Page 53 - Pay Magazine s2014

B2B payments rather than pay- ments at the POS, where cards and cash dominate.
“The industry here in the U.S. is saying ‘OK, we’ve had our period of self-examination. Now we’re ready to move forward,’” explains Elizabeth McQuerry, IPFA CEO and a Glenbrook partner. “The industry is ready. There are a number of examples around the world we in the U.S. and others can learn from. We don’t have to reinvent the wheel. I think we’ll move quite ex- peditiously in the next two years.”
The need for speed may seem pressing as digital consumers demand real-time everything,
but the cost, time and effort
will be anything but small. That said, experts believe there are opportunities for faster payments to fight fraud and provide valuable data to commercial clients trying to reconcile accounts.
“Real-time payments ranks high on our priority list because mov- ing money faster is an important feature of banking that some, though not all, of our customers are talking about,” says Dean Henry, director of global pay- ments strategy and product innovation in Bank of America Merrill Lynch’s Global Transaction Services division. “At the same time, we want to work with the Fed and help be a positive voice for moving things forward.”
Commercial clients aren’t neces- sarily asking for faster payments,
ISO 20022: PrOmISe Of GlObal InterOPerabIlIty
volume 8 • fall 2015
ISO 20022 is a standard for transmitting electronic data between financial institutions that’s in various stages of adoption globally. Regulators and stake- holders in several nations are getting behind the standard for real-time payments. On Aug. 10, 2015, the ISO 20022 Real-Time Payments Group (RTPG), comprised of more than 50 global experts and convened by Roy DeCicco, JPMorgan Chase, produced a first draft set of guidelines for the
use of existing ISO 20022 core payments messages in a real-time payments environment. RTPG is inviting industry comment on the proposal and organi- zations with a strong interest in this area to join the RTPG.
“ISO 20022 has been around for about a decade and essentially has become the de facto standard for many jurisdictions that are building real-time retail payments systems—primarily because it allows a greater level of interoperabil- ity and flexibility, as well as reuse,” explains Lauren Jones, head of standards at Payments UK. “Many banks, PSPs and even suppliers, particularly in Europe, have implemented ISO 20022 for other needs and, therefore, the expertise, technology and investment can be reused.”
ISO 20022 messages are structured in such a way that the messages can carry more data fields, include richer information with the payment, such as remittances, and also can support non-Latin characters, which is important for Asian markets, according to a 2015 SWIFT white paper on global real-time retail payments systems.
“Global interoperability is still an aspiration and is not something that will be achieved immediately,” Jones continues. “The primary need is on domestic developments. However, by ensuring our work is as future-proof as possible, as well as catering for interoperability, this will make the process that much easier to become a reality.”
source: SWIFT, 2015
planning eurozone
12 counTries planning/ exploring/building
17 counTries planning/ exploring/building
live 18 counTries live
paybefore.com 51