What is ISO 20022? How can a standardized approach improve the financial messaging system? Importance of standardization in financial messaging for international value transfers The current cross-border payments landscape is faced with the problem of lack of interoperability and integration between different clearing systems. To address the issue, standardization in the financial messaging is [...]
How SWIFT gpi reduces cross-border payment times to minutes, even seconds? SWIFT has launched its global payments innovation (gpi) initiative in 2017 and since then almost 60% of all cross-border money transfers on SWIFT are sent via SWIFT gpi. The payments industry showed great interest in the advantages gpi offered in terms of pace, [...]
Top 5 Innovations in the Payments Landscape You Should Know by the End of 2020 The notions of interoperability, harmonization, transparency and unification have been popular in financial payments and messaging standards in 2020. As technological developments evolve and offer so many advantages for the businesses in every field, the financial ecosystem has had [...]
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 [...]
