The document discusses the need for correspondent banks to adopt the ISO 20022 data standard for international payments to improve data quality and address issues like delays from missing information, lack of automated reconciliation, and inability to support value-added services. ISO 20022 allows for structured, granular data that can provide more transparency and enable straight-through processing. While transitioning will require changes to systems and data capture, the benefits of reduced costs, improved compliance and customer experience make it important for banks to actively participate in the transition to ISO 20022 for cross-border payments.
This document lists SWIFT Standards MT and MX message types used for financial transactions. It includes the message identifier, name, and purpose for each type across several categories, including customer payments, financial institution transfers, treasury markets, collection and cash letters, and securities markets. There are over 50 message types described in detail to provide a comprehensive reference of standard SWIFT messages.
ISO 20022 is a standard for financial messages that is being adopted by the payments industry. Key challenges of adopting ISO 20022 include onboarding corporate customers to the new format, striking a balance between functionality and simplicity, replacing legacy systems to handle the new format, and ensuring standardization across different payment systems. Opportunities of adopting ISO 20022 include taking a long term view to strategically invest in capabilities, developing streamlined processes and new products, improving efficiency, interoperability, data quality, and preventing fraud.
This document summarizes key concepts around e-commerce payment systems from a textbook chapter. It discusses traditional payment methods and their limitations online. It then covers the rise of digital payment methods like digital wallets, digital cash, stored value cards, accumulating balance accounts, and digital check and credit systems. Emerging areas like mobile payments and business-to-business payment networks are also addressed. CheckFree is presented as a case study of a current leader in electronic billing presentment facing challenges from new competitors and technologies.
This white paper outlines how the functionality provided by Transformer from Trace Financial can greatly assist in managing the difficulties of integrating diverse and complex message
standards, with specific relevance to SWIFT message handling.
EDI is the electronic exchange of structured business documents between companies. It allows information to be transferred electronically without being retyped or printed. EDI eliminates errors from manual data entry and speeds up business processes compared to paper-based systems. The key components of an EDI system include application services to integrate business applications, translation services to convert documents between internal and external formats, and communication services to transmit documents over networks. EDI systems standardize document formats and transmission protocols to allow secure information exchange between trading partners.
The document provides an overview of ISO 20022, including:
- What ISO 20022 is and how it differs from previous standards like MT
- The governance and maintenance process for ISO 20022 messages
- Examples of ISO 20022 message types for payments, securities, cash management
- Details on the migration from MT to ISO 20022 for financial institution to financial institution payments, which will begin in November 2022
- How ISO 20022 enables more structured data in payments through elements like names, addresses, remittance information and identifiers
Peter Afanasiev - Architecture of online PaymentsCiklum Ukraine
Payment Service Providers
Merchant Payment Systems
General architecture of a Payment System
Know-hows:
Payment queues with MSSQL Broker
Adapter Polymorphism
Tracing in Service Oriented World
Dynamic configuration editor with ASP.Net MVC
The document discusses IBM Payments Gateway, a solution that provides secure online payment processing capabilities. It offers a variety of payment options, global acceptance of over 170 payment methods across 70 countries, and centralized payment management. The solution provides security through encryption of payment data in a PCI-compliant vault and tokenization. It also offers automated reconciliation, reporting and settlement to streamline payment processing. Case studies demonstrate how the solution has supported increased online sales, digital wallet services, and processing of transportation tolls and fees.
This document lists SWIFT Standards MT and MX message types used for financial transactions. It includes the message identifier, name, and purpose for each type across several categories, including customer payments, financial institution transfers, treasury markets, collection and cash letters, and securities markets. There are over 50 message types described in detail to provide a comprehensive reference of standard SWIFT messages.
ISO 20022 is a standard for financial messages that is being adopted by the payments industry. Key challenges of adopting ISO 20022 include onboarding corporate customers to the new format, striking a balance between functionality and simplicity, replacing legacy systems to handle the new format, and ensuring standardization across different payment systems. Opportunities of adopting ISO 20022 include taking a long term view to strategically invest in capabilities, developing streamlined processes and new products, improving efficiency, interoperability, data quality, and preventing fraud.
This document summarizes key concepts around e-commerce payment systems from a textbook chapter. It discusses traditional payment methods and their limitations online. It then covers the rise of digital payment methods like digital wallets, digital cash, stored value cards, accumulating balance accounts, and digital check and credit systems. Emerging areas like mobile payments and business-to-business payment networks are also addressed. CheckFree is presented as a case study of a current leader in electronic billing presentment facing challenges from new competitors and technologies.
This white paper outlines how the functionality provided by Transformer from Trace Financial can greatly assist in managing the difficulties of integrating diverse and complex message
standards, with specific relevance to SWIFT message handling.
EDI is the electronic exchange of structured business documents between companies. It allows information to be transferred electronically without being retyped or printed. EDI eliminates errors from manual data entry and speeds up business processes compared to paper-based systems. The key components of an EDI system include application services to integrate business applications, translation services to convert documents between internal and external formats, and communication services to transmit documents over networks. EDI systems standardize document formats and transmission protocols to allow secure information exchange between trading partners.
The document provides an overview of ISO 20022, including:
- What ISO 20022 is and how it differs from previous standards like MT
- The governance and maintenance process for ISO 20022 messages
- Examples of ISO 20022 message types for payments, securities, cash management
- Details on the migration from MT to ISO 20022 for financial institution to financial institution payments, which will begin in November 2022
- How ISO 20022 enables more structured data in payments through elements like names, addresses, remittance information and identifiers
Peter Afanasiev - Architecture of online PaymentsCiklum Ukraine
Payment Service Providers
Merchant Payment Systems
General architecture of a Payment System
Know-hows:
Payment queues with MSSQL Broker
Adapter Polymorphism
Tracing in Service Oriented World
Dynamic configuration editor with ASP.Net MVC
The document discusses IBM Payments Gateway, a solution that provides secure online payment processing capabilities. It offers a variety of payment options, global acceptance of over 170 payment methods across 70 countries, and centralized payment management. The solution provides security through encryption of payment data in a PCI-compliant vault and tokenization. It also offers automated reconciliation, reporting and settlement to streamline payment processing. Case studies demonstrate how the solution has supported increased online sales, digital wallet services, and processing of transportation tolls and fees.
