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Kani Payments , the disruptive global data reconciliation and reporting pioneer, today announces it is ready to support the ISO 20022 global messagingstandard ahead of the November 2025 implementation date.
This connectivity is not just a technical necessity but a strategic imperative for seamless settlement, reconciliation and post-trade operations, enhanced transparency, and operational efficiency. As the industry evolves, adopting robust standards like ISO 20022 becomes crucial for driving these benefits.
The ISO 20022 payments messagingstandard — and faster payment networks’ adoption of it — has proven to be a significant value-add to financial service providers’ faster payments offerings. The world is moving more toward standards, and ISO is one of them,” said Halpin. What Faster Payments Hasn’t Solved … Yet.
Payments messaging firm SWIFT has released its first set of guidelines for financial institutions using the ISO 20022 payments messagingstandard to complete cross-border transactions. ” SWIFT pointed to the potential benefits of the ISO 20022 payments messagingstandard for corporate payments in particular.
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 messagingstandard to complete cross-border transactions.
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 messagingstandard.
She said data can be the glue that helps ensure payments are interconnected and reconciled automatically – and reconciliation can be likened to the “holy grail” of treasury management. Chayt added that the move toward real-time reconciliation marks a new phase in the evolution of real-time processes. Eyeing Efficiency . Looking Ahead.
As they work to achieve this, more companies are ditching paper-based methods and embracing digital solutions that streamline payments and reconciliations. is fragmented, Richardson said, and faster payment systems can remove some of the headaches of managing payments data and reconciliation. as an example.
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. Treasurers find this to be of importance because it can help reduce the rate of reconciliation errors.
However, with real-time payment modalities, and through the messagingstandard 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.
When analysts from SWIFT and its ISO 20022 Registration Authority took a look at the various efforts behind adoption of the global messagingstandard 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.
Interoperability and integration of the buyer and sellers’ data is therefore essential. Processing corporate payments as peer-to-peer, directly on blockchains, gives for instant settlement and, therefore, real-time reconciliation and accounting,” the company said. Today, that data is stored in their ERP.”.
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 messagingstandards.
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