Is islamic finance an ethical and fair alternative to modern banking, or is it an incomprehensible parallel world of finance? Regardless of where you come from, the Islamic finance system is part of cross border banking. As such, it needs to get ready to migrate to ISO 20022. The history of the Islamic finance system […]
The vision that the bank takes care of all your payments is tempting. Is there a new era of smart direct debits ahead? The technological key to popularizing variable recurring payments (VRP) are tools that enable advanced management of financial data and payment data. This article discusses: Digitization has increased consumer expectations for more personalized […]
The processing and analysis of huge amounts of data is becoming more and more important for the world of finance every year. How not to drown in a flood of data but to leverage the banking data by-product? This article discusses the following: The amount and variety of data available to banks and other financial […]
If corporate back-office systems are not upgraded in time for the implementation of ISO 20022, we can expect critical payment bottlenecks in large companies. How to convert SWIFT messages to upgrade corporate ERP systems? This article discusses: From November 2022, a new format for cross-border transfers comes into force, SWIFT MX, which is compliant with […]
Improved work efficiency is one of the results of the “overturning” of IT architecture in a bank: from vertical silos to horizontal data fabric. In exchange, you get boosted efficiency, better customer data analysis, data driven decision making, and employee satisfaction, all powered by big data. The last decade has been a turbulent period for […]
EU’s pivotal decision to disconnect Russian banks from SWIFT over Ukraine casts a stark light on the system’s global economic role. By neglecting to implement ISO 20022 standard, banks might one day find themselves excluded from the mainstream of international money transfer. Russia’s disconnection from SWIFT transfers as part of the sanctions for its attack […]
MX – the new “language” for cross-border payments – enters into force in November 2022. Which SWIFT XML broker will ensure smooth communication in global banking after the launch of ISO 20022? The history of cross-border payments began with… cooperation with the media. From the 1970s until the beginning of digital banking, banks used long-distance […]
In specialized tests, the point is not to “click through” the application, but to ensure the correct flow of the entire process. This is where domain knowledge comes in handy. George E.P. Box, dubbed “one of the greatest statistical minds of the twentieth century,” said discovering the unexpected was more important than confirming the known. […]
With smart solutions in place, you can reroute your timeline for the ISO 20022 new messaging standard by June 2022. What’s more, your CHAPS ISO 20022 transition project can be leveraged to win market advantage. Clearing House Automated Payment System (CHAPS) is the fastest payment model in the UK and one of the first European […]
Pay.UK’s technical documentation for ISO 20022 implementation heralds serious technical changes for UK payments. For those who need a time shield for ISO migration, we recommend using a flexible solution: a converter. The introduction of the international ISO 20022 Financial Services standard for payments messaging has brought about significant changes in the banking sector, including […]