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Wider Interoperability and Global Standards With ISO 20022, RT2 aligns the UK’s payments infrastructure with global standards. Liquidity Saving and Efficiency Gains Advanced algorithms optimise liquiditymanagement and settlement processes.
The partnership supports Payment Canada's need for RTR to enable ISO 20022 messagingstandards and remain in compliance with the Bank of Canada 's riskmanagementstandards for payment systems, an announcement revealed.
Along with real-time conversions comes the need for real-time FX volatility management. Other areas of real-time processes include cash and liquiditymanagement. Wissema told PYMNTS that prepaid cards can be an effective tool in riskmanagement, as the cards pre-load multiple currencies at pre-determined exchange rates.
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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