The ability to make payments in real-time comes with a number of capabilities and benefits. The most appealing of these to organizations is immediate access to receiving funds, transaction status, and control of cash flow. These assets created by RTP all serve to increase visibility into the financial wellbeing of the company and decrease confusion around the payment lifecycle. They are also the most obvious upsides to RTP; the other capabilities and benefits that ranked lower among respondents require more education and familiarity with RTP to be fully recognized. #payments #banking #instantpayments #realtimepayments
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Synthetic data is one of the many Privacy Enhancing Techniques (PETs) that can be used to mitigate against the privacy risks of data sharing. Synthetic data is a privacy- preserving technique that can be used to address the challenges associated with sharing sensitive data such as personal or financial data. It works by generating statistically realistic but artificial data that can be used to create advanced modelling techniques and train Al models without compromising individual privacy or data protection laws. https://lnkd.in/gtwEYgUt #data #fraud #payments #banking #financialservices #iso20022
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Trends in health care payments. The US healthcare industry is seeing a shift in how patients and providers handle payments. Key trends: Consumers Demand Convenience and Transparency: - Patients expect a smooth experience, mirroring what they get in other industries. This means online bill payment options, clear cost estimates upfront, and flexible payment plans. - The pandemic accelerated the use of contactless payments and telehealth, and patients now expect these options to be readily available. Technology is Reshaping Payments: - Contactless payments like Apple Pay and Google Pay are gaining traction as people prioritize convenience and hygiene. - There's a rise in patient portals that allow secure online bill payments and communication with providers. However, the industry is still slow to adopt fully digital experiences, despite consumer demand. Financial Burden on Patients is Growing: - High deductibles and copays are leaving patients with more out-of-pocket costs [2]. - This leads to a rise in installment plans and extended payment options offered by providers. Challenges Remain for Providers: - Many providers still rely on manual and paper-based billing processes, which are inefficient - Staffing shortages add pressure, making it harder to implement new technologies. Link to the report in the comments section. #payments #healthcare #innovation #banking
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Top 50 ranking of financial institution originators and receivers of ACH payments for 2023 was released by Nacha earlier this week. - The Top 50 originating institutions had total ACH Network volume of nearly 27.7 billion payments last year, an increase of 5.7% over 2022. They accounted for 93.1% of the ACH Network’s total commercial payments volume. - For the Top 50 receiving institutions of 2023, ACH Network volume totaled almost 20 billion payments, up 6.4% from 2022. They accounted for 63.3% of total ACH Network volume, which includes payments received from the federal government. https://lnkd.in/g3Y5w68E #payments #banking #us
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It's important to avoid oversimplified generalizations about women's experiences in the Middle East and to recognize the diversity of perspectives and opportunities that exist within the region. Indeed, there is still much to learn from the leaders who have shattered glass ceilings and made their way to the top of some of the region’s largest financial organizations. Congratulations to these amazing women! 👏 Finance Middle East #diversity #banking #middleeast
Who are the women leading the Middle East banking sector? As we advance women’s representation in C-Suites, there is still much to learn from the leaders who have shattered expectations and risen to the top of the region's largest banks. From Shaikha Al-Bahar to Dalal Al Qais, Nadia Al Saeed, Shamsa A., Rola Abu Manneh, Najla Al Shirawi and many more, here are the top 19 female bankers in the Middle East. Meet all the inspiring women at: https://lnkd.in/d52f9F2u Words: Beatriz Valero de Urquía #financemiddleeast #gcc #women #iwd2024 #womenshistorymonth
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EBA CLEARING has announced the delivery of a One-Leg Out Instant Credit Transfer (OCT Inst) Service in the RT1 System for November 2024. This new cross-border service in RT1 will be developed in line with the OCT Inst Scheme of the European Payments Council (EPC). It will rely on the processing infrastructure, the interfaces and other key components of EBA CLEARING’s pan-European instant payment system. The specifications for the service will be made available in April 2024. In accordance with the EPC’s OCT Inst Scheme, the new service will enable payment service providers (PSPs) operating in SEPA to process incoming and outgoing international credit transfers through RT1. This means that, for the euro leg of their cross-border payments, PSPs can take advantage of a state-of-the-art real-time payment infrastructure based on the ISO 20022 standard and operating 24/7. As defined by the EPC scheme, the transactions will also fulfil the transparency and traceability requirements set by the G20 and the Financial Stability Board for international payments. https://lnkd.in/gCbmMEJE #payments #instantpayments #iso20022 #banking #europe