Exploring Payment Platforms - ISO 20022 and ISO 8583PECB
Have you thought about the process of communication in the financial institutions? On this webinar, we go over the importance of standards ISO 20022 and ISO 8583 and how it can help financial institution to create reports that are useful to all interested parties.
Main points covered:
• ISO 20022 and its importance on the financial communication.
• ISO 8583 and its usage on the most credit and debit card transaction.
• How can these two standards leverage to effectively manage the financial transactions and data?
Presenter:
This webinar was presented by Orlando Olumide Odejide. He is a PECB Certified Trainer and an experienced Enterprise Architect and Programme Director working on various technology solutions. His expertise spans to various ISO standard such as ISO 27001, ISO 20000 and ISO 22301, COBIT, CMMI, TOGAF, PRINCE2, ITIL.
Link of the recorded session published on YouTube: https://youtu.be/Ilx6isDrXEU
E Payment System Introduction Of Large Value Payment SystemHai Vu
- Basic concept of the Inter Bank Payment System.
- Explain on the basics of Real Time Settlement System.
- Payment system in Vietnam.
- Payment system in Nigeria
- Current trend of the Large Value Payment System using other settlement method.
Payments and transaction processing systems - Global and Indian OverviewAkshay Kaul
This document provides an overview of global and Indian payment and transaction processing systems. It discusses the global regulatory framework established by the Bank for International Settlements and the regulatory framework in India established by the Reserve Bank of India. It describes how banks transact with each other using real-time gross settlement systems like RTGS and net settlement systems like NEFT. It also outlines how customers transact through conventional and electronic modes like mobile banking. Specialized companies operating in various areas of the industry are discussed as well as the market share and critical success factors of different payment modes. Risks to payment systems are also addressed.
Global Payment System- Reference ArchitectureRamadas MV
The document does not contain any text to summarize. It only contains the abbreviation "ST" which provides no context or meaningful information to summarize in 3 sentences or less.
The document discusses electronic payment systems. It explains that electronic payment systems allow transactions to be made electronically without cash or checks by using online or mobile banking. The use of electronic payment methods has grown significantly with the rise of e-commerce and internet banking. Various electronic payment options are described, including digital wallets, credit/debit cards, e-checks, stored-value cards, and smart cards. The benefits of electronic payments for both consumers and merchants are convenience, security, and efficiency.
PayU provides payment processing services to over 80 of the top 100 ecommerce companies in India. They offer a wide range of payment options including credit cards, debit cards, net banking, EMI, international payments, and cash cards/wallets. PayU's dynamic switching technology routes transactions across multiple acquirers to maximize conversion rates, increasing success rates by 2-2.25% compared to competitors. They also provide analytics, risk management, mobile payment solutions, and work to simplify the two-factor authentication process on mobile.
Did you know that the SEPA Direct Debit scheme facilitates over 20 billion transactions a year in Europe?
Check out this comprehensive guide to see if SEPA Direct Debit is one of the payment methods that your business should be offering to clients.
Remember that offering the right payment methods for your industry & location can have a big impact on business growth.
SWIFT gpi: linking SWIFT gpi with trade platforms -- The first resultsR3
The document discusses a proof of concept for linking SWIFT's global payment innovation (gpi) to digital trade platforms using R3's Corda blockchain. The gpi link enables corporations on trade platforms to initiate payments via an API, have them settled in fiat currency via gpi banks, and receive payment confirmations back on the platform. The proof of concept demonstrates how a payment is initiated on the platform, sent via SWIFT messages, processed and confirmed by gpi banks, and confirmation is sent back to the platform via APIs. Additional use cases for the gpi link are also discussed.
Electronic Data Interchange (EDI) is the computer-to-computer exchange of standard business documents like purchase orders and invoices between companies in a standardized electronic format. EDI originated in the 1960s with railroad companies and was later adopted by other industries like automobiles and banking. EDI uses value-added networks and EDI software to translate internal data formats to external standard formats and transmit documents between trading partners in near real-time. Benefits of EDI include faster processing speeds, improved accuracy from reducing manual data entry, and competitive advantages from quicker access to business documents.
This document discusses electronic data interchange (EDI). It defines EDI as computer-to-computer communication using standard data formats to exchange business information between companies. It describes who uses EDI, including large corporations and their suppliers. It also outlines the types of EDI activities commonly used, such as purchase orders and invoices. The document discusses EDI implementation, including the need for standard data formats, communication connectivity, and assessing whether EDI makes sense for a particular company.
Payment Card Industry (PCI) governs all forms of electronic payments. It has laid a set of policies and procedures that need to be abided by the business and is known as Payment Card Industry Data Security Standard (PCI DSS). The regulations are to safeguard transactions and cardholders details against any misuse. Various components namely, Credit Card Associations, Credit Card Issuing Banks, Credit Card Acquiring Banks, Credit Card Processors & Merchant Account Providers, and Payment Gateways facilitate the proper functioning of the Payment Card Industry
The document discusses a manufacturer business model and electronic payment systems presented by a group of students. It defines business models and e-commerce business models. It then covers the key components of a business model including value proposition, revenue model, market opportunity, and competitive advantage. The document also discusses electronic payment systems including e-cash, e-wallets, smart cards, and credit cards. It covers the capabilities of a B2C e-commerce model and the advantages and risks of different electronic payment methods.
The document discusses the architectural framework for electronic commerce. It proposes that the framework consists of six layers of functionality: 1) application services, 2) brokerage services, 3) interface and support layers, 4) secure messaging and document interchange, 5) middleware and structured document interchange, and 6) network infrastructure and communication services. These layers work together to integrate information access and exchange across applications, enabling a seamless transition between current and future computing resources.
