The payments industry is undergoing a rapid transformation, and ISO 20022 data is set to play a crucial role in this revolution. ISO 20022 is a global standard for financial messaging that facilitates seamless communication and exchange of data across different payment systems, thereby simplifying the process of exchanging information and conducting transactions among financial institutions. The increasing demand for faster and more efficient payment processing is a major driver of change in the payments sector. With ISO 20022 data, real-time payment processing is possible, enabling faster and more secure transactions. This standard provides a common language and syntax for communicating data across various payment systems, resulting in a more streamlined payment process.

For more than 40 years, SWIFT has collaborated with its network to identify industry-wide challenges and develop solutions for the benefit of the entire global financial system. Tom Zschach, Swift's chief innovation officer, speaks to Finextra Research about how innovation remains central to the co-operative's new strategy, and how state-of-the-art technologies will help it deliver on its vision. Swift's strategy boldly asserts that it will retool cross-border infrastructure to fundamentally transform payments and securities processing, enabling the world's financial institutions to deliver instant and frictionless end-to-end transactions. Zschach explains that not only is innovation tied to Swift's future success, "it is in fact the key enabler for us to be able to implement our new strategy." A decade from today, Zschach argues that the financial services industry will be intimately entwined with every person's life and it is this ecosystem that Swift must prepare for.

Citi has partnered with HighRadius, a company that participated in its 2017 Fintech Challenge, to develop a sophisticated reconciliation for receivables using artificial intelligence (AI) and Machine Learning (ML). Reconciling payments received against invoices has been around for a while -- probably as long as companies received payments for good and services. It's also been the target of some massive investments in technology to develop standards and automate the processing in search of straight through processing by computers without human intervention. You'd think banks and corporations would have figured it out by now. But the challenge has been growing more intense, said Manish Kohli, global head of payments and receivables at Citi's Treasury and Trade Solutions.

Banks That Have Implemented Social Media Payments Through Facebook and Twitter, Let's Talk Payments