PYMNTS

FEBRUARY 26, 2020

PYMNTS recently spoke with Saqib Sheikh, global head of SWIFT’s ISO 20022 program, to learn more about SWIFT’s commitment to assist the financial community in the transition to the new standard in cross-border payments: ISO 20022. These infrastructures and processes form the backbone of the global correspondent banking model.

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ISO 20022 ISOs SWIFT Cross-Border Payments 104

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. ISO 20022 will modernize international and domestic payment rails, enabling right and new payment services.”

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ISO 20022 ISOs SWIFT Cross-Border 76

PYMNTS

APRIL 9, 2019

Payments messaging company SWIFT is gearing up to close its Trade Services Utility (TSU), a workflow engine aimed at facilitating value-added supply chain services. Reports in Global Trade Review (GTR) on Monday (April 8) said SWIFT will switch off its TSU in December 2020.

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SWIFT ISO 20022 Payment Message Liquidity Management 73

Payments Source

FEBRUARY 27, 2018

The network says more than $100 billion in Swift GPI payment messages are sent daily, enabling payments to be credited to the end beneficiaries within minutes — and some within seconds.

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Cross-Border Payments SWIFT Cross-Border Payment Message 65

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 Message Standards Gateways Payment Message 69

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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PYMNTS

SEPTEMBER 18, 2020

It may have taken some time, but faster and real-time payments demand continues to grow in the corporate and B2B payments context. This week's look at payment rail innovation is all about speed, both for legacy rails and new ones. SWIFT to Launch New Real-Time Rails. EVO Payments Wields Visa Rails for Merchants.

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Innovation Payment APIs and Integration SWIFT Real Time Payments 116

Payments Source

DECEMBER 5, 2018

Fifteen major banks will test Swift's pre-validation service for Global Payments Innovation transactions, focusing on quickly identifying and eliminating errors or omissions in payment messages.

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SWIFT Payment Message Payments Global Payments 61

Fintech Finance

OCTOBER 17, 2024

(NYSE:BR), a global Fintech leader, today announced the launch of its highly resilient and scalable managed service for connectivity, message processing and workflow management for instant payments. These regulations are expected to accelerate the adoption of instant payments across Europe, with key compliance deadlines set for 2025.

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Instant Payments Regulations SWIFT Payments 98

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. With this latest standard, a payer’s bank can designate funds in advance, assuring upcoming payments will clear. .

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SWIFT ISO 20022 Authorization API 72

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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SWIFT Distributed Ledger Technology (DLT) Payment APIs and Integration Message Standards 60

Payments Source

APRIL 11, 2016

The Society for Worldwide Interbank Financial Telecommunication (Swift) has created a service to help financial institutions comply with requirements governing payments messaging.

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SWIFT Compliance Payment Message Government Payments 63

Payments Source

APRIL 11, 2016

The Society for Worldwide Interbank Financial Telecommunication (Swift) has created a service to help financial institutions comply with requirements governing payments messaging.

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SWIFT Compliance Payment Message Government Payments 63

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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SWIFT Treasury Management Payment Message Cross-Border 57

PYMNTS

NOVEMBER 27, 2019

The global payments ecosystem’s path to faster and real-time payments ubiquity is an evolution, not a revolution. Among corporates, there is an increasing demand that their global payment activity is able to keep up with the pace of doing business. Progress in Tackling Cross-Border Payments Friction.

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ISO 20022 Cross-Border Payments ISOs Cross-Border 117

PYMNTS

APRIL 24, 2019

The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a payment messaging firm, has chosen Javier Pérez-Tasso as its new chief executive officer, according to a press release. Pérez-Tasso joined SWIFT in 1995, and in 2015 was appointed as chief executive for the Americas and U.K.

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SWIFT Cross-Border Payment Message Instant Payments 67

Payments Source

DECEMBER 12, 2016

The payments messaging network Swift has told its client banks that the threat of cyberattacks "is very persistent, adaptive and sophisticated — and it is here to stay.".

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SWIFT Payment Message Payments Data Security 60

PYMNTS

NOVEMBER 30, 2018

SWIFT , a payment messaging firm based in Belgium, began implementing its SWIFTNet Instant service for the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service on Friday (November 30), when the first banks using it went live, according to a report by the company.

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PYMNTS

SEPTEMBER 20, 2018

Amid an embrace of mobile payments and a push toward consumer choice, sometimes payments infrastructure must change. This week, the Monetary Authority of Singapore said it has launched SGQR (short for the Singapore Quick Response Code ), billed as a single label that combines several QR payment codes.

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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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ISO 20022 ISOs SWIFT Cross-Border 62

The Fintech Times

FEBRUARY 21, 2024

Payments are arguably the face of fintech. When you think about financial technology, it is easy to think about solutions which are making payments faster, easier and more accessible. Most notably, the European Payment Council ’s ‘One-Leg Out Instant Credit Transfer (OCT Inst)’ scheme went live in December.

