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SEPA 2024 Update: Understanding the Transition to ISO 20022 messages
In the ever-evolving landscape of financial services, staying abreast of regulatory and technical changes is not just a necessity but a strategic advantage. One such pivotal change is the transition of SEPA (Single Euro Payments Area) schemes to the 2019 version of the ISO 20022 standard. This shift, effective from March 2024, marks a...
SEPA pacs.008.001.08 message in the ISO 20022 : A Step-by-Step Guide
As we approach March 2024, the SEPA (Single Euro Payments Area) schemes are set to adopt the 2019 versions of the ISO 20022 messages. This transition marks a significant step in ensuring standardized and efficient payment transactions across Europe. In this post, we delve into the specifics of these changes and guide you through...
Fundamentals of Payments and Payment Systems
I- Introduction to fundamental concepts in payments
If you are starting in the payment industry and want to learn the basic concepts, where should you begin? In today's article, we look at fundamental concepts in payments: payment instruments, payment systems and their modeling. What we will see applies to all kinds of payment instruments. So...
Top Trends Shaping the Future of Credit Cards
From its inception, credit cards have drastically made transactions smoother between consumers and businesses. Today, credit cards have become a necessity for almost all Americans — as many issuers include a myriad of benefits and rewards programs.Credit cards are also becoming more advanced than ever, which means businesses and consumers need to stay updated...
Payment Systems & Modernization in Canada
Canada is the second largest country in the world by total area, with a population of 38 million approximately, as per Q2, 2020 census. Operating across 6 primary time zones, the consumer and business transactions constitute a total of 21.1 billion by volume and CA$ 9.9 trillion by value, for the year 2018, as...
PSD2 and The New Generation of Third-Party Providers
The revised Payment Services Directive (PSD2) went live in January 2018 and is set to have a broad impact on the financial services industry across and beyond Europe. One main goal of the revised PSD2 is to encourage competition by allowing new players, the Third-Party Providers, to enter the European Single Market. The directive...
TransferMate’s unique receivables solution enables businesses to reduce debtor days, eliminate bank fees and...
B2B Payments Company offers an easy-to-use solution to get paid faster while automating invoice reconciliation
TransferMate Global Payments, one of the world’s leading cross-border B2B payments providers, has deployed an advanced receivables solution to businesses around the world. The payments solution enables TransferMate clients to reduce their days sales outstanding (DSO) while gaining control and...
Blockchain explained and its application to payments
Well, year 2019 has just passed on the baton to 2020 and we have wrapped up the decade with a lot of technological advances. Past decade has seen a considerable phase shift in terms of technology; and I have to say Blockchain is one the biggest breakthrough that has been achieved. Although invented in...