Why legacy integration is the largest hurdle for payment hubs
France's EBA Clearing, Belgium's SWIFT, and the U.S.'s The Clearing House (TCH) are working together to launch Immediate Cross-Border Payments (IXB)
What are Immediate Cross-Border Payments (IXB)?
IXB is a new initiative that aims at achieving the synchronization of settlement in one instant payment system with settlement in the other. TCH's EVP for Product Development Russ Waterhouse comments,
"By utilizing existing faster payments systems, financial institutions can leverage existing processes, protocols, and technology to make the user experience seamless across payment types, whether domestic or cross border."
Who is spearheading the initiative?
A total of 11 banks contributed to IXB's design. Seven banks, including Bank of America, BBVA Group, Citi, HSBC, Intesa Sanpaolo Bank, J.P. Morgan, and PNC Bank, participated in the proof of concept.
Get the twin advantage with Finzly: Instant and Cross-border payments
Tomorrow arrived yesterday at Finzly! While the whole world is talking about cross border instant payments now, five years ago, our founder and CEO, Booshan Rengachari's championing cause to make international payments faster and cheaper saw his pioneering paper 'In Pursuit of a Better Payment System" steal the spotlight at the Faster Payments Task Force. Finzly's FX solution and payment hub solution are helping banks take positive strides in the transformation of cross-border payments and instant payments.
Listen to Booshan's interview with the FPC.
