Key findings from 'Payments Modernisation: The Cloud Imperative'
John Farrell, SVP product, Volante Technologies, speaks to Finextra about their recent research together that looks at ‘Payments Modernisation: The Cloud Imperative’. We hear about the key objectives of the report, how the adoption of Platform-as-a-Service models is on the rise, what issues Financial Institutions are currently facing when connecting to real-time schemes and how this mirrors what i…
What is SWIFT in banking? SWIFT Sanctions
SWIFT or The Society for Worldwide Interbank Financial Telecommunication is a messaging platform founded in Belgium that facilitates cross-border payments.
More than 11,000 banks, financial institutions, and enterprises in more than 200 countries and territories are connected through the member-owned cooperative.
When a country’s banks are shut off from SWIFT, it can be financially crippled since money transfer information cannot be forwarded to the country’s banks, and it cannot pay for imports or receive payment for exports.
You will find interesting information regarding SWIFT in banking. Enjoy!
#SWIFT #Money #Bank
Speedchain is a cloud native data platform that delivers flexible, fast, and secure payments for businesses.
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Afterbanks Payment Initiator PSD2 compliance
More info: https://psd2.afterbanks.com
We are the company with the technology that will save European companies 90% of the banking commissions, and automate their processes.
Companies traditionally charge their customers by two means: payment gateways or SEPA remittances. The commissions are high, taking away the profit margin. In the case of SEPA mandates, there is also the problem of slow collection (up to 60 days), and the possibility of returning receipts, adding administrative burden.
Our product is a Payment Initiator as an alternative to traditional media. An API that takes advantage of the new regulatory scenario: PSD2, compatible with all banks throughout Europe. We are experienced in making a banking aggregator based on the APIs of the banks that connect with 100% of the banks and is used as a white label solution by more than 25 clients, which connect with more than 100,000 current accounts per day. Among our clients are: leading account software companies in the cloud and microlending companies.
The business model is pay per use.
Afterbanks, the API for banking.
Migration of digitalized banks to cloud
Banks have been consistently transitioning their digital banking channels from on-premise to cloud-based services.
Choosing the right deployment model is key decision banks have to make. They should be well-versed in the challenges and risks associated.
Modefin’s channels for cloud migration and products regarding core banking integration have a key supporting role in this initiative. Read the blog by our Chief Product Officer, Pradeep Kumar N.
To know more – https://modefin.com/migration-of-digitalised-banks-to-cloud/