Customer Loan Origination System - Part 2 (Web)Sandeep Verma
This document outlines the customer loan origination process across multiple stages from lead generation to disbursement tracking. It includes details on the roles of various teams like the Hunter, Gatherer, and Branch Manager at each stage. It also provides performance tracking reports measuring key metrics by loan advisor, gatherer, branch, and over time. These reports track metrics like files originated, sanctioned, rejected, cancelled, and disbursed.
Crossing Borders – Key Payment Systems Outside the U.S.Nasreen Quibria
Enhance your understanding of retail and commercial payment systems outside the U.S. and learn how the rest of the world has implemented ACH, funds transfer, and check systems. This session focuses on important national payment systems in different countries throughout the world and their distinguishing characteristics – a must for any institution that wants to know more about non-U.S. payment systems. We will also cover the evolving environment for “ACH” payments outside the U.S. and talk about what’s taking place – identifying some of the organizations involved in cross-border “ACH” payment services.
SwiftNET is a messaging network owned and operated by the Society for Worldwide Interbank Financial Telecommunications (SWIFT). It allows financial institutions to securely transmit standardized financial messages. The network has transitioned from using older telecommunication systems to a packet switched network and now uses a secure IP network architecture with multiple vendors. SwiftNET provides four core messaging services - FIN for payment messages, InterACT for interactive exchanges, FileACT for file transfers, and Browse for secure web access.
Insights on ISO 20022 - Digging into the DNA of Faster PaymentsNasreen Quibria
This document discusses ISO 20022, a standard for building message standards across financial services. It provides an overview of ISO 20022 messaging, including the logical and physical representations. It also discusses faster payment networks and solutions like Zelle, The Clearing House, real-time payments, and Mastercard's Instant Money Transfer capabilities. The presentation aims to provide insights on ISO 20022 and how it relates to faster payments.
This document discusses SWIFT's gpi for corporates initiative, which aims to improve cross-border payments by providing faster processing, end-to-end tracking, transparency of fees, and full remittance data. It highlights challenges faced by corporate treasurers related to visibility, speed, and fees. It then outlines the benefits gpi provides and how it works by ensuring same-day use of funds, traceability, transparency of fees, and full transmission of remittance data. The document concludes by noting the growing adoption of gpi by banks and countries and its success in speeding up payments.
The Drive to Electronic Remittance Exchange in Business-to Business Payment A...Nasreen Quibria
The document discusses the drive for electronic remittance exchange in business-to-business payments. It summarizes trends in key markets like the US, Germany, and Finland. In the US, adoption of electronic payments has been slow and remittance information is often exchanged manually. NACHA and the Federal Reserve have taken steps to standardize remittance data in ACH and wire payments. In Europe, standards like SEPA have increased electronic payments but remittance reconciliation remains a challenge without common formats. Countries like Finland and Sweden have more advanced electronic payment infrastructures.
Accenture-Payments-Regulation-Will-Disrupt-EU-Card-Payment-Ecosystem💡 David Baratta
The document discusses how the revised Payment Services Directive (PSD2) and Interchange Fee Regulation (IFR) are reshaping Europe's payments landscape by driving changes in the card payments ecosystem. PSD2 and IFR will impact acquirers, issuers, and network operators by reducing interchange fees, increasing transparency, and enabling new entrants. While this regulatory change creates uncertainty and risks disintermediation, it also provides opportunities for innovation in payment initiation services, credit and lending solutions, and for network operators to offer new infrastructure services.
Exploring Payment Platforms - ISO 20022 and ISO 8583PECB
Have you thought about the process of communication in the financial institutions? On this webinar, we go over the importance of standards ISO 20022 and ISO 8583 and how it can help financial institution to create reports that are useful to all interested parties.
Main points covered:
• ISO 20022 and its importance on the financial communication.
• ISO 8583 and its usage on the most credit and debit card transaction.
• How can these two standards leverage to effectively manage the financial transactions and data?
Presenter:
This webinar was presented by Orlando Olumide Odejide. He is a PECB Certified Trainer and an experienced Enterprise Architect and Programme Director working on various technology solutions. His expertise spans to various ISO standard such as ISO 27001, ISO 20000 and ISO 22301, COBIT, CMMI, TOGAF, PRINCE2, ITIL.
Link of the recorded session published on YouTube: https://youtu.be/Ilx6isDrXEU
E Payment System Introduction Of Large Value Payment SystemHai Vu
- Basic concept of the Inter Bank Payment System.
- Explain on the basics of Real Time Settlement System.
- Payment system in Vietnam.
- Payment system in Nigeria
- Current trend of the Large Value Payment System using other settlement method.
Payments and transaction processing systems - Global and Indian OverviewAkshay Kaul
This document provides an overview of global and Indian payment and transaction processing systems. It discusses the global regulatory framework established by the Bank for International Settlements and the regulatory framework in India established by the Reserve Bank of India. It describes how banks transact with each other using real-time gross settlement systems like RTGS and net settlement systems like NEFT. It also outlines how customers transact through conventional and electronic modes like mobile banking. Specialized companies operating in various areas of the industry are discussed as well as the market share and critical success factors of different payment modes. Risks to payment systems are also addressed.
Global Payment System- Reference ArchitectureRamadas MV
The document does not contain any text to summarize. It only contains the abbreviation "ST" which provides no context or meaningful information to summarize in 3 sentences or less.
The document discusses electronic payment systems. It explains that electronic payment systems allow transactions to be made electronically without cash or checks by using online or mobile banking. The use of electronic payment methods has grown significantly with the rise of e-commerce and internet banking. Various electronic payment options are described, including digital wallets, credit/debit cards, e-checks, stored-value cards, and smart cards. The benefits of electronic payments for both consumers and merchants are convenience, security, and efficiency.
PayU provides payment processing services to over 80 of the top 100 ecommerce companies in India. They offer a wide range of payment options including credit cards, debit cards, net banking, EMI, international payments, and cash cards/wallets. PayU's dynamic switching technology routes transactions across multiple acquirers to maximize conversion rates, increasing success rates by 2-2.25% compared to competitors. They also provide analytics, risk management, mobile payment solutions, and work to simplify the two-factor authentication process on mobile.
