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RT2 is substantially expanding direct participation. A critical limitation of the previous RTGS was its technical ceiling on participant numbers. This proportional approach makes direct participation viable for a broader range of organisations. Expanded access fundamentally changes competitive dynamics.
SWIFT has offered another update on its blockchain proof of concept (PoC), reiterating its potential to enrich transaction data, support real-time liquiditymanagement and reconciliation and more. The PoC includes 34 banks, each with their own node in SWIFT’s DLT sandbox. “The
that aim to lower barriers for FinTechs to participate, she said. The more we look at this as a big bang or a rip-and-replace, the more hesitancy participants are going to have to move forward.”. An embrace of global standards like the ISO 20022 messagingstandard will be key, said Killam. In the U.S.
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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