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ISO 20022 has a higher adoption rate in Australia than the industry average, accounting for ~70% of the high value clearing system volume. Carli Renzi OLY, Managing Director of Institutional Client Coverage sits down with Ethan T., Executive General Manager of Payments to discuss how CommBank is extracting value from data-rich payments messaging and the payments modernisation journey for the Australian and New Zealand payment corridors. #Sibos #Payments #ISO20022

Understanding the Six Types of R-Transactions in ISO 20022 Payments In the realm of ISO 20022 payments, particularly within cross border payments , R-transactions play a crucial role in exception handling. Here’s a breakdown of the six types: 1. Refusal:Initiated by the debtor, this transaction indicates that the debtor does not agree to the transaction. 2. Reject:This occurs when the debtor's bank rejects the transaction due to technical issues, such as an invalid account or format errors. 3. Return:A return happens when a transaction is sent back to the creditor bank, often due to insufficient funds or other issues. 4. Refund:This refers to a request for a refund of an authorized or unauthorized transaction, typically initiated by the debtor. 5. Reversal:A reversal is used to cancel a previously executed transaction, effectively undoing it. 6. Request for Cancellation:This is initiated by the creditor to cancel a transaction before it is processed. Understanding these R-transactions is essential for effective payment processing and compliance with SEPA #rtransactions #payments #sepa #iso20022

How can banks offer value to their clients based on rich payment information? How do ISO data elements link up with purchase order and invoice? What roles can financial institutions play in enabling digitized trade cycles and facilitating automatic reconciliation for their corporate clients? How can banks capitalize on their investment in ISO 20022?

🛡 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜 𝐌𝐨𝐧𝐞𝐲 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐬 across Europe must comply with the EU regulations that requires clear safeguarding of customer funds. 🔒The 𝐟𝐮𝐧𝐝𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐩𝐮𝐛𝐥𝐢𝐜 𝐦𝐮𝐬𝐭 𝐛𝐞 𝐩𝐫𝐨𝐭𝐞𝐜𝐭𝐞𝐝 so that they would not be impacted by a potential insolvency of the EMI/PI provider. Makes sense. Pretty simple on paper. ⚒ In reality, 𝘀𝗲𝗴𝗿𝗲𝗴𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗳𝘂𝗻𝗱𝘀 (involving a third party bank) is quite of a 𝐡𝐞𝐚𝐝𝐚𝐜𝐡𝐞 for EMI/PI. Multiple record keeping, reconciliation, compliance audits, account mirroring, synchronization automation, etc 💊 𝙎𝙡𝙚𝙚𝙥 𝙗𝙚𝙩𝙩𝙚𝙧 𝙬𝙞𝙩𝙝 𝙎𝙠𝙖𝙡𝙚𝙚𝙩'𝙨 𝙨𝙖𝙛𝙚𝙜𝙪𝙖𝙧𝙙𝙞𝙣𝙜 𝙢𝙤𝙙𝙪𝙡𝙚! 🔎 All our modules here: https://lnkd.in/eU_7CSAt #EUregulation #fintech #corebanking #safeguarding #EMI #PI #compliance

Dear Connections, I wanted to share some #important #regulatory #changes that will be taking place from April 1, 2024, as recommended by regulatory authorities. These changes are crucial for all stakeholders in the financial industry to be aware of and comply with. Attached are the notices detailing these updates for your reference. 1️⃣ **PAN Verification Process:** Changes are coming in the process for online PAN verification of #MutualFund clients. Ensure alignment with #IncomeTaxDepartment/PAN Card records for smooth operations. 2️⃣ **Uniformity in SIP Cancellations:** It's now mandatory to mention the SIP cancellation reason before processing the request, ensuring uniformity across Mutual Funds. 3️⃣ **Uniformity in SIP Cancellation Timeline:** Following a uniform timeline for treating auto cancellation of SIP Registrations as directed by #SEBI, enhancing efficiency and compliance. 4️⃣ **UBO and NPO Requirements:** Companies, #trusts, and societies must submit fresh #UBO declarations as per new format guidelines shared by #RTAs. Also, mandatory #NPO declarations for all financial transactions. 5️⃣ **Validation of Email/Mobile Number in #KYC:** New guidelines for validating client records using Aadhaar, Mobile number, Email ID, and PAN, ensuring data accuracy and compliance. These updates reflect the evolving regulatory landscape and our commitment to compliance and customer service excellence. Stay informed and prepared for these changes to ensure a seamless experience for all stakeholders. #RegulatoryUpdates #FinancialCompliance #MutualFunds #InvestmentRegulations #StayInformed Feel free to reach out if you have any questions or need further clarification on these regulatory updates. Best regards, [REPAKA PAVAN ADITYA] [MUTUAL FUND DISTRIBUTOR] [9392677266]

🚨 Follow-Up: Continued Issues with Wise for Urgent Transactions 🚨 I wanted to provide another update on my ongoing issue with Wise (formerly TransferWise). Unfortunately, the situation remains unresolved. Despite Wise acknowledging the delay in my GBP to HKD transfer due to necessary checks, the lack of a clear resolution timeline is unacceptable. These checks, which are part of their regulatory requirements, typically take 2-3 working days but can sometimes take longer. This delay has caused significant stress and inconvenience, as my payment is time-sensitive. The response from customer service has been disappointing, offering no immediate solution and only reiterating the need for these checks. This experience has further reinforced my advice against using Wise for any urgent transactions. If anyone has faced similar issues or can recommend reliable alternatives, please share your experiences. It’s crucial for financial services to ensure reliability, especially for urgent payments. Wise, Kristo Käärmann, Cian Weeresinghe, Nilan Peiris, Steve Naudé, Harsh Sinha, BBC News, BBC, Trevor Watson, Mark Hunter, Gadi Weiszlovits Lahav, Ziggy Pragier, Anthony Fairweather, David Woodhouse #Wise #TransferWise #CustomerService #UrgentPayments #FinancialServices

Important Update for Money Services Businesses (MSBs) and Foreign MSBs (FMSBs)! On May 17, 2024, FINTRAC introduced a new web form for existing MSBs and FMSBs to renew, update, or cancel their registration. Access the form here: https://buff.ly/3x8JeZ1 New MSB registrations are not available online at this time. For registration inquiries, contact: MSBRegistration@fintrac-canafe.gc.ca. Stay informed by visiting the Implementing Online Systems page on FINTRAC’s site for updates on the new Electronic Funds Transfer Reports (EFTRs) and other reporting tools coming online: https://buff.ly/3wOGm3G If you need any assistance with these changes, feel free to contact us at info@outliercanada.com or call 844-919-1623. We're here to help! #FINTRAC #Compliance #MSB #FMSB #RegulatoryUpdates #OutlierCanada

Equivalent message tables for Swift to ISO20022 migration #Swift #ISO20022 #Payments #CorporateBanking

Understanding these ISO 20022 message types is key to optimizing financial operations and enhancing communication across the global financial landscape. Dive into the world of ISO 20022 message types and their diverse applications in financial transactions. Stay informed, and stay efficient! 💼💡💰 #ISO20022 #FinancialMessaging #Payments #Banking #Fintech #ISOStandards

Please review the details of the ISO 20022 standards in this white paper and implementing the required processes using Spira.