A year on from moving to the #ISO20022 standard for all cross-border payments, how does the space need to develop to promote harmonisation? Read this article by Asset Servicing Times. In the article - Roland Brandli, Business Strategy Director at SmartStream addresses the challenges of cross-border payments, emphasizing that the main issue lies not in the 97% of payments that are processed successfully, but in the 3% that encounter problems. He identifies manually written 'free format' messages as a significant cause of these exceptions, noting that such issues account for a high % of problematic transactions across various regions—from 53% in the Middle East to 92% in North America. This results in considerable manual labour, making the process expensive and time-consuming. #crossborderpayment #paymentexception
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The move to the ISO20022 standard is happening! Standardizing on messaging formats will lead to: (i) Payment rails being operational on weekends (ii) Structured data being inserted directly into the message. This is net positive as ecosystem participants can build value added services for compliance automation (iii) Better interoperability between different financial institutions leading to lesser operational delays and lower costs https://lnkd.in/gZahyeFW #payments #paymentsinfrastructure #crossborderpayments
CHIPS ISO 20022 Migration Means Smoother Cross-Border Activity
https://www.pymnts.com
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Ready to transform your payment game? Step into the future with ISO 20022! Explore how this revolutionary standard is reshaping the digital realm and driving innovation. Click now to unlock the magic of ISO 20022 and supercharge your payment infrastructure! https://lnkd.in/g6_5NPGp #ISO20022 #PaymentMagic #digitaltransformation
"ISO 20022: Revolutionizing Payment Standards for a Digital World
https://www.novalnet.com
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Determining whether your business needs a Payment Orchestration Platform varies on various factors, including the scale and diversity of your operations. Download our ultimate checklist to see if your business is ready for a Payment Orchestration solution: https://lnkd.in/dBWDWqYs #paymentorchestration #payments #paytech
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Challenge: In an era where efficiency and environmental sustainability are paramount, the traditional practices of outbound mailing and issuing paper checks, particularly for agency and broker commissions, have become increasingly cumbersome and outdated. Solution: The Mercury Platform, through a strategic partnership with a leading payment provider has enabled the seamless execution of "push to pay" transactions and the introduction of digital credit cards. Now, agent commissions can be effortlessly transferred into their accounts via ACH, and claims payments are instantly dispatched upon approval in the form of digital credit cards, streamlining operations and enhancing insured experience.
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Struggling with complex payment processes, provider dependencies, or fragmented data? You're not alone. Many businesses face these challenges daily, but there’s a solution that can transform your operations: Payment Orchestration. Here’s how Payment Orchestration can transform your payment operations: ✅ Single Integration: Connect to multiple providers with one seamless integration. ✅ No Dependency: Easily switch providers without any disruption. ✅ No Code Solution: Implement and manage your payments effortlessly with a user-friendly interface. ✅ Smart Routing: Automatically route transactions to the most efficient and cost-effective gateway. ✅ Consolidated Payment Data: Centralize your data for better analysis and informed decision-making. Ready to simplify and streamline your payment processes? Learn more at paytring.com. #paymentorchestration #payments #unifiedpayments #paymentprocessing #paymentsolutions
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Discover how to build a payment system that can easily handle high transaction volumes and ensure top-notch performance. Learn practical tips and expert insights on designing a scalable and robust payment platform that grows with your business: https://lnkd.in/gFc8jD-i #paymentsystem #scalablepaymentsystem
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Interesting article in the The Paypers highlighting how payment orchestration can fundamentally drive business efficiency and exponential growth. Whilst I agree on the reasons why it's best to outsource payment orchestration and the ways in which it can simplify operations, allow global expansion and enhance security, I have a slightly different take on who can best provide these services... I'm not sure if most PSPs have the ability to remain completely agnostic, as is necessary with a payment orchestration platform in its truest definition... a platform that can ultimately render merchants the ability to achieve the following benefits mentioned in the article: 🌍 Expand around the world 💸 Accept payments the way customers want 📈 Optimise payment routing 💰 Provide business redundancy Check out the link in the comments below to see the kind of optionality and coverage provided by CellPoint Digital.
Driving efficiency and growth through payment orchestration
thepaypers.com
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Empower Your Business: Maximize productivity through Payment Gateway Connectivity Services. 🚀 . #ProductivityBoost #PaymentGatewaySolutions #MaximizeProductivity #PaymentGatewayConnectivity #BusinessEmpowerment #payments #paymentgateway #step2pay
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Elevate your business efficiency with white label payment gateways, simplifying transactions and ensuring a smooth payment process for your customers. Step into the future of payments and amplify your business capabilities. #Efficiency #Payments #FutureReady
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Let’s look at five aspects you should look for in a payment orchestration platform and the best ways to take advantage of them as a critical part of your growth strategy. Read more: https://hubs.li/Q01-HG_80 Post written by Ralph Dangelmaier, Forbes Councils Member.
Council Post: Five Ways To Take Advantage Of Global Payment Orchestration
forbes.com
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