Tag: Financial Institutions

Why ISO modernization is so important for financial institutions

With the migration to ISO 20022 financial messaging standard, the world is moving toward a standardized system of payment messaging. ISO 20022, which SWIFT will enable for cross-border payments beginning August 2022, will significantly benefit financial institutions (FIs). But these institutions’ journey to adoption may prove quite challenging. To successfully implement the new standard, FIs […]

How is SWIFT still relevant after five decades?

Too many people in the payments industry today hold the misconception that the SWIFT network is only for cross-border payments. This was indeed the case in 1973, when 239 banks from 15 countries joined forces to create an efficient, automated, and secure payments network. At launch, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) was […]

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