Achieving a Unified Payments Landscape with Payments Hub A unified payments system: Payments Hub Platform The payments eco-system has been struggling with the challenges related to increasing volumes of payments and customer expectations as well as the new innovative developments in the payments atmosphere that caused fragmentation and complexity eventually. The currently used payments [...]

Real-Time Payments: Re-defining the Payments Landscape The real-time payments system is a money transfer innovation that offers instantaneous payments, real-time communication, ubiquity and extensive data transfer between banks and banking systems. Payments can be made and received 24/7, 365 days including holidays and weekends. Together with the rapid improvements in mobile technology and digital [...]

Distributed Ledger Technology and Blockchain: Potentials and Challenges Distributed Ledger Technology (DLT) is a new method of data validation that does not require a trusted authority and it enables to record, share and synchronize data across a distributed network of data stores and participants in a transparent way. Distributed ledgers (DLs) simply refer to [...]

Open Banking Framework in the Age of Digitalization Open Banking and the API Open Banking is defined as the secure method for businesses and consumers to exchange data in return for receiving faster payment-related or other innovative banking services by the new or already existing companies. It promises to revolutionize the whole system of [...]

Updates on RTGS Renewal Programme The Real-Time Gross Settlement (RTGS) service is defined as the infrastructure which holds accounts for the banks, building societies and other institutions by offering a final and risk-free settlement via real-time money transfers among these accounts. In the economy of the United Kingdom, this service has a crucial place [...]

TARGET Consolidation Project of the Eurosystem: Benefits and Challenges TARGET consolidation project was prepared and launched by the Eurosystem and scheduled to November 2021 with an aim to consolidate the real-time gross settlement (RTGS) systems of TARGET2 and T2S (each of which will be explained in detail below) by improving them technically and functionally [...]

These Trends Are Changing the Payments Industry in UAE Transition to a cashless economy The United Arab Emirates (UAE) has one of the most dynamic, innovative and liberal economies in the Middle East and in the world too through its large amounts of investments in the infrastructural and technological developments. The UAE is also [...]

SWIFT Standard Changes 2020 In recognition of the operational stresses that the Covid-19 pandemic is putting on the global financial community, and especially on smaller institutions therein, SWIFT has decided to prioritize for 22 November 2020 only the MT Category 5 (Securities Markets) messages, which are required to enable compliance with forthcoming European regulations, [...]

ISO 20022 – Secure Payments to Transaction Management ISO 20022 vs. the Current System ISO 15022 The ISO 20022 is a financial standard that aims to provide a universal, open and ample dictionary for financial data transmissions among systems and financial institutions. It serves as a globally accepted prescription to create new financial messages [...]

How is Coronavirus affecting the financial payments industry and compliance? As the COVID-19 outbreak affect many business areas and their way of operation, the financial ecosystem has had its share in this transformation towards a more digitalized and zero-touch environment. As one of the natural results of the pandemic, people tend to increase the [...]