EBA CLEARING to launch OCT Service on RT1
ebaclearing.eu
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While a majority of financial institutions and treasuries acknowledge that the rich data within ISO 20022 messages will play a crucial role in facilitating payment processing, risk management, fraud detection, customer insights, and regulatory compliance for banks. This much talked about ‘rich’ data isn’t straightforward, often not readily available in bank’ systems or networks. Its typically in a cumbersome data blob, making it practically useless. Nucleus is the only Swift CBPR+ ready ISO 20022 native data solution, a smart layer accelerating the adoption of this rich data such structured purpose codes, structured addresses, LEIs. It has been acknowledged by UK Finance in the 2023 ISO 20022 Ideathon, where it is recognized for its role as a strategic layer expediting the integration of this invaluable data. https://lnkd.in/g5qF5EYT In addition, Nucleus unlocks revenue generation opportunities through the delivery of value-added data services, premium analytics solutions, compliance support, and strategic insights. Few use cases: - For corporates create customized reporting packages tailored to the specific needs of corporate clients, offering insights into their payment activities, cash flows, and financial performance. - Analyze transaction data from payment messages to assess various types of financial risks, including credit risk, liquidity risk, and operational risk. - Aggregate transaction data from pain pacs and camt messages to generate comprehensive financial performance reports for corporate clients. - Offer customizable reporting templates and dashboards that visualize key performance indicators (KPIs) such as revenue, expenses, cash flows. - Leverage information from pain and pacs messages to segment customers based on their payment preferences, transaction characteristics, and financial behaviors. Speak to us for more information or a poc tin your environment to validate your internal processes: https://lnkd.in/gNd9MnzY Barry Tooker Mahmoud AbuEbeid Saleem Ahmed Biju Suresh Babu #payments #iso20022 #banking #swift
Addressing data challenges and adopting ISO 20022 structured data standards are pivotal for optimizing international payment systems and bolstering the efficiency of financial transactions. This not only ensures superior customer experiences but also fosters innovation in artificial intelligence and digital payments. The significance of structured payments data is apparent in: Interoperability: Standardization facilitates seamless communication between different financial systems, enhancing efficiency. 🌐 Automated Processing: Structured data accelerates transaction times and reduces the need for manual intervention. 📶 Informed Decision-Making: Structured payment data provides valuable insights for central banks and policymakers. Enhanced AI Capabilities: Standardized data improves AI's capacity to analyze transaction patterns, detect anomalies, and prevent fraud in payment systems. By addressing data challenges and embracing ISO 20022 standards, the financial industry can drive forward with confidence, embracing advancements in technology and providing better services to customers worldwide. #iso20022 #payments #banking
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Principles for Auditing a Financial Crime Risk Management Programme for Effectiveness under the Wolfsberg Factors. https://lnkd.in/gwKbWV6g? #payments #banking #compliance
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HKMA OTC derivatives reporting regime for Hong Kong to mandate – 1) the use of Unique Transaction Identifier, 2) the use of Unique Product Identifier and 3) the reporting of Critical Data Elements Adopting the ISO 20022 XML message standard will be a critical step for the harmonisation work. The HKMA and the SFC propose to adopt the ISO 20022 XML message format (i) for OTC derivatives reporting to the HKTR and (ii) at the same time when we implement the UTI, UPI and CDE in a "big bang" approach on the implementation date. #banking #iso20022 #payments #derivatives #securities
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In this blog post, Amazon Web Services (AWS) explains the design of a critical payment system taking advantage of the ISO 20022 messaging standard and AWS serverless capabilities. This Guidance demonstrates how payment operators can deploy an event-driven architecture to receive, consume, and release ISO 20022 payment messages. Customers can benefit from a multi-Region architecture, tunable consistency, and with the decision-making process managed by API consumers. This allows for the acceptance, rejection, cancellation, and redrive of data processing workflows, with failover across AWS Regions. Payment operators can deploy this Guidance as a proxy in front of their existing payment infrastructure, on-premises, in the cloud, or use it as the foundational building block to modernize payment processes. https://lnkd.in/gEh4T__Z? #iso20022 #payments #banking #cloud #aws
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