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Cross-Border Payments Cross-Border ISO 20022 SWIFT 78

The Fintech Times

AUGUST 8, 2024

Australian Payments Plus (AP+) and the Australian Banking Association (ABA) have completed the design of the new Confirmation of Payee (CoP) service which will enable people paying to an account with a name, BSB and Account number to confirm the account name of the payee before the payment is made.

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Payee SWIFT Scams Payment APIs and Integration 59

Payments Source

SEPTEMBER 11, 2018

The Society for Worldwide Interbank Financial Telecommunication says a pre-validation system it will launch soon to catch payment message mistakes prior to dispatch should increase the number of payments reaching beneficiaries in less than 30 seconds.

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SWIFT Payment Message Payments Faster Payments 62

PYMNTS

APRIL 9, 2020

Although SWIFT revealed plans for its account-to-account functionality last month, the announcement only began making headlines a few days ago. Reports have said the move by the payments messaging company positions the firm take on payments giants Visa and Mastercard. Sila Raises Funding to Nix ACH.

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Payment APIs and Integration Central Bank SWIFT FinTech 83

PYMNTS

JULY 16, 2019

Sources have revealed that Venezuela might use a Russian-operated international payments messaging system in an effort to get around U.S. Bloomberg reported that press officials for the Venezuelan and Russian central banks didn’t immediately comment, while SWIFT declined to comment. But the U.S.

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Payments Source

JUNE 15, 2017

The Society for Worldwide Interbank Financial Telecommunication plans to add instant payments messaging for the European market by late 2018, marking another step in its ongoing faster payments projects.

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Instant Payments SWIFT Payment Message Faster Payments 60

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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SWIFT Distributed Ledger Technology (DLT) Payment APIs and Integration Message Standards 46

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 service, as has been reported, lets customers make instant payments from inside the Single Euro Payments Area (also known as SEPA ).

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Instant Payments ISO 20022 SWIFT ISOs 50

PYMNTS

JANUARY 13, 2017

Financial messaging firm SWIFT made its first public embrace of blockchain technology last year with a whitepaper exploring the use of the technology for smart contracts. 12) said SWIFT will launch a proof-of-concept test to explore the use of blockchain technology for cross-border payments and settlements by banks.

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SWIFT Blockchain Cross-Border Payments Cross-Border 41

PYMNTS

SEPTEMBER 19, 2016

16) said several central banks have confirmed the formation of a task force to explore cybersecurity of cross-border payments and banking to protect interbank transactions. Last month, Bangladesh Bank told reporters that — contrary to earlier reports — it would not file legal charges against SWIFT and the New York Fed.

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Cybersecurity Global Payments Central Bank Federal Reserve 78

PYMNTS

MARCH 28, 2018

SWIFT and SAP are collaborating to facilitate corporate-to-bank connectivity into the SWIFT network, the companies recently announced. The payments messaging firm and the enterprise software conglomerate revealed they are working together to streamline corporate treasury’s integration into the SWIFT network via financial institutions.

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SWIFT Treasury Payment Message Facilitators 49

PYMNTS

APRIL 23, 2018

Payments messaging company SWIFT is hoping to launch real-time payments services in the Asia Pacific region, according to Verdict reports on Friday (April 20). SWIFT gpi , launched last year, provides financial institutions with infrastructure to facilitate transparent, faster cross-border payments.

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Real Time Payments SWIFT Cross-Border Payments APACS 43

PYMNTS

JUNE 24, 2019

Payments messaging firm SWIFT will allow blockchain companies to connect into its global payments innovation (gpi) platform, SWIFT said in its latest report on the future of payments. The initiative follows a collaboration between SWIFT and R3 that was announced in January, reports noted.

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SWIFT Blockchain Cross-Border Payments Cross-Border 43

PYMNTS

OCTOBER 7, 2019

First Investment Bank ( Fibank ) is the first Bulgarian bank to offer the SWIFT Global Payment Initiative (gpi), according to a press release. SWIFT data shows that about 36 percent of gpi transfers reach their destination within 5 minutes. About 53 percent reach in an hour, and 96 percent reach the same day.

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SWIFT International Payments Correspondent Payment Message 43

PYMNTS

MARCH 28, 2016

China has received some criticism and skepticism over its cross-border payments initiative, spearheaded as CIPS — the Cross-Border Inter-Bank Payments System. Analysts point out that the payments system operates just 11 hours a day and only out of Shanghai. and fees associated with payments using CIPS are unclear.

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SWIFT Cross-Border Cross-Border Payments Payments 40

PYMNTS

AUGUST 15, 2019

The growing traction of faster payments continues, especially across a cross-border backdrop. In news reported by MoneyControl.com, SWIFT, the payments messaging giant, is reportedly looking at testing instant international settlements with local networks in India to speed transactions and make them more transparent.

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Settlement SWIFT Cross-Border Cross-Border Payments 51

PYMNTS

AUGUST 16, 2019

Cross-border payments are expected to surge over the next few years as the economy becomes increasingly global and interconnected. The latest Smarter Payments Tracker looks at the infrastructure developments that are making cross-border payment systems faster, more seamless and interoperable. A Call for Transparency.

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Cross-Border Payments Cross-Border ISO 20022 ISOs 81