Twenty-eight financial institutions from 11 countries have signed on to a project being coordinated by NACHA, The Electronic Payments Association, to develop a low cost, cross border electronic payments system based on the Internet Protocol. Implementation of such a system, called the Worldwide Automated Transaction Clearing House (WATCH), could reduce the costs for cross-border payments by up to 40 percent. The WATCH project envisions the creation of a new bank-owned, not-for-profit company to process payments from a sending bank in the national payment system’s format or the UN/EDIFACT format to the WATCH system. WATCH will then convert the file into the format of the automated clearing house in which the receiving bank participates. Some of the participants include; National Australia Bank, Royal Bank of Canada, Dresdner Bank; ABN AMRO; Union Bank of Norway; Credit Suisse, HSBC, Lloyds TSB Bank, Bank of America.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more