Did you know that the SEPA Direct Debit scheme facilitates over 20 billion transactions a year in Europe?
Check out this comprehensive guide to see if SEPA Direct Debit is one of the payment methods that your business should be offering to clients.
Remember that offering the right payment methods for your industry & location can have a big impact on business growth.
SWIFT gpi: linking SWIFT gpi with trade platforms -- The first resultsR3
The document discusses a proof of concept for linking SWIFT's global payment innovation (gpi) to digital trade platforms using R3's Corda blockchain. The gpi link enables corporations on trade platforms to initiate payments via an API, have them settled in fiat currency via gpi banks, and receive payment confirmations back on the platform. The proof of concept demonstrates how a payment is initiated on the platform, sent via SWIFT messages, processed and confirmed by gpi banks, and confirmation is sent back to the platform via APIs. Additional use cases for the gpi link are also discussed.
Electronic Data Interchange (EDI) is the computer-to-computer exchange of standard business documents like purchase orders and invoices between companies in a standardized electronic format. EDI originated in the 1960s with railroad companies and was later adopted by other industries like automobiles and banking. EDI uses value-added networks and EDI software to translate internal data formats to external standard formats and transmit documents between trading partners in near real-time. Benefits of EDI include faster processing speeds, improved accuracy from reducing manual data entry, and competitive advantages from quicker access to business documents.
This document discusses electronic data interchange (EDI). It defines EDI as computer-to-computer communication using standard data formats to exchange business information between companies. It describes who uses EDI, including large corporations and their suppliers. It also outlines the types of EDI activities commonly used, such as purchase orders and invoices. The document discusses EDI implementation, including the need for standard data formats, communication connectivity, and assessing whether EDI makes sense for a particular company.
Payment Card Industry (PCI) governs all forms of electronic payments. It has laid a set of policies and procedures that need to be abided by the business and is known as Payment Card Industry Data Security Standard (PCI DSS). The regulations are to safeguard transactions and cardholders details against any misuse. Various components namely, Credit Card Associations, Credit Card Issuing Banks, Credit Card Acquiring Banks, Credit Card Processors & Merchant Account Providers, and Payment Gateways facilitate the proper functioning of the Payment Card Industry
The document discusses a manufacturer business model and electronic payment systems presented by a group of students. It defines business models and e-commerce business models. It then covers the key components of a business model including value proposition, revenue model, market opportunity, and competitive advantage. The document also discusses electronic payment systems including e-cash, e-wallets, smart cards, and credit cards. It covers the capabilities of a B2C e-commerce model and the advantages and risks of different electronic payment methods.
The document discusses the architectural framework for electronic commerce. It proposes that the framework consists of six layers of functionality: 1) application services, 2) brokerage services, 3) interface and support layers, 4) secure messaging and document interchange, 5) middleware and structured document interchange, and 6) network infrastructure and communication services. These layers work together to integrate information access and exchange across applications, enabling a seamless transition between current and future computing resources.
Customer Loan Origination System - Part 2 (Web)Sandeep Verma
This document outlines the customer loan origination process across multiple stages from lead generation to disbursement tracking. It includes details on the roles of various teams like the Hunter, Gatherer, and Branch Manager at each stage. It also provides performance tracking reports measuring key metrics by loan advisor, gatherer, branch, and over time. These reports track metrics like files originated, sanctioned, rejected, cancelled, and disbursed.
Crossing Borders – Key Payment Systems Outside the U.S.Nasreen Quibria
Enhance your understanding of retail and commercial payment systems outside the U.S. and learn how the rest of the world has implemented ACH, funds transfer, and check systems. This session focuses on important national payment systems in different countries throughout the world and their distinguishing characteristics – a must for any institution that wants to know more about non-U.S. payment systems. We will also cover the evolving environment for “ACH” payments outside the U.S. and talk about what’s taking place – identifying some of the organizations involved in cross-border “ACH” payment services.
SwiftNET is a messaging network owned and operated by the Society for Worldwide Interbank Financial Telecommunications (SWIFT). It allows financial institutions to securely transmit standardized financial messages. The network has transitioned from using older telecommunication systems to a packet switched network and now uses a secure IP network architecture with multiple vendors. SwiftNET provides four core messaging services - FIN for payment messages, InterACT for interactive exchanges, FileACT for file transfers, and Browse for secure web access.
Insights on ISO 20022 - Digging into the DNA of Faster PaymentsNasreen Quibria
This document discusses ISO 20022, a standard for building message standards across financial services. It provides an overview of ISO 20022 messaging, including the logical and physical representations. It also discusses faster payment networks and solutions like Zelle, The Clearing House, real-time payments, and Mastercard's Instant Money Transfer capabilities. The presentation aims to provide insights on ISO 20022 and how it relates to faster payments.
This document discusses SWIFT's gpi for corporates initiative, which aims to improve cross-border payments by providing faster processing, end-to-end tracking, transparency of fees, and full remittance data. It highlights challenges faced by corporate treasurers related to visibility, speed, and fees. It then outlines the benefits gpi provides and how it works by ensuring same-day use of funds, traceability, transparency of fees, and full transmission of remittance data. The document concludes by noting the growing adoption of gpi by banks and countries and its success in speeding up payments.
The Drive to Electronic Remittance Exchange in Business-to Business Payment A...Nasreen Quibria
The document discusses the drive for electronic remittance exchange in business-to-business payments. It summarizes trends in key markets like the US, Germany, and Finland. In the US, adoption of electronic payments has been slow and remittance information is often exchanged manually. NACHA and the Federal Reserve have taken steps to standardize remittance data in ACH and wire payments. In Europe, standards like SEPA have increased electronic payments but remittance reconciliation remains a challenge without common formats. Countries like Finland and Sweden have more advanced electronic payment infrastructures.
