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Cross Border Payments | ISO 20022 | Cards and Payments - Part 16
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- čas přidán 16. 08. 2024
- Hi All,
In this video we will look at understanding a cross border payments transaction. This was one of the topics that came up quite a lot
In the comments posted on the other videos.
The video talks about understanding various types of cross border payment transactions and then picks up the challenges that the banks face today while processing them. These challenges are important to understand as they will help to further build a base to understand forthcoming topics around ISO 20022 and SWIFT processing.
Chapters:
Introduction: 00:00:00
Understanding Cross Border Payment Transaction 00:02:09
Types of Cross Border Payment Transaction: 00:04:04
Challenges in processing Cross Border Payments 00:07:39
Context for future videos on ISO 20022 00:13:35
I hope you like the video and if you then please don’t forget to like , share and subscribe .
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I had watched your entire cards and payments series and was really impressed. I am a Product Manager who has worked on products in multiple domains and want to now settle with payments. Your videos were very useful and was hoping you would do something on cross border payments. Thanks for this.
Very useful information for tech folks to understand the nuances of the fintech and banking domain. If you could talk about SEPA payments, that would be awesome.
Man, don't know where are you from. U r truly insightful. Giving the deep understanding from business perspective and at the same time the technical flow. Keep educating us ✊
Thank you for your kind words 🙏🏽
The educational video are for us or 😂😂😂 the banks😂😂😊
This video was very easy to understand and follow. Thank you for setting aside time to breakdown the information of correspondent banks and the Crossborder stream.
Very nice & informative video about the concern subject
Excellent 👌 thanks for the clarity
Thank you so much this is my job it makes sense.
Very very good video... Loved it...
The card and payment series is excellent and has improved my understanding for card payments. I would like to know more about SOC 2 and how SOC 2 is not sufficient compared to ISO20022
Agreed thats a good topic .Let me check
Outstanding video!
Thank you for the info!❤
Thanks for these videos @Saurabh
Thank you sir,
Please make a video for ISO 20022 and SWIFT.
Sure
You are doing really great Sir
Thank you Gaurav 🙏🏽 It is only due to support by you all
Great series. Are you open to interviewing EMIs and other fintechs operating in the cross border space?
good
Thanks you for your insightful videos. If its possible to do a detail video on ISO 20022 payment message formats/message and the purpose of each payment format/message.
Thank you Raj ! There are so many messages so wondering how would I cover all of them but will see how to put more content on this topic . Great suggestion
Thanks for this info Saurabh….
Couple of questions:
1.Can you shed some light on different currency accounts that one corporate client can have? How does this help in cross border payments for corporate clients?
2.You mentioned that bank B should have suff funds for settlement.How does that work,eg; if I transfer 1cr from india to Japan,should Japan bene bank have suff funds to credit their customer or would they wait for my money to credit their suspense acc first and then they credit their customer acc?
Hi @Shirlse9514 I will try to answer your questions:
1. In order to make payment in the FCY (Foreign currency) the bank needs equivalent LCY (Local currency which is arrived at using an exchange rate which changes rapidly based on various factors) to convert LCY into desired amount of FCY.
The FCY currencies of the accounts would be based on what is permitted by the regulator of the concerned country. for e.g. In Singapore Monetary Authority of Singapore (MAS the regulator) permits accounts to be opened and operated in foreign currnecies like EUR USD & GBP. Then the corporate clients can receive & make payments in these currencies for their transactions without being impacted by the exchange rate.
2. Taking your example further (and considering what I have mentioned above), if you are paying in INR then bank B will need to convert the INR sent by you to credit your beneficiary in JPY. Normally bank B will sight credit of funds in their account before crediting the beneficiary (their customer) account
Hope the above answers your questions. Thanks.
75% of all correspondent cross border flows go through none or 1 intermediary bank only (source: swift).
Thank you very much really very useful,
but Japan seems to be slightly south from Russia
Could you please make a playlist in swift system
Please continue swift and iso 20022 videos
It’s work in progress . Mostly towards the later part of the week or weekend will be released
@@ezeefied swift will be very usefull
I do transaction monitoring on fircosoft application but i was unware of many things😢
Do you know Quant and Gilbert Verdian regarding Retail and Wholesale CBDCs?
Yes
Is there any course on Swift system
Just went through the video and found it to be super insightful. I’m building in the cross border payment space and would love to chat. What’s the best way to reach you?
Hi Saumya , Thank you for liking the content . You can join the channel platinum membership for chat