, CIMB Bank.
ISO20022, 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.
Visa has become a part of the ranks of companies experimenting with Phixius, a technology that assists credentialed serviceproviders in exchanging and supervising digital payments data, NACHA said in a Wednesday (Aug. However, Phixius makes these deals less necessary as it offers interoperability. 12) announcement.
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. Noted Kresse, “RTP and other new payment rails provide us the opportunity to carry remittance direct from system to system.”
For financial serviceproviders, instant payments offers a chance to open up new revenue streams and develop new services for corporate clients. Interest in faster payments is also on the rise for corporates, though their adoption of real-time payments won’t look the same as it does in the B2C world.
These comment letters highlighted the need for features to address accessibility, interoperability, security, liquidity, and fraud prevention,” Montgomery said. Upon launch, FedNow will operate alongside other payment rails, offering FIs and serviceproviders “an additional choice in terms of infrastructure to support instant payments.”.
This integration ensures competitive, near-interbank ratesespecially in frontier markets where traditional financial services often fall short. and ISO20022 Compliance With the recent launch of XDC2.0, XDC Network is ISO20022 -compliant, aligning with the global messaging standard. Powered by XDC2.0
Regulatory developments previously confined to financial institutions and payment serviceproviders are now extending to the systems, practices, and commercial relationships of merchantsparticularly where digital payments, cross-border transactions, and customer data are concerned. ISO20022), refining third-party contracts (e.g.
The NACHA Phixius platform enables connected serviceproviders to securely exchange payment-related data. Aside from using the blockchain, it will use Afinis interoperable and standardized APIs, as well as ISO20022. The present system uses laborious bilateral agreements, which limits wide-spread collaboration.
a Bank of England consultation about the embrace of messaging standards – specifically, ISO20022 – has garnered support of a Common Credit Message (CCM) that looks for harmonization of messaging across interbank payment efforts. As has been widely reported, ISO20022 is known for carrying richer data in payments messages.
A third driver, said Houseman, is tied to consumer demand, which has meant balancing the twin goals of making sure the platform works well operationally and technically while at the same time allowing for commercial success, enough so that the banks and serviceproviders are motivated to actually use NPP.
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.
The Open Identity Exchange and the Canadian non-profit Digital ID Authentication Council of Canada (DIACC) have committed to working together to advance global digital interoperability. iDenfy, a Lithuanian regtech company, has announced a strategic partnership with SIMPal, a telecommunication serviceprovider.
Problems caused by another ‘glitch’ in a content update for devices running Microsoft Windows, originating from a cybersecurity serviceprovider Crowdstrike. This involves re-engineering the architecture towards modular, microservices-based frameworks, enhancing interoperability, and investing in robust cybersecurity.
In cross-border payments, the drive for speed and efficiency has also resulted in rising concerns over serviceproviders’ ability to more quickly identify and remedy fraudulent transactions. As the payments landscape continues on its path of innovation, new challenges continue to emerge.
Among the largest is the pain experienced among financial serviceproviders and corporates when considering how, exactly, to update back-end infrastructure to support emerging real-time payments technologies. An embrace of global standards like the ISO20022 messaging standard will be key, said Killam.
Javier Santamaria, chair of the EPC , provided an update to PYMNTS on the challenges both faced and still present — and what lies ahead. From initial launch to 12 months in, the number of payments servicesproviders (PSPs) has more than tripled, and the number of countries that have signed up has more than doubled.
Noting the traditional Fed mandate to promote economy growth and financial stability within the United States, Sapenaro said the Fed is engaging in the payments system as both serviceprovider and leader/catalyst. Many of the newer services in the payments ecosystem do not (yet) have real-time settlement infrastructure in place.
Industry collaboration will be critical to achieving goals of accelerated payments, the Fed said, with top challenges identified as “interoperability, ubiquity and accessibility” of faster payments capabilities. In this regard, the Fed stands largely as a supporter and said it will explore its need, if any, to serve as a serviceprovider.
The Federal Reserve’s goal is to achieve wide adoption of FedNow over time, much like the Fedwire ® Funds Service and FedACH ® Services. Interoperability: Designed to work alongside existing payment systems. FedNow Key features include: Real-time Payments: Enables funds to be transferred instantly, 24/7/365.
This payment message either goes directly to the FedNow Service or via a serviceprovider. In any event, the message follows the ISO20022 standard, which according to the Federal Reserve will bring “interoperability, end-to-end efficiency of payments, and future innovation” to the FedNow Service.
But longer-term roadmaps show that there is room for several payment rails to compete, coexist and even complement one another, as noted in a discussion between Alan Koenigsberg, global head of new payment flows at Visa New Business Solutions, and five executives from payments and messaging networks, servicesproviders and the crypto realm.
B2B payments serviceprovider Bottomlines Competitive Banking Survey and Report 2024 highlights that 26.8% This shift underlines the global race to upgrade core systems, particularly with looming deadlines for regulatory mandates like ISO20022. of cross-border traffic was ISO Native, according to Swift.
Immediate focus areas include fraud prevention, ISO20022 readiness, and stablecoin regulationbut longer-term success depends on active engagement with consultations, operational resilience, and global alignment. ISO20022 also unlocks improvements in fraud detection, regulatory reporting, and data analytics.
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