September newsletter
Welcome to “Exploring the world of FinTech”! ?? ?
Join us as we delve into the ever-evolving world of financial technology, including the exciting realm of core banking. Stay informed about the latest trends, insights, and news shaping the fintech and core banking landscape. From disruptive innovations to market analysis and thought leadership, our newsletter is your go-to resource for staying ahead in the dynamic world of fintech and core banking. Let's explore the future of finance together! ?? ?
The U.K. has launched the Fintech Growth Fund, backed by industry giants like Mastercard and Barclays, with the goal of supporting growth-stage fintech companies. It seeks to attract tech firms and maintain the U.K.'s status as a global financial center. The fund plans its first investment by year-end, amid recent challenges in the fintech sector, making it an opportune time for investment. Read more.?
Irish fintech investment in H1 2023 continued to decline, with a significant 81% YoY drop to $61 million, though deal activity rose slightly by 1%. The standout deal was NomuPay's $53.6 million funding round, led by Finch Capital and Outpost Ventures. PayTech was the most active subsector, reflecting the growth of online payments in Ireland, while the Central Bank tightened safeguarding measures for payment and e-money firms. Read more.?
Mastercard is set to acquire a minority stake in MTN Group's fintech business, valuing it at approximately $5.2 billion. This strategic move aims to boost the growth and profitability of MTN's fintech services, including payments and remittances. In H1 2023, MTN's fintech division reported strong revenue growth of 21.7% YoY, with 60.5 million active users. The partnership with Mastercard will facilitate global payments for consumers and digital payment adoption for businesses, advancing financial inclusion across Africa. Read more.?
Monzo has claimed the top spot in the UK's CMA banking satisfaction survey for both personal and business current accounts. Monzo received an 80% approval rate among personal banking customers and an 84% rate among business banking customers. Starling Bank ranked second in both categories. Conversely, Virgin Money, Royal Bank of Scotland, and TBS were among the lowest-ranked personal current account providers, while HSBC, The Co-operative Bank, and Virgin Money were at the bottom for business current account providers. Read more.?
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?? Are you up-to-date on the latest financial data messaging standard? Read the latest developments below.
Enhancing cross-border payments in the ISO 20022 Era?
The global financial landscape is evolving rapidly, with digital technologies and innovative standards reshaping how financial institutions conduct cross-border transactions. One such transformative development is the ISO 20022 messaging standard, which is revolutionizing the way financial data is exchanged. Alongside this, the Cross-Border Payments and Reporting Plus (CBPR+) initiative introduced by the Financial Stability Board (FSB) and other regulatory bodies is striving to enhance cross-border payments. However,?with the transformative power of ISO 20022, a pertinent question arises: Will this global standard replace SWIFT, the long-established messaging network used for cross-border transactions? The relationship between ISO 20022 and SWIFT is more nuanced than a simple yes or no. In this piece, we'll explore the relationship between ISO 20022 and SWIFT.?
?? Will ISO 20022 Replace SWIFT? A Closer Look at the Relationship.
As the financial world embraces the transformative power of ISO 20022, a pertinent question arises: Will this global standard replace SWIFT, the long-established messaging network used for cross-border transactions? ?
ISO 20022 is a universal messaging standard that facilitates seamless communication across financial systems by defining a common language for financial data exchange. On the other hand, SWIFT is a secure messaging network that has been an essential part of the global financial infrastructure for decades, enabling financial institutions to send and receive messages related to cross-border payments and securities transactions.?
ISO 20022 and SWIFT serve different purposes and can be seen as complementary rather than replacements. ISO 20022 enhances the content and structure of financial messages, providing enriched data that improves transaction efficiency and transparency. Meanwhile, SWIFT acts as the communication infrastructure that facilitates the transmission of ISO 20022 messages among financial institutions.?
Recognizing the significance of ISO 20022, SWIFT has taken steps to support its adoption across the financial industry. Initiatives like the "ISO 20022 Harmonization Charter" encourage SWIFT's community to embrace ISO 20022 messaging standards gradually. This ensures a smooth transition for financial institutions while leveraging SWIFT's robust network.?
The future of ISO 20022 entails collaboration and coexistence between ISO 20022 and SWIFT. As financial institutions transition to ISO 20022, they can continue leveraging SWIFT's secure infrastructure for seamless cross-border transactions, ensuring global interoperability and connectivity.?
Read the full article here.
?? Curious to dive deeper into ISO 20022? Come explore with us at Sibos Toronto!
Sibos 2023 is set to return to Toronto, Canada, from September 18 to 21, bringing together a diverse array of participants. This year's theme, "Collaborative finance in a fragmented world," will drive discussions on critical topics such as ISO 20022, forging a sustainable and inclusive financial industry, navigating risk in uncertain economic and geopolitical landscapes, and striking the right balance between technology and trust. With hundreds of expert speakers and over 180 exhibitors, the event promises valuable insights and networking opportunities in one of North America's foremost financial hubs and fintech centres.?
Meet us there!
Contact us to discuss your financial technology endeavours. ?
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