Parthasarathy Gopalakrishnan’s Post

The U.S. real-time payments ecosystem continues to evolve. With the addition of the FedNow Service alongside the existing TCH RTP service, adoption of real-time payments is increasing, especially among smaller financial institutions – which then increases the number of customers who can make instant payments. There are already a number of daily use cases for consumers and businesses, and we expect those use cases to increase over time. https://aciw.co/4bylZXK

Hello Everyone, Here is the User Guide for SWIFT Payments that covers below topics in a very detailed manner and also includes frequently asked Interview Questions related to Payment domain profile. 1. Introduction to Payment 2. Key Elements of Payment and Settlement System 3. CSM (Clearing and Settlement Mechanism) 4. Accounts (Nostro / Vostro / Loro) 5. Financial Institutions involved in Payment 6. SWIFT Payment Flow 7. RMA 8. SWIFT Messages Structure 9. ACK & NACK Notification 10. Payment Methods 11. Explanation of FIN Messages Categories (MT1**/ MT2** / MT9**) 12. RTGS payment 13. Example of Fedwire 14. Example of NACHA It's a comprehensive document of 200+ pages. Please access this document using link - https://lnkd.in/gXWWQyDV #SWIFT #Payments #SWIFTPayments #ISO15022 #Banks #Transactions #Crossborder #ISO20022 #NACHA #RTGS #Fedwire #Nostro #Vostro #Settlement #topmate

Food for thought: In a vast number of online articles and in most payment and banking conferences, real-time payments (RTP) are typically touted as “the next big thing.” The problem is that RTP has been hailed as the glittering future of global payments for many years now — and while the industry has undoubtedly advanced in this direction in some countries, the instant payment revolution has still not happened at scale, globally. What is your take on the prolonged anticipation of RTP as the next big thing in the global payment landscape?

🚀 By focusing on innovation rather than managing the tech, C24 Bank GmbH was able to build an innovative banking offering for the German market, underpinned by Mambu. Curious to learn more? Discover how we're transforming banking! 🔗 https://hubs.la/Q02G9D4Q0

As of recent years, numerous banks and financial institutions have joined the RTP network, facilitated by The Clearing House. This network allows participating banks to offer their customers real-time payment capabilities, enabling instant fund transfers 24/7, 365 days a year. So what do we know about the RTP network so far? 📈 Since 2017 the growth of banks and credit unions joining the RTP network has rapidly increased.  ➕ 2023 alone saw 200+ institutions join, double of which in 2022. 📱 FedNow even pulled through around 320 participants.  ⬆️ The number of RTP payments worldwide is predicted to increase to 27.8% by 2027. With more banks embracing RTP, users across the country can enjoy the benefits of seamless, secure, and lightning-fast transactions, enhancing the efficiency and convenience of their financial interactions. #TheClearingHouse #PaymentSolutions #RealTimePayments #EfficientPayments #USPaymentSolutions #PaymentMethods #USPaymentProvider #USPayments #PaymentSolutions #FedNow

Why Real-Time Payments Outshine Traditional Methods (RTGS, NEFT)? ⚡ In today's fast-paced digital world, traditional payment methods like RTGS and NEFT are no longer enough. Real-time payments offer unparalleled speed, efficiency, and convenience. Key advantages: Instantaneous transfers: Unlike RTGS and NEFT, real-time payments are settled within seconds. ⏱️ 24/7 availability: No need to wait for specific banking hours. ⏰ Wider reach: Available across a broader network of banks and financial institutions. 🌐 #real-timepayments #payments #fintech #banking #technology #innovation #financialtechnology #RTGS #NEFT

The RTP® network has made significant strides in bringing instant payments to financial institutions and their customers. TCH is dedicated to expanding #instantpayments for all financial institutions and have close to 700 FIs live on the network, which equals 68% of U.S. demand deposit accounts. Read more about the RTP network's progress, including growing transaction volumes, in this article from American Banker: https://lnkd.in/gjjie-xa

Discover the power of Dynamic Currency Conversion (DCC) – revolutionizing international payments for merchants and customers alike! Learn more through our most recent Blog posting: https://lnkd.in/emvHZ3du

Are you attending #EBAday this year? Join us in session room 5A for an exclusive update on our ongoing activities. We've got two formats: ✅ If you want to know what we and our user community are up to, visit one of our side sessions. EBA CLEARING and the Euro Banking Association (EBA) provide updates on the deliverables they are taking forward with their member/user community. In each session, we have bank representatives who explain why they support these activities: Sergio A. Dalla Riva and Christof Hofmann will discuss the value of collaborative deliverables, such as FPAD and the EBA Fraud Taxonomy, for the fight against fraud. Jan Paul Van Pul and Frantz Teissèdre will zoom in on first findings from the EBA's cross-border payments survey and their take on RT1's OCT Inst Service and the IXB initiative. Michele Olin and Niklas Lemberg will talk about instant payments and how EBA and EBA CLEARING can help with the challenges and opportunities around the Instant Payments Regulation. Simone Loefgen, Lirka Bibezic and Carmen Almazán Aguilar will share their lessons learnt from the R2P proof of concept and discuss next steps. ✅ If you want to know how to benefit from our RT1 and EURO1 Systems, visit our operational sessions. We are going to explain the nuts and bolts of the two systems: what are the key features, what are the benefits and how can you optimise your set-up. We hope to see you there! #fraudfighting #crossborderpayments #instantpayments #requesttopay

The European payments industry is undergoing a transformation with the implementation of the SEPA Instant Credit Transfer (SCT INST) framework. This new system enables real-time fund transfers, which will bring about significant changes and challenges for payment service providers. In his article, Bottomline's Frédéric Viard delves into the implications and strategies PSPs need to consider.