article thumbnail

RT2: A strategic transformation for UK payment providers

The Payments Association

According to the Bank of England, RTGS settles approximately £500 billion between banks each day—around a quarter of the UK’s annual GDP—in sterling central bank money. Democratised access will foster fintech-bank collaboration, driving innovation. RT2 is substantially expanding direct participation.

article thumbnail

ISO20022: The big shift to structured addresses

Finextra

Soon, ISO 20022, a messaging standard designed to improve how payments are processed and communicated, will become the global norm. ISO 20022 was introduced in 2004 and has since been part of a long and complex journey to improve international payment messaging. The benefits are far-reaching.

article thumbnail

ESG-Linked Payments in Transaction Banking

Finextra

What began as CSR reporting has grown into real-time green incentives, making ESG a key strategy for both companies and banks. Banks and Fintechs now add sustainability scores to every payment. Some banks even offer higher deposit rates when companies hit diversity or emissions goals. ESG reporting started as a voluntary effort.

article thumbnail

Open Banking Limited welcomes Claudio Pollack as an independent Non-Executive Director

Open Banking

Open Banking Limited (OBL) today announced that Claudio Pollack has been appointed to the Board as an independent Non-Executive Director (NED). His considerable experience will be invaluable to the Board as we navigate the future development of open banking in the UK, and transition to a Future Entity.” Notes to editors: 1.

article thumbnail

6 Fintech Resources in Asia to Read in Preparation for 2024

Fintech News

These reports from invested financial and technology players provide in-depth insights into areas such as identity fraud, the integration of artificial intelligence in banking, and the evolving landscape of digital payments. Customers are quickly embracing these AI-driven LLMs, but banks are cautiously advancing, prioritising data protection.

FinTech 126
article thumbnail

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

Fintech News

The Bank for International Settlements (BIS) Innovation Hub ‘s Point Zero Forum 2023 roundtable brought together key stakeholders and leaders from both the public and private sectors to discuss opportunities and challenges in cross-border payments.

article thumbnail

Today In B2B: WEX Integrates With MYOB; Citi Accelerates ISO 20022 Path

PYMNTS

Today in B2B payments, European banks pull back spending, while WEX collaborates with MYOB. European Banks Lend Less, Fearing Bad Loans During Pandemic. Euro area banks have scaled back lending in order to shield against risk, a new European Central Bank (ECB) survey says. 19) press release.