How to get ready for a big but challenging upgrade to a crucial standard for cross-border payments. Cross-border payments are set to be transformed by the upcoming introduction of ISO 20022. This new messaging standard will replace existing, ingrained messaging infrastructures—including SWIFT MT messages and their equivalents used by legacy …

The Federal Reserve Board said Thursday that it is seeking comments about its proposal to adopt the ISO 20022 messaging format for the Fedwire Funds Service. If approved, the format would replace the Fedwire’s current, proprietary messaging system. ISO 20022 enables payment providers to add more detailed instructions and other …

Today, Canadian businesses and financial institutions employ several different standards or “languages” to make and receive payments across systems, financial markets and borders. Payments are also lacking valuable data, such as invoice or remittance information – which is key to automated processing and electronic payments. To mitigate these issues, labor-intensive …

The name might evoke yawns, but the messaging standard known as ISO 20022 will be playing an increasingly important role in electronic payments in the future. The standard goes beyond bare-bones data related to a payment to facilitate the exchange of more information. The Federal Reserve Banks are encouraging more …

Instant payments gratification continues to take hold among businesses and consumers. New evidence of that from a couple of Federal Reserve surveys shows that 83% of businesses and 75% of consumers already use some form of faster payments. Favorable sentiment toward instant payments could increase as 66% of businesses and …

Written by John Ruthven, IR CEO and Managing Director   The digital payments industry is undergoing a massive transformation fueled by accelerated technological advancements and growing customer demand. The market is expected to be worth US$19.89 trillion by 2026, representing a compound annual growth rate (CAGR) of 24.4%, according to …

With a rapidly growing market, increased competition, and more ways to advance than ever on the front end, payments organizations around the world are finding it hard to keep up with changing consumer demands. The success of the industry, although often celebrated, does not negate the sheer pressure that back …

Real-time payments are getting more attention in financial services, and vendors are quickly enabling the faster-payment capability. Among the latest to do so is Sionic Corp., with its suite of services that includes its Verified Rapid Payments, and Oracle Corp., with a new set of cloud-based banking services. Atlanta-based Sionic …

A recent pilot demonstrated a number of benefits stemming from the conversion of real-world assets into their digital equivalents. Lost in the coverage of the crypto meltdown last year were some important announcements by major bank associations, such as SWIFT and the Bank for International Settlements, about the use of …

Financial institutions that use the messaging network face a deadline for conversion to a new standard. Here’s one way to do that efficiently. SWIFT is used by banks around the world to securely send messages about money-transfer instructions. In fact, around $5 trillion a day passes through SWIFT’s messaging system. …