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RT2: A strategic transformation for UK payment providers

The Payments Association

It enhances resilience, broadens access, improves interoperability, and enables innovation, thereby modernising the UK’s financial infrastructure. RT2 offers four key advancements: enhanced resilience, expanded access, wider interoperability, and improved functionality. Why is it important? What’s next?

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BIS Sets Out Roadmap for ISO 20022 Implementation in Cross-Border Payments

Fintech News

These measures provide a clear path for the governance, management, and maintenance of these requirements as the world transitions to the ISO 20022 messaging standard. BIS aims to improve the efficiency of cross-border payments. They also provide impetus to industry-led efforts to create guidelines for faster cross-border payments.

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BIS CPMI Takes Further Steps to Promote ISO 20022 Harmonisation for Enhanced Cross-Border Payments

Fintech Finance

The announcement should provide clarity to industry regarding the medium-term governance and maintenance of the harmonised data requirements during the period of global transition to the ISO 20022 messaging standard.

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Successful Migration of the Kenya Electronic Payment and Settlement System to the ISO20022 Global Messaging Standard

Fintech Finance

The Central Bank of Kenya (CBK) announces that the Kenya Electronic Payment and Settlement System (KEPSS) has been successfully migrated to the ISO20022 Global Messaging Standard (“ISO20022 Standard”). The Standard’s rich data formats will aid in monitoring fraud and improve the detection and prevention of illicit transactions.

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How Swift is moving the global financial industry towards instant and frictionless payments

The Payments Association

Swift drives global interoperability and innovation, aligning with the UK’s National Payments Vision to enhance seamless, secure payments. This is an example of how the scale of the Swift network can be leveraged to interoperate market infrastructures to enhance the user experience.

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63% of US Businesses Will Use ISO 20022. Financial Institutions are Not Ready to Meet Demand

Fintech Finance

Furthermore, it offers unparalleled flexibility, interoperability, and efficiency compared to legacy formats, positioning FIs for long-term success in an increasingly digital economy. ISO 20022 presents various benefits for FIs, including improved payment services, strengthened customer relationships, and diversified revenue streams.

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Smarter Payments Tracker Eyes Interoperability

PYMNTS

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. In the public sector, corporates and government entities are also collaborating in pursuit of interoperability. Across the pond, meanwhile, the U.S.’s