Accenture-Payments-Regulation-Will-Disrupt-EU-Card-Payment-Ecosystem💡 David Baratta
The document discusses how the revised Payment Services Directive (PSD2) and Interchange Fee Regulation (IFR) are reshaping Europe's payments landscape by driving changes in the card payments ecosystem. PSD2 and IFR will impact acquirers, issuers, and network operators by reducing interchange fees, increasing transparency, and enabling new entrants. While this regulatory change creates uncertainty and risks disintermediation, it also provides opportunities for innovation in payment initiation services, credit and lending solutions, and for network operators to offer new infrastructure services.
Central Bank Digital Currencies (CBDCs) are being explored by central banks globally as interest in digital currencies grows. The document discusses key drivers for CBDCs including improving payment efficiencies, financial inclusion and enhancing monetary policy. It provides an overview of CBDC projects underway in various countries and regions, with China, Cambodia, the Bahamas, Eastern Caribbean and Nigeria having implemented live CBDCs. The models vary in terms of technology used, offline usability and transaction limits.
This document discusses the future of payment systems in Germany by 2025. It identifies several key drivers that will shape how payment systems evolve:
1. Instant payments will be implemented by 2018. Digitalization of purchasing and authentication using smart devices will increase. Regulation will further reduce payment fees and open access to payment accounts.
2. The document develops four scenarios for 2025 based on how these drivers play out: 1) continued diversity at interfaces, 2) added value from digital banks, 3) convenience through digital ecosystems, 4) traditional banks innovating.
3. Emerging technologies like quantum computing and blockchain could disrupt payment systems if they mature, but most trends support evolutionary changes across scenarios. Cooperation will be
European banks face significant disruption from PSD2 and the evolving payments landscape. PSD2 will accelerate competition by regulating new payment institutions and requiring banks to provide third party access to customer accounts through APIs. This threatens to reduce banks' payments revenue by up to 43% by 2020 as new entrants capture market share. Banks must choose from four strategic options to respond: minimal compliance; facilitating API access; advising on new products; or expanding ecosystems. How banks adapt will impact their future revenues, business models, and role in customers' financial lives.
Blockchain would be the most likely and viable solution of Anti Money Laundering problems. Banking, financial as well as non financial industries along with regulators can benefit from this tecchnology
PSD2: The Advent of the New Payments Market in EuropeTransUnion
Register today for this webinar that summarizes Aite Group’s PSD2 Research Report, commissioned by iovation, a TransUnion Company, providing an in-depth analysis of how those in the payment services and e-commerce market should prepare to handle the new strong customer authentication (SCA) requirements under the second Payment Services Directive (PSD2).
Join Angie White, Product Marketing Manager and PSD2 expert at iovation, a TransUnion Company, and Ron Van Wezel, Senior Analyst at Aite Group's Retail Banking and Payments Practice, as they analyze the results of the actual market status in Europe regarding the main changes that PSD2 will bring to the online payments market. Learn what Aite Group concluded after interviewing 20 payments executives from European banks, other PSPs, merchants, payment networks and industry experts.
Key takeaways:
The impact of PSD2, highlighting the priorities that organizations have yet to manage in the transition to the new world after PSD2.
How organizations seek to implement the requirements for secure customer authentication (SCA) and minimize the impact on customer experience.
An analysis of the potential of payment innovation and open banking as a result of PSD2.
If you haven’t already, register for this complimentary research report, PSD2: Advent of the New Payments Market in Europe.
Read the overview of the implications of PSD2 for the payment space in relation to fraud prevention and authentication, including recommendations for banks and other players on how to comply while minimizing friction during the payment process.
Regulations are integral to the banking industry, and the extent to which the bank complies with such regulations not just maintains its bottom line in terms of avoiding hefty fines, but also has a big bearing on credibility and integrity. So how do banks comply with all that is required, and save themselves from the ill-effects of non-compliance?
Software for Payment Cards: Choosing WiselyCognizant
As the use of card-based payments continues to grow, financial institutions must improve their response times, strengthen their security, hone their future-readiness and enrich their business value. When selecting a commercial off-the-shelf (COTS) solution, banks must verify that the product and its support services are equipped to accommodate short and long-term business and IT objectives.
PSD2 is the second Payment Services Directive, which is set to further revolutionise the payments industry. PSD2 is affecting everything from the way we pay online, to what information we see when making a payment.
PSD2 Strategic options for banks_Accenture Strategy and Accenture Payment Ser...Ilkka Ruotsila
The document discusses how the revised Payment Services Directive (PSD2) will accelerate disruption of the payments industry and threaten banks' revenues by enabling third party access to customer payment accounts. Key points:
- PSD2 mandates that banks provide third party providers access to customer payment accounts via APIs, allowing new types of payment initiation and account information services.
- This access could displace banks from the payments value chain and redirect revenues from card transactions, impacting fees currently received by banks, processors and card networks.
- Payment initiation services provided by third parties may offer merchants significantly lower transaction fees than banks, incentivizing merchants to use these new services and further threatening bank revenues.
The New Payments Platform: Fast-Forward to the FutureCognizant
Today's bank customers demand digital payment instruments that support real-time payments and settlements. While banks worldwide have adopted this concept, Australia's New Payments Platform (NPP), when contrasted with global models, takes this concept a step further with benefits that include all of the features today's bank customers want, such as 24x7x365 availability; real-time settlement, posting in seconds, premier messaging standards and alternate identifiers. It is thus imperative to build a carefully planned, all-inclusive NPP solution that will remain viable, profitable, efficient and serviceable from internal, regulatory, payments and customer perspectives alike.
PSD2 is not only about open API! What is the impact on your payment products? Is all your legal documentation PSD2-proof? How are your back-end systems impacted? Are your business processes PSD2 compliant?
PSD2 is not only about open API! What is the impact on your payment products? Is all your legal documentation PSD2-proof? How are your back-end systems impacted? Are your business processes PSD2 compliant?
