Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy.
In today’s interconnected economy, efficient cross-border payments are crucial for businesses and individuals alike. Yet, traditional payment methods often face challenges such as delays, high costs, ...
In today's rapidly evolving financial landscape, where technology and connectivity play a pivotal role, the need for standardized and efficient communication within the industry has become more crucia...
Standards are a cornerstone of the financial industry. For over 40 years the SWIFT MT standard has enabled industry automation, reducing the cost and risk of cross-border business, and enabling the de...
As a common business language for the financial marketplace, ISO 20022 is firmly positioned as a unifier for new and contrasting FinTech innovations, such as Distributed Ledger Technology (DLT), Smart...
Major transformations in payments and settlements have occurred in generations. The first generation was paper-based. Delivery times for payment instruments took several days domestically and weeks in...
Cross-border payments are more than moving money from one country to another. It’s also about making payments safe, efficient, and compliant with regulations, and the data about the payment that must ...
Cross-border payments are becoming faster, but friction remains, slowing some payments down. Will the industry ever achieve 100% STP (straight-through-processing) rates in cross-border payments? The ...
Any TMS morning starts with updating and reconciling the cash positions across accounts by a daily upload of electronic bank statements (MT 940, 942..). This financial reconciliation focuses on balanc...
Historically, much of the data linked to payments has been underused (or not at all used) — in large part because processing systems were not set up to extract and operationalize this data. AML and Sa...
A key advantage of correspondent banking as a global payment system is that it can reach almost any account in the world. Customer experience has also improved in recent years, with payments becoming ...
Payments systems have always been complex but critical parts of the banking world. Over the last decade, the payments environment has become much more dynamic, creating even greater challenges for fin...
The main reason to switch is that ISO 20022 payments messages carry much richer information than the redundant SWIFT MT messages and other legacy formats commonly used today. Also, the information in...