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Swift launches new cross-border payment tracking solution
Read Time: 2 minutesSwift has set out plans to help financial institutions streamline the cross-border payments experience for their corporate customers. The company has extended ISO 20022 across the entire payment chain, giving banks ready-to-use, white-labelled tracking services that can be activated for customers at the click of a button. Swift will enable financial institutions to capture…
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FedNow vs. ACH: How they differ
Read Time: 3 minutesThe Federal Reserve’s introduction of FedNow this past summer represents a significant leap forward in the United States’ financial transaction capabilities, allowing for instant money transfers into bank accounts at any time, day or night. This system, which operates around the clock, every day of the week, marks the Federal Reserve’s first…
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Why SWIFT remains indispensable for cross-border payments
Read Time: 6 minutesThe paramountcy of the SWIFT interbank messaging network to cross-border payments can be measured in many ways, and SWIFT itself likes to do so with its data on transaction numbers and amounts. For instance, as of December 2022, Swift had recorded an average of 44.8 million FIN messages (payments and securities transactions)…
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How Swift is staying dominant in cross-border payments
Read Time: 5 minutesWith funding for fintech startups having fallen precipitously from the days of ultra-low interest rates and a focus on growth at all costs, a reality is setting in: Disrupting the giants of incumbent financial services is no easy task. In many cases, it has proven elusive.This holds especially true for the juggernaut…
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Decoding cross-border payments: From initiation to settlement
Read Time: 5 minutesAny business participating in international commerce normally needs to make payments in foreign currencies to suppliers/sellers overseas for goods and/or services sourced from other countries. There are many different methods of sending money globally. Transferring money electronically is by far the dominant method, although some paper-based cash ways to pay still exist…
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BIS Quarterly Review Dec22FX swap debt a $80 trillion ‘blind spot’ BIS says
Read Time: 4 minutesPension funds and other ‘non-bank’ financial firms have more than $80 trillion of hidden, off-balance sheet dollar debt in FX swaps, the Bank for International Settlements (BIS) said. The BIS, dubbed the central bank to the world’s central banks, also said in its latest quarterly report that 2022’s market upheaval had largely…