Payments innovation is Critical for Every Global EnterpriseXTRMAccount
As fintech software and service innovations continue to disrupt the Financial Services market, even non-financial firms need to think about how to take advantage of this trend to improve
their payments processes for the benefit of the company, their customers and their partners.
The Fintech industry which is the backbone of all economies has also been impacted because of Covid. What are the implications of Covid to an important sector?
A Payments Roadmap for Migrating to ISO 20022Cognizant
A plan for adapting to the coming ISO 20022 financial messaging standards for real time gross settlements (RTGS) under SWIFT MT or MX to improve straight through processing (STP) rates.
Sample Report: 2021 Key Trends of the Payment Industry: Real-Time Payments in...yStats.com
- What are the main drivers and challenges for real-time payments adoption?
- How large is the share of finance professionals in the USA who are in the process of implementing RTP?
- What are the top reasons for using real-time payments for corporate decision-makers in the USA?
- What is the share of businesses that expect real-time payments to transform enterprises?
- How the share of RTP in the USA is expected to change by 2024?
Full Report Link: https://bit.ly/3s1QoZr
Digital Customer Due Diligence: Leveraging Third-Party UtilitiesCognizant
By leveraging digital technologies, automation and third-party models, banks can more successfully navigate the complexities of the client onboarding process.
As banks prepare themselves for the open banking journey and being able to share high-quality and accurate data with third parties, they face two immediate needs - a strong data governance and a robust data management framework that offers adequate data privacy and security measures.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
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1. ISO 20022:
Better data means
better payments
Why correspondent
banking needs
ISO 20022 now
SWIFT info paper
September 2019
2. 2
Correspondent banking payments have been
a core component of transaction banking for
decades, generating stable revenues from fees
and currency exchange. But the landscape is
changing. Regulation continues to tighten, and
new competitors are entering the international
payments market with compelling
propositions. Customer expectations are
evolving, fuelled by significant advances in the
domestic payments experience that are
making these instant and seamless, as well as
bringing useful value-added services.
A key advantage of correspondent banking as
a global payments system is that it can reach
almost any account in the world. Customer
experience has also improved in recent years,
with payments becoming faster and more
transparent thanks to SWIFT’s global
payments innovation (gpi)1
, and this is set to
continue. However, other improvements are
required to keep up with the needs and
expectations of payments users, whether
corporates or individuals:
–– Compliance and Anti-Money Laundering
(AML) processes result in regular delays,
particularly where key information is
missing from the transaction. SWIFT
estimates that some 10% of international
payments are held up somewhere along
their journey for compliance checks, most
of which are false-positives and avoidable
investigations.
–– Beneficiaries have little information to drive
automated reconciliation, resulting in
costly and inefficient manual processes,
as well as reduced visibility on cash flow
and cash positions for corporate
treasurers.
–– Common payments scenarios such as
Payment on Behalf Of (POBO) are not fully
supported, leading to tedious manual
workarounds for customers.
–– Banks have little insight into the business
purpose of a payment, which hinders their
ability to develop value-added services.
–– Payments system users are similarly
restricted in the business intelligence they
can extract from their payments data,
which should be a rich source of insight
into customer behaviour.
These challenges all stem from a common
cause: insufficient or poor quality data. To
crack them, data needs to be improved
systematically from end-to-end across the
correspondent banking system, including
banks, Real-time Gross Settlement (RTGS),
instant and other clearing and settlement
mechanisms. We need more, better defined
and more granular data, and we need
end-to-end consistency to ensure data is not
lost or corrupted as it flows through the
system.
The current cross-border payments standard
(SWIFT MT) was conceived in the 1970s, when
bandwidth and storage were high-priced
commodities, payments volumes were much
lower and systematic screening requirements
non-existent. Messages were optimised to be
small in size, carrying minimal datasets for
ease of processing by the mainframe
computers of the time.
To address the industry’s data problem, a
modern standard is required. A standard that
prioritises richness of data over message size
and processing costs (no longer a challenge
for today’s technology). That standard is
ISO 200222
. ISO 20022 is an open,
international data standard that is being
adopted around the world for domestic batch
and instant payment systems, and high value
RTGS. Following in the footsteps of major
market infrastructures, in 2018 the SWIFT
community decided to adopt ISO 20022 for
correspondent banking, starting in November
2021.
Introduction
The correspondent banking
community will adopt ISO
20022 from November 2021,
and your institution needs to
be ready.
1
https://www.swift.com/our-solutions/swift-gpi
2
https://www.iso20022.org/
3. 3
What do we mean by ‘better
data’?
Take one of the key data elements in any
payment – the beneficiary (payee, or creditor).
Here’s how this might appear today in the MT
standard:
:59:/1234567890
Cuba Libre Bar and Grill
1234 Ocean Drive
90099 LA
And here’s the name and address in ISO
20022’s structured format:
<Cdtr>
<Nm>Cuba Libre Bar and
Grill</Nm>
<PstlAdr>
<StrtNm>Ocean Drive
</StrtNm>
<BldgNb>1234</BldgNb>
<PstCd>90099</PstCd>
<TwnNm>Los Angeles
</TwnNm>
<CtrySubDvsn>CA
</CtrySubDvsn>
<Ctry>US</Ctry>
</PstlAdr>
:
etc.
:
</Cdtr>
In the first case, it’s highly likely the payment
would be one of the 10% stopped by a
sanctions filter, triggering an investigation. This
is because ‘Cuba’ appears in the name and
address, and it’s otherwise unclear where the
payment is going.
In the ISO 20022 example, the postal address
(PstlAdr) unambiguously identifies the country
– ‘US’ - using a standard two character
country code. It’s also clear that ‘Cuba’ is part
of the name (Nm) of the business, so no ‘false
positive’ compliance hit should occur. The
payment can be processed smoothly; the
money arrives on time and the bank benefits
from reduced cost by avoiding manual
processing.
Accurate country information also allows risk
and compliance managers to understand
precisely where money originates from and
where it goes in the payments the bank
handles. Banks can also accurately identify
other key information such as postcode
(PstCd), which can be used to build up
demographic data for analysis, and so on.
