Payments News

On The Web

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Standards

Ripple Gets Ready for ISO 20022

“Ripple claims to have become the first blockchain-focused payments company to join the ISO 20022 standardisation committee, future-proofing its business for the eventual arrival of the data-rich messaging protocol.”
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Standards

ECB Steps in Over Swift’s ISO 20022 Migration Delay

“During its March 2020 meeting the Swift Board and Executive endorsed a decision to shift their ISO 20022 migration date for cross-border payments from November 2021 to end 2022.The unexpected decision was met with surprise from institutions across the European market which now face another hurdle in the monumental transition to the new data-rich financial […]
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Standards

SWIFT Intends to Change Its Operations With ISO 20022 Delay, Fiserv Says

“SWIFT, the financial messaging provider, is using the delay of ISO 20022 to evolve its financial messaging service into transaction management, according to Fiserv’s David Chance. The delay of the new messaging standard ISO 20022 been brought on because SWIFT is intending to play a bigger role in the cross-border payments space. With the new […]
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Standards

ECB responds to Swift’s blueprint for ISO 20022

“Under instruction from the European Central Bank, interbank payments network Swift has drawn up a blueprint designed to mitigate complications borne from its surprise decision to delay the migration to the new ISO 20022 messaging standard. A letter obtained by Finextra Research addressed to Swift’s CEO from the ECB requested that Swift mitigate the challenges […]
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Standards

The US EMV Chip Card Count Surpasses 1 Billion

“Four years after the EMV chip card standard became the law of the U.S. payments land, the number of credit and debit cards with an EMV chip now exceeds 1 billion, and 63% of U.S. card-present transactions in 2019 involved an EMV card being read by an EMV-capable terminal, up from 53.5% in 2018. Those […]

On The Wires

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Global

Payments Canada Publishes ISO 20022 Messages for Lynx, Canada’s New High-value Payments System

“Payments Canada today announced the availability of ISO 20022 messages for Lynx, Canada’s new high-value payments system.  With the publication of ISO 20022 messages for Lynx, system participants can start preparing their existing applications to leverage the value of ISO 20022. Likewise, vendors who support Canada’s payments ecosystem can use the published messages to update […]
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Security

Cross-Industry Coalition Advances Digital Trust Standards

“The Linux Foundation, the nonprofit organization enabling mass innovation through open source, today announced it will host the Trust over IP (ToIP) Foundation, an independent project to enable trustworthy exchange and verification of data between any two parties on the Internet. The ToIP Foundation will provide a robust, common standard that gives people and businesses […]
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Domains

Request to Pay Rules and Standards Framework Launched

“Today (Friday 29 May 2020) Pay.UK is pleased to launch the Request to Pay Framework – the message standards, rules, and terms and conditions for the development of Request to Pay services.   The new Framework can now be used by organisations to create the first Request to Pay propositions, set to underpin a vibrant […]
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Standards

EMVCo Publishes Updated Guidelines for Using EMV® Secure Remote Commerce Specifications and Icon

“Technical body EMVCo has confirmed that consumer-facing solutions and programmes based on the EMV® Secure Remote Commerce (SRC) Specifications are to be known as Click to Pay. This universal description enables ease of recognition for consumers, and signals that a consumer can confidently transact through an easy e-checkout, regardless of the payment card, digital channel […]