SWIFT

After tests with several banks that established Swift's ability to connect its Global Payments Initiative faster payments rail to domestic networks, the financial and messaging standards organization is activating the service in the U.K.

Swift is working with more than 20 banks in its network to test a service designed to help consumers and small and medium-size companies send low-value cross-border payments with the same speed and transparency benefits larger banks enjoy on Swift rails.

After two years of helping banks connect globally to domestic faster payments rails, Swift is planning to expand on that concept.

After two years of helping banks connect globally to domestic faster payments rails, Swift is planning to expand on that concept.

With consumers and merchants alike sharing the need to be paid faster, the case for adopting real-time payments globally has quickly advanced during the COVID-19 pandemic.

Swift's ISO 20022 delays have signaled a pause button. But that's a misplaced notion, says Fiserv's Andrew Foulds.

Firms will need to adjust to ISO 20022 and new SWIFT rules as data protection takes center stage, says says ACI Worldwide's Craig Ramsey.

Payments messaging standards provider Swift has opened its global Know Your Customer registry to all the corporations it connects to following a successful test.

Interoperability has become a top priority in the minds of those advancing faster payments.

Swift and EBA Clearing have started developing the process by which Europe's large-value payment system will migrate to use of the ISO 20022 messaging standard.