ISO 20022 supports the same rich party
information for ‘ultimate’ parties – ordering
customer (ultimate debtor) and beneficiary
(ultimate creditor). This is particularly important
for multi-national corporations that operate
shared ‘on-behalf-of’ payment and collection
(POBO and COBO) factories, which is a rapidly
growing trend for global organisations.
Similar data improvements can be seen in
other areas, including charge details, payment
purpose codes and remittance information. For
example, in the MT standard, remittance
information is allocated 140 characters. An
invoice can be referenced like this:
:70:/INV/Date 01/02/2019
Ref ABC1234567890
Imagine a corporate sends an invoice for
several items of different types. If some were
damaged in transit, the amount of the payment
might not tie up with the invoice. Manual
intervention on both sides – phone calls,
emails, faxes – is required to resolve the
discrepancy. ISO 20022 Extended Remittance
Information (ERI) allows complete and detailed
information about the transaction to be
included with the payment, including structured
references to linked documents, line items,
etc., greatly extending the potential for
automated reconciliation. In a recent research
by Payments Canada and EY3
, the estimated
five year cost of low automated reconciliation
rates ranges from 7.4B to 13.6B CAD in
Canada alone, so the global potential for
savings is huge.
Unstructured versus structured data
Moving from this … … to this
3
Source: https://www.payments.ca/sites/default/
files/report_costs_of_payments_processing_eng_
final_2018.pdf
“The widespread and consistent
adoption of ISO 20022 standards is
set to bring considerable benefits.
Improving the quality of the data flow
between financial institutions is key to
reducing the complexity experienced
by payment service users today and
avoiding many of the issues that
delay payments. It should be high on
every bank’s agenda, and while the
technical changes and costs involved
should not be underestimated, the
strategic opportunities it creates for
new efficiencies and services are
huge. Today’s payment rails must
evolve to meet the needs of the
modern economy and we encourage
the whole community to take part in
this journey.”
John Hunter
Global Head of Clearing, JPMorgan Chase
4. 4
The ‘Unstructured versus structured data’
example (see p.3) illustrates the representation
of rich data in ISO 20022, but switching to ISO
20022 doesn’t bring this change automatically.
The data has to be available in a structured
form before it can be used to populate a
structured message, which dictates how data
has to be captured and maintained.
Sources of data vary. Beneficiary (creditor) and
remittance information is typically provided by
the customer ordering the payment. Payments
can be initiated via multiple channels
depending on the type of customer: eBanking,
treasury portals, ERP machine-to-machine
connections, mobile apps, teller systems,
ATMs, paper forms and so on. Any or all of
these may need to be modified to capture data
compatible with ISO 20022. Ordering customer
(debtor) details, on the other hand, are typically
sourced from the bank’s own records because
these are their customers. Customer
databases may already distinguish between
customer name and the elements of its
address, but if not, data remediation and
clean-up – perhaps extensive – will be
required.
Acknowledging these complexities, most
payment MIs’ ISO 20022 initiatives do not
mandate structured party details from the
outset. Use of structure is, however, strongly
recommended in all cases. The SWIFT
community has agreed to provide structured
data in payments initiated in ISO 20022, and
there is a clear intention at industry level to
coordinate a rapid transition to mandatory
structure in Q4 2023, once initial adoption is
underway. Banks are therefore urged to
consider implementation holistically, looking
across data silos, rather than only at
messaging subsystems.
ISO 20022 has already been adopted for
payments in more than 70 countries, replacing
domestic or legacy formats. In the next few
years, the Eurosystem (TARGET2), EBA
(EURO1), Federal Reserve (Fedwire), The
Clearing House (CHIPS), the RTGS in Hong
Kong (HKICL) and the Bank of England will
switch to ISO 20022, which will dominate
high-value payments, supporting 80% of the
volume and 90% of the value of transactions
worldwide.
Of these major payments market
infrastructures (PMIs), the first to move to use
the full benefits of ISO 20022 will be TARGET2
and EURO1. Both operators plan a ‘big-bang’
migration to full ISO 20022 in November 2021.
The US (Fed and CHIPS) will join slightly later,
starting with a reduced scope implementation
in Q1 2022, moving to full ISO 20022 18
months later.
This means that from November 2021, high
value EUR payments can be expected to carry
richer data than the existing cross-border
standard allows. This trend will quickly
accelerate in 2023 as USD and other
currencies adopt full ISO 20022. A high
proportion of high-value payments that
originate in HVP systems go on to include an
international ‘leg out’ – around 10% for
TARGET2, up to 90% for CHIPS. Regulation in
many countries, such as the ‘travel rule’ in the
US, requires banks to pass on all the payment
data they receive, so it’s important that the
standard used for cross-border is compatible
with that specified for high value PMIs.
To enable banks to comply with and further
reap the benefits of better data, in 2018 the
SWIFT community resolved to adopt ISO
20022 for cross-border payments and cash
reporting. Adoption will take place over a
four-year coexistence period starting in
November 2021 to coincide with adoption in
the Eurozone. SWIFT will provide products and
services to ease the transition, including
comprehensive translation solutions for
different segments that will enable users to
continue to interoperate. But banks still need to
act to align with their peers around the world
and ensure that better data reaches every part
of the system.
ISO 20022 is an extremely flexible standard,
capable of representing any payment in any
business scenario. The cost of this flexibility is
complexity. One of the first tasks for any
implementation initiative is to create a simplified
‘market practice’ specification for key message
types to guide implementers and to ensure
consistency, which will in turn ensure the best
rates of automated processing.
A working group of industry experts – Cross-
border Payments and Reporting Plus (CBPR+)
– is creating common specification for
correspondent banking and international
payments. The aim is to eliminate as much
unnecessary variation in the way messages are
used as possible, and to reduce reliance on the
types of undocumented conventions and
bilateral agreements that have grown up
around the MT standard in the 30+ years it has
existed.
