Swift hires Pérez-Tasso as new CEO
Payments Source
APRIL 24, 2019
Javier Pérez-Tasso has been named the new CEO of payments messaging standards provider Swift, replacing Gottfried Leibbrandt, who steps down from the post at the end of June.
Swift, Lloyds deliver real-time cross-border payments in U.K. through GPI Instant
Payments Source
DECEMBER 2, 2020
After tests with several banks that established Swift's ability to connect its Global Payments Initiative faster payments rail to domestic networks, the financial and messaging standards organization is activating the service in the U.K.
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Trending Sources
Championing Swift Connectivity for Private Banks and Asset Managers in APAC
Fintech News
AUGUST 8, 2024
In the dynamic financial landscape of the Asia-Pacific (APAC) region, private banks, asset managers, fund managers, and other capital market participants are increasingly recognising the pivotal role of Swift connectivity. March 2023 marked the start of the migration with a coexistence period with MT messages.
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Swift's message to banks on dual standards: Do both
Payments Source
MARCH 12, 2019
Ideally, Swift would like to see its worldwide bank network fully adopt its Global Payments Innovation initiative as well as the ISO 20022 messaging standard for cross-border payments.
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SWIFT Readies ISO 20022 For X-Border Payments
PYMNTS
AUGUST 1, 2019
Payments messaging firm SWIFT has released its first set of guidelines for financial institutions using the ISO 20022 payments messaging standard to complete cross-border transactions. ” SWIFT pointed to the potential benefits of the ISO 20022 payments messaging standard for corporate payments in particular.
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Swift extends KYC registry to global corporations
Payments Source
DECEMBER 16, 2019
Payments messaging standards provider Swift has opened its global Know Your Customer registry to all the corporations it connects to following a successful test.
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Swift gains license for Eurosystem gateway connections
Payments Source
JUNE 3, 2019
Payments messaging standards provider Swift has received a license to offer connections to all of the Eurosystem market infrastructures for payments, securities settlement and collateral management.
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SWIFT Reveals New API Standard For Pre-Authorization Of Funds
PYMNTS
SEPTEMBER 5, 2019
A new API standard for the pre-authorization of funds is being rolled out by SWIFT, clearing a path for a revolution in financial services enabled by open banking, the company said in a press release on Thursday (Sept. API standards accelerate the introduction of new services.
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Swift, EBA Clearing further ISO 20022 migration in Europe
Payments Source
NOVEMBER 6, 2019
Swift and EBA Clearing have started developing the process by which Europe's large-value payment system will migrate to use of the ISO 20022 messaging standard.
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Swift group to set guidelines for ISO 20022 migrations
Payments Source
APRIL 4, 2019
Payments messaging standards provider Swift has established a new group to help it promote and assure smooth migration of the cross-border ISO 20022 standard.
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SWIFT Ties gpi To eCommerce And DLT
PYMNTS
JANUARY 30, 2019
Payments messaging company SWIFT said it will test gpi Link, “a gateway to interlink eCommerce and trading platforms with the SWIFT gpi payment service.”. SWIFT said the first part of this proof-of-concept effort will involve Corda , an R3 blockchain platform.
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60 SWIFT Adds BELLIN To gpi For Corporates Initiative
PYMNTS
JANUARY 24, 2019
Payments messaging company SWIFT is expanding its gpi for Corporates (g4C) initiative, adding treasury management technology company BELLIN to its roster of early adopters of the tool. The tool expanded and began requiring SWIFT customers to include their UETR in all payment instructions, even for institutions not part of gpi.
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BPC Aims to Help Banks Turn ISO 20022 Compliance Into a Strategic Advantage With New Guide
The Fintech Times
MAY 2, 2025
In its latest white paper, ‘ ISO 20022 Migration 101: Steps and Strategies for Banks ‘, BPC offers a guide tonavigating one of the most critical transitions in the global financial ecosystem: the shift to ISO 20022 messaging standards.
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Temenos Launches Enterprise Service to Power Faster, Lower-Cost Cross Border Payments
Fintech Finance
OCTOBER 22, 2024
The service is ISO20022 ready and supports SWIFT-based flows. Delivered as Temenos SaaS, PSPs also benefit from Temenos’ continuous updates service, helping them support changes in regulations and new messaging standards globally.
The Not-So-Beaten Path To B2B Payments Real-Time Ubiquity
PYMNTS
NOVEMBER 27, 2019
The ISO 20022 payments messaging standard — 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.
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SWIFT Ties gpi to eCommerce and DLT
PYMNTS
JANUARY 30, 2019
Payments messaging company SWIFT said it will test gpi Link, “a gateway to interlink ecommerce and trading platforms with the SWIFT gpi payment service.”. SWIFT said the first part of this proof-of-concept effort will involve Corda, an R3 blockchain platform.
