Financial messaging

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EBAday 2020: Lack of technical understanding a challenge for ISO 20022 adoption

/payments

EBAday 2020: Lack of technical understanding a challenge for ISO 20022 adoption

Despite being waist-deep in its transition toward ISO 20022, the migration strategies held by financial institutions and schemes are still riddled with complexities.

Swift Community Update: The role of market infrastructures in Europe

/payments

Swift Community Update: The role of market infrastructures in Europe

The role of market infrastructures (MIs) in Europe came under scrutiny to begin day two of Swift's Community Update - Focus on Europe live virtual event.

Swift Community Update: Technology evolution - delivering the Swift platform

/payments

Swift Community Update: Technology evolution - delivering the Swift platform

Sending payments across borders takes high levels of collaboration, communication, and trust.

EBAday 2020: ISO 20022 driving harmonisation and fostering competition in banking, payments and fint

/payments

EBAday 2020: ISO 20022 driving harmonisation and fostering competition in banking, payments and fint

Many of the ongoing conversations about ‘old vs new’, ‘big’ vs ‘small’ and ‘incumbent’ vs ‘start-up’ in financial technology may be built around the role of ISO 20022 in the banking and payments ecosystem in the years to come.

Vocalink wins Canadian clearing and settlement system contract

/payments

Vocalink wins Canadian clearing and settlement system contract

Mastercard's Vocalink has won the contract to build the clearing and settlement infrastructure for Canada's new real-time payments system.

2010 revisited: A decade of ISO 20022 evolution

/payments

2010 revisited: A decade of ISO 20022 evolution

As Sibos 2020 approaches, we look back to the status of ISO 20022 in its younger years and explore how assertions and predictions made about the migration have played out over the last decade.

RTGS Global rolls out stage 1 of liquidity visibility network

/payments

RTGS Global rolls out stage 1 of liquidity visibility network

In collaboration with Microsoft, cross-border transaction network RTGS Global has launched the first stage of its operational rollout to boost visibility of interbank liquidity.

Fed instant payments project full steam ahead

/payments

Fed instant payments project full steam ahead

The Federal Reserve is working hard to get its FedNow real-time payment and settlement service up and running as quickly as possible, according to governor Lael Brainard, who says the Covid-19 fallout has highlighted the importance of ensuring people have immediate access to funds.

Capitalising on Eurosystem changes to bolster instant payments

/payments

Capitalising on Eurosystem changes to bolster instant payments

The benefits of implementing a cohesive instant payments system are manifold and well documented. As evidenced by the incoming European Single Market Infrastructure Gateway (ESMIG) and the need to integrate interoperable systems across Europe, the ability to access infrastructure that facilitates instant payments is vital.

Outsource and collaborate for streamlined SWIFT gpi migration

/payments

Outsource and collaborate for streamlined SWIFT gpi migration

SWIFT’s universal confirmation of payment deadline set for November 2020 means that firms have a clear window of opportunity to refine and implement SWIFT’s global payment initiative (gpi) for cross-border payments.

Payments Canada publishes ISO 20022 messages for new high-value payments system

/payments

Payments Canada publishes ISO 20022 messages for new high-value payments system

Payments Canada has announced the availability of ISO 20022 messages for Lynx, the country's new high-value payments system.

Federal Reserve kicks Fedwire’s ISO 20022 can down the road

/payments

Federal Reserve kicks Fedwire’s ISO 20022 can down the road

The Federal Reserve has announced it will not implement Phase 1 of the Fedwire Funds Services migration to ISO 20022 during 2020 or 2021. It confirms that it does not have any other message format changes planned through 2021.

ECB responds to Swift’s blueprint for ISO 20022

/payments

ECB responds to Swift’s blueprint for ISO 20022

Under instruction from the European Central Bank, interbank payments network Swift has drawn up a blueprint designed to mitigate complications borne from its surprise decision to delay the migration to the new ISO 20022 messaging standard.

Ripple gets ready for ISO 20022

/payments

Ripple gets ready for ISO 20022

Ripple claims to have become the first blockchain-focused payments company to join the ISO 20022 standardisation committee, future-proofing its business for the eventual arrival of the data-rich messaging protocol.

ECB steps in over Swift’s ISO 20022 migration delay

/regulation

ECB steps in over Swift’s ISO 20022 migration delay

Letters obtained by Finextra show an exchange by the ECB and Swift regarding the latter’s responsibility to mitigate risks caused by its decision to delay migration to ISO 20022.

Swift delays ISO 20022 cross-border payments migration

/payments

Swift delays ISO 20022 cross-border payments migration

Swift is to delay the original ISO 20022 migration date for cross border payments by 12 months, from November 2021 to the end of 2022, as banks struggle with decommissioning and preparing existing infrastructure for the transition.

Swift Operations Forum Europe 2019, Amsterdam - Day 2 report

/Financial messaging

Swift Operations Forum Europe 2019, Amsterdam - Day 2 report

With the accelerating pace of transformation in financial services, day two of SOFE 2019 explored the direction of travel financial institutions should embark on in order to thrive in this new world.

P27 Momentum: Challenges for creating a pan-Nordic payment region

/payments

P27 Momentum: Challenges for creating a pan-Nordic payment region

While banks, businesses and customers operate across the Nordics, infrastructure remains national. At NextGen Nordics: P27 Momentum, executive advisor at Nordea Johanna Lybeck-Lilja continues discussion on the pan-Nordic clearing system to be launched in early 2021 and reiterates that while the region has a long history of cooperation, the cross-border challenge has not been solved.

P27 Momentum: Collaboration is crucial for cross-border payments

/payments

P27 Momentum: Collaboration is crucial for cross-border payments

Driving community discussion on P27, payments professionals from across the Nordic region are gathering in Stockholm for NextGen Nordics: P27 Momentum to reflect on how this project will deliver a pan-Nordic clearing platform to settle domestic and cross-border multiple currencies.

Sibos 2019: How to innovate beyond open banking

/Financial messaging

Sibos 2019: How to innovate beyond open banking

Spotlight sessions at Sibos 2019 in London had one key message: change is the only constant in open banking. Lisa Robins, global head of transaction banking at Standard Chartered, kicked off afternoon keynotes at the Excel Centre by comparing how Shazam solves the problem of forgetting the name of songs to how open banking has disrupted the financial services industry.

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