A similar initiative – High-Value Payments Plus
(HVPS+) – exists for high-value payments,
aimed at ensuring ISO 20022 HVP systems in
different markets work consistently, while
accepting that there will always be small
differences for legal or other reasons.
The CBPR+ and HVPS+ groups meet regularly
to align their specifications, to ensure that data
can be carried end-to-end without loss or
truncation in transactions that encompass
cross-border and HVP processing. Institutions
need to ensure they implement not just ISO
20022, but the CBPR+ ISO 20022 specification
for cross-border payments, and the localised
version of HVPS+ for each high-value system in
which they participate.
Specifications for CBPR+, HVPS+ and major
high-value system operators can be found on
SWIFT’s MyStandards portal. A (free) user login
is required.
No magic The time to act is now The end-to-end story:
Market practice
specifications
5. 5
Correspondent banking is an ecosystem of
over 10,000 banks, many connected to RTGS
and other domestic payments mechanisms,
which interact over the SWIFT network.
Payments can reach almost any bank account
in the world and some 17 million payment
messages are exchanged over SWIFT every
day. No alternative has comparable scale or
reach. But the system is under pressure on
many fronts, from the growing body of financial
crime regulation, to fierce competition from
new ‘closed loop’ entrants offering new ways
to make international payments in particular
currencies and corridors. The upgrade to ISO
20022 represents a significant industry-wide
effort to modernise correspondent banking for
the digital age, and confront the challenges of
compliance and competition. For ISO 20022 to
deliver on its promise, every connected
institution needs to play its part.
In particular, banks that fulfil an intermediary
role, passing on payment transactions in a
connected chain of institutions, need urgently
to consider how ISO 20022 will affect them.
The diagram below illustrates a scenario in
which an intermediary relays a payment from
the bank (agent) of the ordering customer
(debtor) to that of the beneficiary (creditor). The
intermediary does not have an ISO 20022
capability in the back office, so translates to
MT before processing, and forwards the
transaction in MT format. This has two
important consequences:
–– First, because ISO 20022 allows more and
richer content than MT, it is likely that data
is lost in translation and the intermediary is
exposed to the compliance risk of breaking
the travel rule, or its local equivalent.
–– Second, the creditor fails to receive the rich
data that was sent, so cannot use it. From
a systemic point of view, many of the
advantages of rich data have been lost.
Given that adoption of rich ISO 20022 begins in
November 2021 for high-value Eurozone
payments, banks with significant intermediary
business, particularly with European
correspondents, will need to be at the forefront
of ISO 20022 adoption in the cross-border
space. This doesn’t mean that every back-
office application has to be ready on day one.
Many applications, like treasury, lending or
trade finance solutions generate payment
messages, and these can remain MT during
the coexistence period. The key focus is on
those dedicated payments applications that
process cross-border intermediary
transactions.
Don’t be the weakest link
Debtor
agent
Debtor Creditor
Rich Structured
ISO 20022
Unstructured MT
Intermediary
agent
Creditor
agent
6. 6
Cash Reporting
specifications
published
Dec 2019
Payments
translation rules
published
Dec 2019
Key Payments
specifications
published on
MyStandards
Completed
Testing Portal live
on MyStandards
Completed
Start vendor pilot
service
Jun 2020
Messaging &
Translation
services live
Nov 2021
Start customer
pilot service
Sep 2020
Start full
community
pilot
Sep 2021
Phase 1 Payments &
Reporting translation
rules published &
translation portal live
Mar 2020
At the request of its community, SWIFT has
created the ISO 20022 Programme to support
the adoption of the new standard in cross-
border payments and reporting. Working with a
subset of the Payments Market Practice Group
(PMPG), SWIFT is facilitating the definition of
Cross-border Payments & Reporting (CBPR+)
usage guidelines and translation rules from
legacy MT standards. The documentation will
be completed by end-Q1 2020 and a new
SWIFT messaging service, with supporting
coexistence measures, will be live to pilot
starting in September 2020. The community
will have an opportunity to pilot for 12 months
and go live in November 2021.
Now is the time to prepare for the adoption of
ISO 20022 CBPR+ usage guidelines. All
financial institutions processing MT 1, 2 & 9
series message types should be able to receive
and process ISO 20022 CBPR+ payments by
November 2021. Institutions with a large
intermediary payments business should also
be able to send ISO 20022 CBPR+ payments
based on received ISO 20022 CBPR+
payments.
SWIFT will provide a set of documentation,
tools and services to support the community in
the adoption of this new standard. You are also
encouraged to join one of our webinars or
working group sessions near you to find out
more. More information can be found at www.
swift.com.
Prepare now
2019 2020 2021
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
ISO 20022 Programme - CBPR+ related deliverables
“Money is moving faster, more often,
on more channels and for more
purposes around the world than
ever before. The need for a common
standard based on rich, structured
data to support the efficient transfer
of payments across the globe has
never been greater, which is why the
industry is adopting ISO 20022 now.
Although it is up to each individual
institution to assess the impact of
the migration, given the magnitude
and importance of this initiative, it is
imperative that the whole community
works closely together in order to fully
maximise its potential benefits.”
Christian Westerhaus
Head of Cash Products, Cash Management,
Deutsche Bank
7. 7
Better data, based on ISO 20022, will
be necessary to bring correspondent
banking to the level that payments
users demand, in terms of speed,
reliability and service level, and to
enable the banking industry to
compete effectively with the ‘closed
loop’ systems that are starting to
erode its international payments
business.
The adoption trend is already well
underway in many markets. The
SWIFT community’s decision to
switch to ISO 20022 for cross-border
traffic completes the picture, providing
a consistent, rich representation
end-to-end, unlocking efficiencies and
enabling new and innovative value-
added services.
The road ahead is not an easy one;
there will be obstacles along the way.
A sustained effort is required at
industry level in terms of planning,
investment and execution. But a
common standard model for
payments worldwide is a big prize,
with major long-term benefits for the
industry and its customers. While
much remains to be done, that prize is
finally in sight.
Conclusion