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Icon Solutions Welcomes NatWest Executives to its Board of Directors, Accelerating the Expansion of IPF
Fintech Finance
JULY 8, 2024
He also serves on the Board of Directors of SWIFT. NatWest also announced in September 2023 that it had selected the Icon Payments Framework (IPF) to accelerate the bank’s payments modernisation as it continues to align with the new global ISO 20022 payment data message standards.
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Finzly Among the First to Receive Fed Certification for Fedwire ISO 20022
Fintech Finance
APRIL 12, 2024
Finzly , the pioneering provider of modern money movement systems to financial institutions, has announced its achievement as one of the first Third-PartyService Providers (TPSP) to be certified for compliance to ISO 20022 messaging standards for Fedwire.
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SWIFT Reveals Success, Future Challenges Of Blockchain PoC
PYMNTS
MARCH 9, 2018
SWIFT has offered another update on its blockchain proof of concept (PoC), reiterating its potential to enrich transaction data, support real-time liquidity management and reconciliation and more. The PoC includes 34 banks, each with their own node in SWIFT’s DLT sandbox.
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Fedwire’s ISO 20022 Migration Delayed By Federal Reserve Bank
PYMNTS
SEPTEMBER 23, 2019
The Payments Market Practice Group asked the Federal Reserve to reassess its approach to the project, which involves a three-phased migration to the ISO 20022 messaging standard for the Fedwire Funds Service. If payments are not fully enabled for ISO 20022 by the time SWIFT rolls the system out, messages might get cut off.
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76 Global Cross-Border Payments Expected To Grow, But Challenges Remain
PYMNTS
AUGUST 16, 2019
Many are choosing to implement ISO 20022 as a common messaging standard to achieve greater interoperability between payment systems, with the system seeing more than 80 implementations in over 40 markets, including with TCH’s RTP system in the U.S. and Australia’s NPP. Challenges Aren’t Universal.
SWIFT Sets ISO 20022 Sights On High-Value Payments
PYMNTS
AUGUST 19, 2016
As SWIFT continues to promote the adoption of the ISO 20022 payments messaging standard across financial institutions, the company said it is zeroing in on the potential for ISO 20022 harmonization in the high-value payments space. To highlight that potential, SWIFT revealed on Thursday (Aug.
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Instant Payments Gain Ground With SEPA, SWIFT
PYMNTS
DECEMBER 4, 2018
The payment messaging entity SWIFT this past week began implementing its SWIFTNet Instant service that is tied to the Eurosystem’s TARGET Instant Payment Settlement service. The messaging firm has said that connecting to TIPS is part of broadening access to the upcoming Eurosystem Single Market Infrastructure Gateway.
Blockchain Makes Headway Over Legacy X-Border Rails
PYMNTS
JULY 9, 2020
SWIFT Certifies Fiorano ISO 20022. The ISO 20022 payments messaging standard is a key focus for payments innovators looking to improve upon legacy payment rails.
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Time For B2B Payments To Get Standardized, Says Nordea
PYMNTS
MARCH 21, 2017
For a few years the corporate banking space has been discussing the potential for ISO 20022 to streamline payments, with industry forces like SWIFT and SEPA promoting its adoption. But, according to Nordea, obstacles remain for ISO 20022 to take off as a payments messaging standard and provide corporates the efficiency they need.
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The Challenges And Benefits Of ISO 20022 Migration
PYMNTS
AUGUST 15, 2019
In today’s digital age, however, speedy transactions depend on payment rails that support rapid settlement and messaging standards that enable sending and quickly processing comprehensive payment details. . Deep Data For Swift, Secure Payments .
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What Can We Learn From Payment System Failures and Global IT Outage?
The Fintech Times
JULY 20, 2024
On Thursday 18 July, the CHAPS system, used by UK high-street banks and lenders to send money to one another, experienced an outage, caused by a glitch related to the global network Swift. This has included using new technology and messaging standards (ISO 20022) to improve performance, data quality and operational efficiency.
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122 Collaboration Is Key For Consensus On Cross-Border Payments
PYMNTS
SEPTEMBER 11, 2019
In July, SWIFT released its first set of guidelines for financial institutions using the ISO 20022 payments messaging standard to complete cross-border transactions. Last week, SWIFT launched a new API standard for the pre-authorization of funds.
EU Parliament Eyes New Rules On Cross-Border Payment Fees
PYMNTS
FEBRUARY 21, 2019
The companies noted that the blocks are focused on SWIFT and SEPA payments, using EastNets’ PaymentSafe and SafeWatch Filtering solutions, which will make such payments compliant with anti-money laundering (AML) mandates.
