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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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Unpacking 3 Key Concepts From G20’s Enhanced Cross Border Payments Plan

Fintech News

Theme 1: Establishing Optimal Governance and Interoperability Frameworks Effective governance and interoperability frameworks will be crucial for managing the complexities of cross-border payments. One idea is to have a central system for checking payments against sanctions lists, which could make the process faster and simpler.

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The Not-So-Beaten Path To B2B Payments Real-Time Ubiquity

PYMNTS

According to Tom Halpin, head of payment products at HSBC , faster and real-time payment services don’t only provide the value of speed for corporate clients, especially in the context of cross-border transactions. The world is moving more toward standards, and ISO is one of them,” said Halpin.

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Championing Swift Connectivity for Private Banks and Asset Managers in APAC

Fintech News

The Role of Swift in the Securities Space It is important to highlight Swift’s extensive role beyond cross-border payments, noting that approximately 50% of Swift traffic is related to securities, with peaks reaching 26 million messages per day.

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OBL celebrates seventh anniversary of PSD2 and the creation of open banking

Open Banking

million active users of open banking-enabled products in the UK, and over 22.1 We will therefore have a keen eye on interoperability, as the industry looks to enable world class cross-border data sharing. Support regulated third party providers and banks and building societies to use the Open Banking Standard.

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How ISO 20022 Can Boost Interoperability, Intelligence

PYMNTS

This makes interoperability that much more difficult to achieve. Throckmorton and his team at NACHA believe that ISO 20022 , developed by the International Organization for Standardization (ISO), could be that common language. When you think about interoperability, a key element of that is standardization,” Throckmorton explained. “If

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Global Cross-Border Payments Expected To Grow, But Challenges Remain

PYMNTS

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.