Payments modernization, depending on the financial services company, will be synonymous with upgrades. But it also needs to be synonymous with innovation, collaboration and business outcomes. As Wally Mlynarski, head of merchant solutions and receivables at Bank of America, told PYMNTS for the “What’s Next...
Swift has unveiled new ways for financial institutions to streamline cross-border payments for corporate customers. The financial messaging service said it is doing this “by extending ISO 20022 across the entire payment chain and giving banks ready-to-use, white-labeled tracking services that can be activated for customers at the...
The B2B landscape is built atop a foundation of innovation designed to meet business needs. And with the news that U.S. corporate bankruptcies have reached their highest level since April 2023, there are a lot of business needs out there in the marketplace to inspire innovation....
The best, and most lasting innovations, are those that beget other innovations. That’s because innovation rarely happens in isolation. The strongest pushes of forward progress frequently build upon existing knowledge, technology or infrastructure. Each new innovation becomes a link to subsequent ones, forming a continuous chain of...
June 14, 2024
It might not get the amount of play that real-time payments, open banking and artificial intelligence get, but the global payments industry reached a milestone recently when the U.S. CHIPS network, one of the world’s largest dollar clearing systems, completed its migration to the ISO 20022 messaging standard. This move brings the industry one step […]
May 31, 2024
Payments modernization, depending on the financial services company, will be synonymous with upgrades. But it also needs to be synonymous with innovation, collaboration and business outcomes. As Wally Mlynarski, head...
May 16, 2024
The best, and most lasting innovations, are those that beget other innovations. That’s because innovation rarely happens in isolation. The strongest pushes of forward progress frequently build upon existing knowledge, technology...
April 11, 2024
A migration to a new standard — a common payment processing language — for cross-border payments is no mean feat. Legacy tech, the shift to straight-through processing, staggered industry timelines...
May 21, 2024
Swift has unveiled new ways for financial institutions to streamline cross-border payments for corporate customers. The financial messaging service said it is doing this “by extending ISO 20022 across the entire payment chain and giving banks ready-to-use, white-labeled tracking services that can be activated for customers at the click of a button,” per a Tuesday (May 21) news […]
April 17, 2024
The first payment in the ISO 20022 message format on the CHIPS network was completed by Japanese financial institution MUFG Bank and European financial institution Crédit Agricole Corporate & Investment Bank, The Clearing House said in a Wednesday...
April 10, 2024
The Clearing House says its CHIPS network has migrated to the ISO 20022 messaging format. The adoption of this format by CHIPS (Clearing House Interbank Payment System) enhances the efficiency of payments...
April 04, 2024
Commerzbank is updating its payments platform in Germany to execute cross-border payments. The bank will use the Swift network to process cross-border payments and the Target 2 or Euro 1...
