Remove Message Standards Remove Payment Message Remove Wires
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Collaboration Is Key For Consensus On Cross-Border Payments

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According to the Real-Time Payments Innovation Playbook , 26 percent of cross-border businesses rely on international wire transfers, while the next most common method is by paper check (20 percent). Most of these commonly used methods don’t meet many of the criteria set forth in the Simplifying Cross-Border Payments Playbook.

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Fed Acknowledges Roadblocks In ISO 20022 Push

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The Federal Reserve is pushing for adoption of the ISO 20022 global payments messaging standard, a move industry analysts say could streamline B2B payments, especially cross-border. “The wire infrastructure will be the first infrastructure to abandon its propriety formats and move to ISO 20022.”

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The Canadian Case For ISO 20022

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When analysts from SWIFT and its ISO 20022 Registration Authority took a look at the various efforts behind adoption of the global messaging standard 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. in its faster payments initiatives. “It

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PayStand Brings Its Blockchain B2B Payments To Canada

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.” According to the company, B2B EFT payments make up more than one-third of Canada’s domestic payments volume. Transactions via EFT can be made via bank-to-bank transfer, wire or check – and today, the firm noted, the process is plagued by manual processes and high fees.

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Chase, AFP Applaud B2B’s Shrinking Check Use

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Further, the report noted, just because businesses appear to be shifting away from paper checks doesn’t mean they’re fully embracing automated, digital payment tools.

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B2B Use Cases Drive Up Real-Time Demand

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FINTAINIUM is combining its Account Receivables and Payables Management Platform with Everlink's eHUB Digital Payments Platform to support real-time B2B and B2C payments that adhere to ISO 20022 payments messaging standards.

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Clearing Up The Case For ISO 20022

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This “standard for standards” is designed to set the tone for a global financial industry message scheme, but unfortunately it is often misunderstood. The standard isn’t related to any one organization or segment, it was created by the International Organization for Standardization for many global transactions. .