US payments body Nacha has set out to dispel myths about the ISO 20022 financial messaging standard with a new white paper published as part of an education programme as the US looks to convert its ACH network to the standard.
A range of financial services and technology firms are backing efforts by The Linux Foundation to develop “an enterprise grade, open source distributed ledger framework”.
The US and eurozone countries both look set to have live real-time payment infrastructures by the end of 2017, both using the ISO 20022 for real-time messaging standard.
Swift’s Innotribe initiative is to expand its programme to support innovation in emerging fintech ecosystems, including Africa and Latin America. It has also announced a new Industry Challenge programme under which the Innotribe team will work with Swift members to identify business areas that could benefit from collaborative solutions.
A lack of information in securities messages creates problems for financial institutions screening them for regulatory compliance. But if the audience in a session yesterday is representative, only around half of them are screening anyway.
Competition from financial technology companies and regulatory changes are forcing banks to adopt APIs to provide access to client information, which has many implications across the industry.
Sluggish economic growth in developed nations means attention is still focused on the growth markets of the Brics nations. As intra-regional trade grows, local knowledge is becoming a valued commodity.
From its tentative early steps to open the Swift network to corporations, Swift has been steadily building its corporate membership. Swift membership is increasingly an option for not only large multinationals, but also medium sized companies. Daily News at Sibos looks at the current status of Swift for Corporates.
Trade finance plays an important role in helping to grease the wheels of the global economy. A largely paper-based process, effort is being put into finding ways to automate and improve processes for banks and corporates.