The Payments Association

JANUARY 31, 2025

16) has been pivotal in addressing the traceability of financial transactions, requiring the inclusion of originator and beneficiary information in wire transfers to prevent misuse for illicit purposes. Among its 40 Recommendations, Recommendation 16 (R.16) Recommendation 16: A quick recap R.16,

Travel Rule 88

Travel Rule Wire Transfer Rules Wires 88

PYMNTS

APRIL 29, 2019

It would instead have to turn to expensive wire transfers, credit cards — which can take days to settle — or account-to-account transfers, which also can take several days to process and incur fees if passed through intermediary banks. A London-based manufacturer can’t rely on the U.K.’s and Australia’s NPP.

Interoperability 77

Interoperability ISO 20022 Instant Payments Cross-Border 77

PYMNTS

SEPTEMBER 11, 2019

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). Electronic bank transfers (16 percent) and regular ACH (11 percent) are also popular.

Cross-Border Payments 76

Cross-Border Payments Cross-Border ISO 20022 Real Time Payments 76

PYMNTS

NOVEMBER 2, 2020

Interoperability will get a boost with messaging standards such as ISO 20022. Cross-border payments were multi-faceted endeavors that involved (and of course still involve) wire transfers, a lack of transparency, and the vagaries of shifting FX rates. Thus there’ll be no need to pivot to a single set of rails.

B2B 119

B2B Cross-Border Digital Currency Multi-Currency 119

PYMNTS

SEPTEMBER 12, 2019

The AFP surveyed 379 corporate treasury professionals and found that 68 percent are using wire transfers to move money across borders, for example, a finding that researchers said highlights “the challenge in making changes to payments processes even if current systems are inefficient and costly.”.

AFP 51

AFP Checks ISO 20022 Cross-Border 51

PYMNTS

AUGUST 5, 2019

For one, traditional money movement methods like wire transfers can be costly, and card payment acceptance requires merchants to accept processing fees. API integrations can also help businesses access domestic rails, and ISO 20022 messaging standards for payment schemes can synchronize systems and pave the way for interoperability.

Cross-Border 46

Cross-Border ISO 20022 Cross-Border Payments Payment APIs and Integration 46

PYMNTS

JULY 28, 2016

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. .

ISO 20022 40

ISO 20022 ISOs NACHA ACH 40