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Volante Enhances Corporate Payments-As-A-Service For FIs
PYMNTS
MAY 1, 2019
ACH, Same Day ACH, Zelle, RCH RTP clearing and settlement, and SWIFT cross-border payments are all supported under the solution. ” NACHA Chief Operating Officer Jane Larimer, meanwhile, also praised Volante for its support of ACH, Same Day ACH and ISO 20022 messaging standard adoption among U.S. financial institutions.
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Smarter Payments Tracker Eyes Interoperability
PYMNTS
AUGUST 1, 2019
Payments messaging firm SWIFT has taken recent steps to promote interoperability of its payments network, recently announcing that it would allow blockchain platforms to loop into SWIFT’s global payments innovations (GPI) service to facilitate real-time transactions.
Deep Dive: Making Instant Payment Schemes Universal And Interoperable
PYMNTS
APRIL 29, 2019
An interoperable cross-border solution could remove these frictions and provide smooth transfers between two real-time payment systems, while a single, globally accessible faster payments service could offer swift end-to-end transfers.
Switzerland Flips The ISO 20022 Switch
PYMNTS
APRIL 19, 2016
Payments technology developers and regulators are beginning to voice their support for ISO 20022, the payments messaging standard that proponents say can streamline global payments with an easier way to link data to a transaction. SWIFT has similarly taken to boosting ISO 20022’s adoption within Canada , too.
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Citi To Accelerate ISO 20022 Adoption Via Volante Partnership
PYMNTS
JANUARY 19, 2021
Volante Technologies , which works in cloud payments and financial messaging, is working with Citi to expedite Citi’s adoption of the ISO 20022 financial messaging standard, according to a press release.
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60 The Canadian Case For ISO 20022
PYMNTS
MARCH 16, 2016
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. and Canada.
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6 Fintech Resources in Asia to Read in Preparation for 2024
Fintech News
DECEMBER 10, 2023
Some of the authorities supplying commentary to The Future of Competitive Advantage in Banking & Payments report were from Aite-Noverica, Visa, Swift, Banque Cantonale de Genève, the Payments System Regulator, and HSBC, helping to determine what’s working in current product roadmaps of bank and non-bank FIs from 32 countries globally.
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The Keys To Modernizing B2B Payments: Standards And Starting Small
PYMNTS
JUNE 16, 2020
The containers are uniform and standardized even though they hold a broad range of items. In terms of transport, the ISO 20022 messaging standards can be likened to the cargo containers where different variations of payment data can be transported in each message. “So,
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Global Payments In Crosshairs Of Treasurers’ Biggest Challenges
PYMNTS
MARCH 14, 2019
Kohli pointed to SWIFT’s gpi initiative as a significant driver of innovation and progress in the cross-border transaction market, and an example of the impact of payments innovation to not only make global payments more efficient, but to promote the adoption of faster payments functionality. .
Can On-Demand Pay Stop QSRs’ Employee Churn?
PYMNTS
AUGUST 13, 2019
Financial messaging service provider SWIFT , for one, recently tested an effort to send money instantly between countries’ real-time payment systems. Around the Faster Payments World. While the Federal Reserve dives into domestic faster payments, other players have been working to accelerate money globally.
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Building the bank of tomorrow: Strategies for operational resilience and digital transformation
The Payments Association
FEBRUARY 14, 2025
In line with SWIFT and ECB timelines by November, a considerable portion of European cross-border and certain domestic payments must adopt ISO 20022 messaging standards. The November deadline marks a crucial milestone, after which many European payment flows must conform to the new standard.
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Why Real-Time B2B Payments Adoption May Be A Molehill, Not A Mountain
PYMNTS
AUGUST 28, 2019
One of the most prominent payment industry trends to support real-time payments adoption is the focus on ISO 20022 payment message standardization, said Cooley. However, ISO 20022 does offer a way to standardize what data moves with transactions, as well as how that information is presented, regardless of the market.
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Payments’ Role In The Fourth Industrial Revolution
PYMNTS
OCTOBER 2, 2019
However, with real-time payment modalities, and through the messaging standard ISO 20022, data can be easily uploaded into firms’ billing systems. How does this differ from a SWIFT transaction? Despite that, there is a better option, as roughly 40 percent of B2B payments are still done by paper checks.
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The Collaborators – And Rivals – Of Blockchain
PYMNTS
JANUARY 17, 2018
With a Memorandum of Understanding (MOU) in hand, SWIFT has also emerged as a top blockchain collaborator with seven central securities depositories, the company announced this week. The promise of the technology on paper is great, but it is currently missing a key component around standardization.
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ERP Data On The Front Lines Of Blockchain Adoption
PYMNTS
JANUARY 26, 2017
Further, blockchain, Finlync said, negates the need for participants to align with what the company described as “complex” payments messaging standards like ISO. Real-time payments and reconciliation, the company added, could be a major boost to corporate cash management efforts, too.
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