The outage at Swift that affected the Bank of England also impacted the European Central Bank. The outage, which lasted for several hours on Thursday (July 18), disrupted high-value transactions across Europe, the Financial Times (FT) reported Thursday. The European Central Bank said its settlements...
The Bank of England said Thursday (July 18) that a global payments issue that was affecting CHAPS, the United Kingdom’s high-value payment system, is now resolved. “We are pleased to confirm that the third-party supplier has restored service following their earlier issues, and CHAPS payments are settling...
Swift is partnering with a group of banking giants to combat cross-border payment fraud. The global messaging service announced in a news release Thursday (May 30) that it is launching a pair of artificial intelligence-based experiments to help its member banks recognize fraud. “Fraud cost...
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...
July 17, 2023
When it comes to embracing new ways of doing things in payments — adopting standards, fostering new use cases — boring is good. Boring implies there have been no hiccups with the interplay between businesses and financial institutions (FIs). No surprises on the way to building resilient new systems that get the current payment landscape, […]
October 12, 2022
Cross-border B2B transactions — done in real time — are on the cusp of being as simple as domestic real-time payments (RTP). Russ Waterhouse, executive vice president for product development...
October 05, 2022
In a pair of papers today, financial messaging service SWIFT claimed that it has solved two of the thorniest problems digital assets must overcome if they are to revolutionize the...
April 08, 2020
Making cross-border payments work — across currencies and across time zones — is no easy task. The challenges are myriad, marked by (to name just a few) legacy systems; new...
July 23, 2024
TerraPay says financial institutions can now send money to mobile wallets via the Swift system. The announcement Tuesday (July 23) by the money movement company applies to 2.1 billion mobile wallets worldwide, and is designed to enhance the cross-border payments experience for businesses and consumers. “Payments initiated by financial institutions over Swift will reach TerraPay’s system with speed […]
July 18, 2024
The outage at Swift that affected the Bank of England also impacted the European Central Bank. The outage, which lasted for several hours on Thursday (July 18), disrupted high-value transactions...
July 18, 2024
The Bank of England said Thursday (July 18) that a global payments issue that was affecting CHAPS, the United Kingdom’s high-value payment system, is now resolved. “We are pleased to confirm that...
May 30, 2024
Swift is partnering with a group of banking giants to combat cross-border payment fraud. The global messaging service announced in a news release Thursday (May 30) that it is launching...
