Displaying 1 - 10 of 95 Immediate Payments blog posts
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Taking a Holistic View of ISO 20022 Migration and Payments Modernization in the Pacific
Wednesday, May 06, 2020 Austin Puthur James to Immediate Payments, Retail PaymentsToday’s payments modernization efforts, most notably real-time payments, not only work to satisfy changing consumer preferences and behaviors, they also serve to future-proof national economies throughout the world. But for real-time payments to deliver maximum value, consumers and financial institutions must be able to exchange meaningful and actionable information — hence the development of ISO 20022, a standard for electronic data interchange that facilitates the fast, standardized and secure exchange of financial messages across borders.
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How ISO 20022 Represents Both a Challenge and an Opportunity for Southeast Asia’s Payments Landscape
Wednesday, April 29, 2020 Mark Looi to Immediate PaymentsGovernments across Southeast Asia (SEA) are increasingly recognizing the vital role that payments play in the engines of their economies, which has resulted in a number of payments modernization initiatives such as those in Vietnam and Malaysia (PayNet). Yet there is one particular area in which SEA’s financial institutions might still be lagging behind their global counterparts: the adoption of ISO 20022, which has become the global standard for high-value payments and immediate payments (IP) when it comes to cross-border payments.
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Ready or Not, The Time Is Now for Real-Time Payments
Monday, April 20, 2020 Adam Needel to Immediate PaymentsResearch from ACI and GlobalData confirms that demand for real-time payments is only going in one direction: up. The root cause of this increasing demand is rising customer expectations and behaviors; clunky and opaque payment experiences are becoming less tolerable in a world where customers can buy, watch and listen to almost anything with a swipe, tap or click.
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When It Comes to Payments, COVID-19 Crisis Could Lead to Long-Term Shifts in Consumer Behavior [Q&A]
Thursday, April 16, 2020 Katrin Boettger to Immediate Payments, Payments and Industry TrendsACI Worldwide and GlobalData recently launched Prime Time for Real-Time, a new global report tracking and analyzing real-time payments volumes, growth and dynamics across 30 global markets. According to the global research, an industry first, more than half a trillion real-time payments transactions will be processed over the next five years. I discussed what the findings mean, and how the COVID-19 pandemic might be a further catalyst for behavioral change, with ACI’s global head of real-time payments, Craig Ramsey.
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TCH RTP and FedNow: What’s Next for U.S. Immediate Payments?
Tuesday, April 14, 2020 Bridget Hall to Immediate PaymentsIt has taken some time, but immediate payments (IP) are on the move in the United States. Although the speed of adoption has been slightly behind the curve of regions like India, the Nordics and the U.K., the U.S. has seen significant year-on-year IP growth of 69 percent.
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Social, Mobile and Instant Payments: How Digital Payment Overlay Services Will Power Up P27
Monday, April 06, 2020 John Ballantyne to Immediate PaymentsFor some years now, the Nordics region has been a global-standard bearer for payments and financial services innovation. Sweden has for many years been a leader in the progressive move towards cashlessness, championing the range of efficiencies that it brings. Major payments innovators like Klarna, FundedByMe and iZettle are based in the region, rubber-stamping Stockholm as a genuine fintech hub. Analysts and insight leaders also regularly single the Nordics out as a genuine leader, in particular praising the collaboration between governments, regulators, financial institutions and businesses that has led to such fertile ground for financial modernization initiatives.
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How to Meet ISO 20022 Migration Deadlines for Fedwire and SWIFT
Thursday, February 27, 2020 David Grindal to Immediate PaymentsOver the next decade, we will undoubtedly see huge shifts in how financial institutions throughout North America transact, whether domestically or across international borders. This will be driven not just by changing technologies, but also by regulatory events – such as the widespread adoption of financial messaging standards like ISO 20022.
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How Can European Banks Meet the ISO 20022 Migration Deadlines for TARGET2 and SWIFT?
Wednesday, February 19, 2020 Daniele Astarita to Immediate PaymentsFirst published in 2004 – and already broadly used in some quarters – ISO 20022 is rapidly set to become the de facto standard for financial messaging around the world, replacing MT messages.
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The Pathway to Global Real-Time Payments: What Will Be the Impact of SWIFT and ISO 20022?
Monday, February 17, 2020 Adam Needel to Immediate PaymentsThe whole world is moving toward the ISO 20022 standard, and almost in unison. Globally, most major currencies are planning to shift to the new data-rich standard for either high-value payments or immediate payments (high value being global messaging via the SWIFT network or an RTGS scheme).
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Digital Payments Overlay Services: Accelerating Real-Time Payments Growth
Tuesday, February 04, 2020 Somya Patnaik to Immediate PaymentsThe global real-time payments landscape is transforming every day, as the world moves toward payments that offer a multitude of digital payment overlay services that drive consumer experience and adoption. But what are digital payment overlay services? They are ancillary services that often ride the real-time payments rails, and can be flexible, nimble drivers of innovation. These digital services – piggy-backing on the standard real-time payments rails – not only add value to core payments, but also bring about convenience and ease of use for all participants in the payments ecosystem.