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 …

Presto Automation Inc., a provider of payments technology for quick-serve restaurants, said its March-quarter revenue dropped 33% year-over-year to $4.45 million. Revenue for the year ending March 31 also fell by one-third, to $14.2 million. The company said it will wind down its pay-at-table product to concentrate on its artificial-intelligence …

Just 38 app developers have so far applied to Apple Inc. to enable payment processors outside of Apple’s proprietary payment system, the iPhone maker said. That’s out of 65,000 developers that were eligible to apply, according to Bloomberg. The report follows legal action that required Apple to make the alternatives available for apps. Ohio-based …

Processor Nuvei Corp. launched a financing option to allow client merchants to make invoice payments through their enterprise resource planning (ERP) platforms. Health and beauty retailers lead all sellers in adoption of gift cards, followed by general merchandise retailers and sporting-goods stores, according to scores developed by Blackhawk Network and NAPCO Research …

Airwallex launched in Canada what it calls its Borderless Visa Card, a virtual card Canadian business travelers can use for payments where Visa is accepted globally. Peoples Trust Co. is the issuer. Payments provider Talus Pay announced it is rebranding as simply Talus, while its recently acquired Jobox.ai unit will take on the …

The RFP is emerging as one of the most important features of real-time payments platforms. Here’s how to implement it. Request for Payment (RFP) isn’t a novel concept in banking or payments, but it will drive a lot of innovation over the next decade. Many institutions will rely on RFP …

Hospitality point-of-sale specialist Qu Inc. announced GoTo Foods, owner of brands Auntie Anne’s, Cinnabon, Carvel, Jamba, McAlister’s Deli, Moe’s Southwest Grill, and Schlotzsky’s, will use the Qu POS platform across these brands. GoTo Foods said it has more than 6,700 global locations. Payments platform ACI Worldwide Inc. reported December-quarter revenue of $476.6 million, up …